1794

The 1794 half dime is the first half dime struck by the United States Mint and one of the earliest silver coins produced by the federal government. Deliveries began in the spring of 1795, though the coins themselves carry the 1794 date. This was standard Mint practice in the 1790s: dies were prepared in one year and used for coinage that might not be delivered until the next. The half dime was authorized by the Coinage Act of April 2, 1792, alongside every other federal denomination, but production lagged the larger silver coins by several years as the Philadelphia Mint struggled to secure reliable silver bullion and develop the technical capacity to strike delicate small coins.

Robert Scot, the Mint's first Chief Engraver, created the Flowing Hair design. The obverse shows Liberty facing right with long, loose hair flowing behind her head, encircled by fifteen stars (one for each state in the Union at the time, including the newly admitted Kentucky) and the word LIBERTY above. The reverse features a small, thin eagle within a wreath of laurel, with UNITED STATES OF AMERICA around the border. No denomination appears anywhere on the coin. Users were expected to recognize the half dime by its size and weight, a minimalist approach that would not survive the decade.

The 1794 half dime has a reported mintage of 7,756 coins, though surviving examples suggest the actual production may have been lower. PCGS estimates roughly 250 survive across all grades. Most are in lower circulated condition, and the tiny size (16.5 millimeters, about 1.35 grams of silver) meant the coins were easily lost, damaged, or melted. Finding a problem-free example in Very Fine or better takes real effort and significant money.

At the top of the market, the 1794 half dime commands extraordinary prices. A PCGS Specimen-67 example (the finest known) has traded in the millions of dollars in private transactions, though most auction appearances involve coins in more modest grades. Even in About Good condition, the 1794 half dime is a four-figure coin. The first half dime of the United States Mint carries the same historical weight as any first-year federal coin, and its genuine rarity sustains pricing that matches the weight.