A 1794 Flowing Hair silver dollar that's been off the market since sold at auction in 2008 was recently acquired by David Lawrence Rare Coins of Virginia Beach, Va.
DLRC President John Brush said the coin was acquired by private treaty for an undisclosed sum. The seller of the coin did not want the selling price nor his identity disclosed, Brush said.
The coin is graded and encapsulated About Uncirculated 58 by Numismatic Guaranty Corp. and stickered with a green label by Certified Acceptance Corp.
The coin is currently being offered on the DLRC website for $975,000.
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The coin has been off the market since it was sold in an April 2008 sale of the David Quellar Collection by Heritage Auctions. The coin realized $488,750, which includes a 15 percent buyer's fee added to the final closing price.
The coin is since reholdered in one of NGC's scratch-resistant prong-type holders that allows viewing the coin's edges, and the CAC green label is an addition that was not on the holder when the coin was sold in Heritage's 2008 sale. The reholdering and CAC label were secured by the seller, not DLRC, Brush said.
Brush said he does not know if the individual from whom DLRC purchased the coin originally acquired the coin from the Heritage 2008 sale.
Brush said DLRC bought the coin without any plans for its immediate destination.
"We actually did not have any buyers in mind for the coin," Brush said. "When we were notified that it was available, we absolutely jumped at the opportunity to be the caretaker of this piece for however long we own it. It was truly a 'fresh' offering to us as it hadn’t been offered for sale since 2008. Significant historical rarities like this just don’t come available in any type of market, and with the recent popularity and results of other 1794 dollars, we thought that it was a great opportunity that we simply could not ignore."