Declared Finest Known, 1794 Dollar is Now Graded CACG MS67 And Insured For $15 Million

PeakRarities

https://www.numismaticnews.net/us-coins/declared-finest-known-1794-dollar-is-now-graded-cacg-ms67-and-insured-for-15-million

Not seen in public for 30 years, the coin’s anonymous owner will consider displaying it in 2025 as one of the USA’s most important coins.

A 1794 Flowing Hair silver dollar, sold at auction “raw” as Gem Brilliant Uncirculated by Stack’s in 1995, has now been closely examined by experts at CAC Grading, who certified it as Mint State 67.

According to CACG, it is the finest known surviving example from the first year the United States Mint struck dollar coins for circulation. Now insured for $15 million by its long-time owner, the coin may make its first public appearance in 30 years in 2025.

In 2010, the coin was graded by PCGS as MS66+ and later given a CAC sticker of approval.

“I’ve been kicking myself ever since it received only a green CAC approval sticker rather than a gold sticker. I can certainly understand an eight-figure valuation in this market,” said Albanese.

Its pedigree dates back to the 1920s with famous collector Col. E.H.R. Green and later mid-century legendary type set collector Lelan Rogers. The 1794 dollar was purchased at the 1995 auction by dealer Jay Parrino for $577,500. Parrino and his partner Mike Phillips sold it in 1996 to dealer Chris Napolitano for his client, a collector in Georgia who still owns it and wants to remain anonymous under the set registry name “Stellar.”

“The Lelan Rogers 1794 dollar is the absolute best 1794 dollar; the best 1794 dollar in existence,” stated Phillips.

The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service.

Napolitano said his customer “was certainly happy about the results” and had expected CAC to grade the coin MS67.

“It validated what he felt about the dollar over all these years. Since I first saw this coin at Stack’s in 1995, I felt it was one of the most important U.S. coins in existence. In fact, at the time, I said that if I could own only one U.S. coin, this would be the one. That still holds true today,” Napolitano stated.

“My client has never publicly displayed the coin during the nearly 30 years he has owned it. We know there's a whole generation of numismatists who have never had the opportunity to view the coin. In fact, many may not be aware of its existence at all. We don’t have any specific dates or venues to announce at this time, but we will discuss the possibility of displaying the coin in the future,” he revealed.

The 1995 Stack’s auction description of the coin stated:

“1794 Bolender 1. Gem Brilliant Uncirculated. 416.1 grains. A gorgeous toned satin gem coin. Both sides are toned a lovely, deep coin silver gray with iridescent champagne and palest iridescent blue around the rims. The fields are fully lustrous and satiny, the frost virtually unmarred by signs of handling. One has to wonder how such a big and heavy coin could have survived for 200 years with such satiny surfaces intact.”

According to U.S. Mint records, Chief Coiner Henry Voigt delivered a total of 1,758 silver dollars to Mint Director David Rittenhouse on October 15, 1794. That was the total mintage of 1794-dated Flowing Hair dollars released for the year.

“Less than 150 1794 silver dollars are known to exist today, and only a handful are certified mint state. The Lelan Rogers coin owned for decades by a Georgia collector and now graded CACG MS67 is the finest known,” said CAC Grading President Ron Drzewucki.

Several leading early American federal coinage experts, including Joe O'Connor, who spoke with CAC Grading about the coin, unanimously agreed.

“When we all first saw the Lelan Rogers 1794 dollar almost thirty years ago, it was clear then that this was not only one of the finest examples of the Flowing Hair Dollar type, but also likely the finest 1794. Three decades later, our collective opinion has not changed,” O’Connor declared.

Albanese and two dozen veteran numismatists founded the Certified Acceptance Corporation (CAC) in 2007 to provide buyers and sellers verification that their coins certified by third-party grading services met stringent standards. In 2022, he and Ron Drzewucki organized over 150 leading members of the numismatic community to expand their mission for accuracy and consistency by creating a new third-party grading and encapsulation service, CAC Grading, launched in 2023.

PeakRarities

If I'm not mistaken, "The Coin" resided in the Stellar collection as well, not sure if it still does.

MFeld

@PeakRarities said:
If I'm not mistaken, "The Coin" resided in the Stellar collection as well, not sure if it still does.

The article states:
Its pedigree dates back to the 1920s with famous collector Col. E.H.R. Green and later mid-century legendary type set collector Lelan Rogers. The 1794 dollar was purchased at the 1995 auction by dealer Jay Parrino for $577,500. Parrino and his partner Mike Phillips sold it in 1996 to dealer Chris Napolitano for his client, a collector in Georgia who still owns it and wants to remain anonymous under the set registry name “Stellar.”

savoyspecial

@MFeld I think Peak Rarities meant "The Coin" -hint, it's not silver (nor gold)

PeakRarities

@MFeld said:

@PeakRarities said:
If I'm not mistaken, "The Coin" resided in the Stellar collection as well, not sure if it still does.

The article states:
Its pedigree dates back to the 1920s with famous collector Col. E.H.R. Green and later mid-century legendary type set collector Lelan Rogers. The 1794 dollar was purchased at the 1995 auction by dealer Jay Parrino for $577,500. Parrino and his partner Mike Phillips sold it in 1996 to dealer Chris Napolitano for his client, a collector in Georgia who still owns it and wants to remain anonymous under the set registry name “Stellar.”

Sorry, I could have specified- I'm talking the SP67 Wreath Cent that Parrino also owned, aka "The Coin".

oih82w8

I would like to see this beauty, hopefully in OKC at the World's Fair of Money in Aug 2025.

MFeld

@PeakRarities said:

@MFeld said:

@PeakRarities said:
If I'm not mistaken, "The Coin" resided in the Stellar collection as well, not sure if it still does.

