Early US Mint Issues: Flowing Hair & Draped Bust

The First Coins of the Philadelphia Mint

When the Philadelphia Mint began operations in 1792, it embarked on the monumental task of creating a national coinage for a young republic. The Flowing Hair and Draped Bust designs that emerged from this effort represent the very beginning of United States coinage — coins struck on primitive equipment by a small team of artisans who were literally inventing American numismatics as they worked. These early Mint issues are among the most historically significant and collectible coins in the world.

The first coins produced were 1792 half dismes (half dimes), reportedly struck from silverware donated by George Washington himself — though this romantic story is debated by historians. Full-scale production began in 1793 with copper cents and half cents, followed by silver and gold coins in subsequent years. By 1796, the Mint was producing coins in all three metals across multiple denominations.

Flowing Hair Designs (1793-1795)

The Flowing Hair design, created by Chief Engraver Robert Scot, depicts Liberty facing right with long, flowing hair — a symbol of freedom that contrasted with the formal, wigged portraits common on European coins. The design appeared on:

• Half cents (1793): Liberty Cap type with pole and cap. The 1793 is the only Flowing Hair half cent year. Scarce: $1,000-$10,000+.
• Large cents (1793): Chain reverse (extremely rare, $5,000-$100,000+) and Wreath reverse ($1,000-$20,000+). The 1793 Chain cent is one of America's most iconic coins.
• Half dimes (1794-1795): Tiny silver coins with Flowing Hair Liberty. $800-$5,000+.
• Half dollars (1794-1795): Flowing Hair Liberty with small eagle reverse. The 1794 half dollar had only 23,464 struck. $500-$20,000+.
• Silver dollars (1794-1795): The 1794 Flowing Hair dollar is one of the most famous US coins — a specimen sold for $10 million in 2013, believed to be the very first silver dollar struck. Common examples: $2,000-$20,000+.

Flowing Hair coins were struck on thick planchets using hand-operated screw presses, giving each coin a handmade character absent from later machine-struck issues. Die cracks, adjustment marks (file marks from weight adjustment), and planchet imperfections are common and expected on these early issues.

Draped Bust Designs (1795-1807)

The Draped Bust design, attributed to portrait artist Gilbert Stuart (who also painted the famous Washington portraits), replaced the Flowing Hair in stages across denominations. Liberty faces right with draped clothing and a more refined appearance than the Flowing Hair portrait. Two reverse types were used:

Small Eagle reverse (1795-1798): A naturalistic eagle perched on a cloud, surrounded by a wreath. This design appeared on half dimes, dimes, quarters (the first US quarters, 1796), half dollars, and dollars.

Heraldic Eagle reverse (1798-1807): A more formal eagle with shield, olive branch, and arrows — based on the Great Seal of the United States. This reverse type was used on all silver and gold denominations.

Notable Draped Bust coins:

• 1796 quarter: The first US quarter dollar, mintage only 6,146. One of the great US rarities: $5,000-$50,000+.
• 1804 dollar: Though dated 1804, the famous "King of American Coins" was actually struck in the 1830s as diplomatic gifts. Only 15 known specimens, valued at $2-$7 million each.
• 1796-1797 half dollars: Small mintages make all Draped Bust halves scarce.
• Draped Bust cents (1796-1807): More affordable early copper, with common dates available from $200-$1,000 in collectible grades.

Challenges of Collecting Early Mint Issues

Early US Mint coins present unique collecting challenges:

• Cost: Even common dates in low grades are expensive by modern coin standards. A genuine 1795 Flowing Hair dollar in AG-3 costs $1,500+.
• Condition scarcity: These coins circulated extensively in an era with no coin collecting tradition. High-grade examples are genuinely rare and command astronomical premiums.
• Counterfeits: Early US coins are among the most counterfeited in numismatics. PCGS or NGC certification is essential for any significant purchase.
• Adjustment marks: File marks from weight adjustment are normal on early coins and should not be confused with damage. Understanding these manufacturing artifacts is crucial for proper evaluation.
• Die states: Early dies deteriorated quickly, and coins struck from heavily cracked or broken dies are common. Advanced collectors study die states to understand production sequences.

Building an Early Mint Collection

Approaches for collectors at different budget levels:

• Budget ($200-$1,000): A single Draped Bust large cent in VG-Fine — an authentic coin from America's first decade of minting
• Moderate ($1,000-$5,000): A Flowing Hair or Draped Bust half dime, dime, or half dollar in lower grades
• Serious ($5,000-$25,000): A Flowing Hair dollar, early quarter, or high-grade early copper
• Advanced ($25,000+): Key dates, rare die varieties, or high-grade specimens

The standard references include the Red Book for major types and specialized die variety references (Sheldon for large cents, Valentine for half dimes, Overton for half dollars). Major coin shows like ANA and FUN attract dealers who specialize in early American coinage — these coins require in-person evaluation by experienced eyes, making shows the ideal purchasing venue.