An example of one of the earliest silver dollars struck by the United States was recently discovered in Rhode Island. The rare coin was struck in 1795 and will be auctioned by GreatCollections on Dec. 15.

The coin is attributed as a scarce 1795 Flowing Hair silver dollar with a Mint-inserted silver weight-adjustment plug. Graded About Uncirculated 58 by Professional Coin Grading Service (PCGS), it is further approved by Certified Acceptance Corporation (CAC) and is one of the finest known examples.

“What an important discovery…an early piece of U.S. numismatics, that had been stored in an old shoebox for generations — it was likely plucked out of circulation in the late 1790s or early 1800s, an estimate based on the superb condition and minimal wear,” said Ian Russell, president of GreatCollections.

The silver dollar was consigned to GreatCollections by the descendants of the original Rhode Island family who saved the coin over 200 years ago. It was the only heirloom saved by the family and passed down seven generations; many members of the family still reside near one another in Rhode Island and neighboring Massachusetts. They were recently made aware of the rarity and significant value.

In 1794 and 1795, a limited number of silver dollars were produced with a silver plug, or silver center, added to bring underweight planchets up to the standard weight for silver dollars. Insertion of the plug was done prior to minting the coin.  Only about 100 are known in all grades, the majority in average circulated condition. This newly discovered coin is tied for fourth finest graded by PCGS, and tied for second finest having CAC approval.

Russell continued, “These early coins were struck by hand to an amazing level of quality, back in the days when George Washington was president and Abraham Lincoln was not yet born. It was important that newly issued coins had the correct weight to gain worldwide trust.”

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