US Early Dollar Coins (1794-1804)

Collecting Old Coins can be a Valuable Hobby

Collecting old coins is a fun hobby for many people. Not only is it interesting to see the types of coins people used in the past, but it can also be a good investment. There are so many different types of coins that you can add to your collection that it can be overwhelming. By focusing your coin purchases to certain coins from a particular era like the 1790 silver dollar, the liberty 1794 coin, the liberty 1797 United States of America coin, or the 1804 liberty coin, you can enjoy the benefits of this hobby.

A mint mark on a coin identifies the U.S. Mint facility that produced the coin. Congress established the current U.S. Mint in 1792. Philadelphia was the only Mint in the country until 1835 when Congress added three more Mints and authorized the use of mint marks. All the coins produced by the Philadelphia Mint either do not have a mint mark or they have ‘P’ as the mint mark.

The mint mark is one of three elements that can determine the value of a coin. The other two are the date the coin was produced and the condition of the coin. All the coins that circulated in America up until 1835 were produced by the Philadelphia Mint, and they do not have a mint mark. Therefore, the condition of the coin will determine its value.

Grading a coin determines its condition, which is important for a coin's valuation. Grading should be professionally done by a company that specializes in this service. The grading scale for a coin goes up to 70. A coin that is graded as 70 is considered flawless. Five criteria are used to grade a coin. These are:

• Strike – This refers to how the coin was circulated. Coins can be commercial, commemorative, or proof.
• Preservation – Scratches, corrosion, and other damage can lower the value of a coin.
• Luster – The amount of shine a coin has can determine its value.
• Color – Coins that have maintained their color have a higher value.
• Attractiveness – The artistic appeal of a coin can influence its value.

The Lady Liberty Flowing Hair and Draped Bust are the two versions of this dollar. The Lady Liberty Flowing Hair silver dollar was only produced from 1794 to 1795 and is considered one of the rarest coins in America. The production of the Draped Bust silver coin began in 1795 and lasted through 1807. The silver dollar features Lady Liberty on the obverse side. It is allegedly a portrait of a Philadelphia socialite. The reverse side features a bald eagle. A small bald eagle was featured from 1795-1797 and was replaced by a larger Heraldic Eagle from 1798-1804.