Known as the "No Stars Flowing Hair Dollar," it began its live auction on Friday evening at $312,000. Bidding wars erupted in within a minute, sending the price of the coin soaring much above the $350,000–$500,000 estimate.
The 230-year-old dollar has been kept in Bob R. Simpson's private collection for 20 years. Simpson is a career energy executive from Texas and a part-owner of the Texas Rangers baseball franchise. The coin was bought by Simpson in 2008.
According to the coin's original owner at its 1890 auction debut, the one-of-a-kind treasure was unearthed from the site of the original Philadelphia Mint prior to 1876. Heritage Auctions numismatist and cataloger Jacob Lipson estimated that, in the past two hundred thirty years, just eight transactions involving this coin have taken place. "Considering its age, this coin has almost unparalleled historical importance."
Flowing hair, the adopted portrait of Liberty, LIBERTY, and the date 1794 are displayed on the front of the coin. On the other side, you'll see the standard silver dollar design—a wreath surrounding a small eagle perched on a rock—with the words "UNITED STATES OF AMERICA" surrounding the perimeter. On one side of the copper coin is the inscription "HUNDRED CENTS ONE DOLLAR OR UNIT," while on the other side is decoration.
For almost two hundred years, scholars have studied the prototype, which is very similar to subsequent Philadelphia mint silver dollars that are today worth four to five million dollars apiece.
This copper dollar is distinct from others created after the Mint Act of April 2, 1792, in part because it lacks the characteristic ornamental stars seen on pieces struck after that date. The piece also differs in design from its silver equivalent.
"The stars will decide it," Lipson remarked. "The National Numismatic Collection at the Smithsonian Institution houses this copper dollar alongside other'starless coins,' like a copper half dime.'"
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