The article states:
Its pedigree dates back to the 1920s with famous collector Col. E.H.R. Green and later mid-century legendary type set collector Lelan Rogers. The 1794 dollar was purchased at the 1995 auction by dealer Jay Parrino for $577,500. Parrino and his partner Mike Phillips sold it in 1996 to dealer Chris Napolitano for his client, a collector in Georgia who still owns it and wants to remain anonymous under the set registry name “Stellar.”

Sorry, I could have specified- I'm talking the SP67 Wreath Cent that Parrino also owned, aka "The Coin".

And I'm sorry, as I missed the quotes around "The Coin", which caused me to mistakenly think you were guilty of an oversight.

PeakRarities

@MFeld said:

@PeakRarities said:

@MFeld said:

@PeakRarities said:
If I'm not mistaken, "The Coin" resided in the Stellar collection as well, not sure if it still does.

The article states:
Its pedigree dates back to the 1920s with famous collector Col. E.H.R. Green and later mid-century legendary type set collector Lelan Rogers. The 1794 dollar was purchased at the 1995 auction by dealer Jay Parrino for $577,500. Parrino and his partner Mike Phillips sold it in 1996 to dealer Chris Napolitano for his client, a collector in Georgia who still owns it and wants to remain anonymous under the set registry name “Stellar.”

Sorry, I could have specified- I'm talking the SP67 Wreath Cent that Parrino also owned, aka "The Coin".

And I'm sorry, as I missed the quotes around "The Coin", which caused me to mistakenly think you were guilty of an oversight.

It's alright, I forgive you for your oversight with respect to my non-oversight.

scubafuel

That’s an incredible coin!
If it was mine, I would have insured it for $30mm. Then it would be even more valuable. 😉

DoubleEagle59

Absolutely gorgeous coin!!

I'm finding myself these days always equating historical prices paid to the current price of gold.

In 1995 the average price of gold was $397.

Divide that into $577,000 and you get 1453 oz of gold to buy this coin in 1995.

Multiply that by $2745 (today's price) by the amount of ounces it took to buy it in 1995 and you get $4 million.

Coin Finder

Interesting coin, when it was minted the grading scale adopted from Sheldon did not exist. The beauty of this coin far surpasses any plastic "grade" assigned to it. I hope people admire it for its historic value and rarity instead of the number on the slab. Thanks for posting!

tommy44

Since the current owner lives in Georgia maybe us Georgia residents will get lucky and it will be displayed at the ANA National Money show in Atlanta February 27 – March 1, 2025.

Any forum members plan on attending this show?

Torey

Amazing, wonder why the cert isn't valid yet.

Goldbully

Would it be fair to say we now have three tier one TPG's in the USA?

Am I a dollar short and a day late?

😂

Baylor8670

Now, that's how you play The Crack Out Game!!!

/s

MFeld

@Baylor8670 said:
Now, that's how you play The Crack Out Game!!!

/s

Actually, that's not how you play "The Crack Out Game". The article stated that the coin was submitted for "crossover".

"The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service."

Davidk7

@MFeld said:

@Baylor8670 said:
Now, that's how you play The Crack Out Game!!!

/s

Actually, that's not how you play "The Crack Out Game". The article stated that the coin was submitted for "crossover".

"The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service."

@MFeld said:

@Baylor8670 said:
Now, that's how you play The Crack Out Game!!!

/s

Actually, that's not how you play "The Crack Out Game". The article stated that the coin was submitted for "crossover".

"The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service."

You missed the part where he said "/s" which means that the previous statement is sarcasm

johnny9434

in either case its still nice to see a nice coin like that

MFeld

@Davidk7 said:

@MFeld said:

@Baylor8670 said:
Now, that's how you play The Crack Out Game!!!

/s

Actually, that's not how you play "The Crack Out Game". The article stated that the coin was submitted for "crossover".

"The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service."

@MFeld said:

@Baylor8670 said:
Now, that's how you play The Crack Out Game!!!

/s

Actually, that's not how you play "The Crack Out Game". The article stated that the coin was submitted for "crossover".

"The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service."

You missed the part where he said "/s" which means that the previous statement is sarcasm

Thank you - I was unaware of that. But I wonder why "/s" couldn't just as easily stand for lots of other things?

oldabeintx

My questionable memory tells me that “The Coin” is a Chain.

Calling EAC.

Davidk7

@MFeld said:

@Davidk7 said:

@MFeld said:

@Baylor8670 said:
Now, that's how you play The Crack Out Game!!!

/s

Actually, that's not how you play "The Crack Out Game". The article stated that the coin was submitted for "crossover".

"The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service."

@MFeld said:

@Baylor8670 said:
Now, that's how you play The Crack Out Game!!!

/s

Actually, that's not how you play "The Crack Out Game". The article stated that the coin was submitted for "crossover".

"The coin was recently submitted to CAC for crossover, where a coin is removed from another third-party certification service’s sealed holder, examined, and, if appropriate, certified and encapsulated by another service."

You missed the part where he said "/s" which means that the previous statement is sarcasm

Thank you - I was unaware of that. But I wonder why "/s" couldn't just as easily stand for lots of other things?

It's some new internet slang so I don't blame you for not knowing what it was, I only recently found out myself

coinbuf

I hope that this dollar will be made available for other collectors to see, sounds like an amazing coin.

MFeld

@oldabeintx said:
My questionable memory tells me that “The Coin” is a Chain.

Calling EAC.

You're correct - from the PCGS website:

"David Hall:
The incredible SP67 is from the fabulous large cent collection of the late Ted Naftzger, the greatest large cent collection of all-time by far. This amazing coin has semi-prooflike surfaces and is virtually perfect. Large cent affcianados refer to this amazing specimen as "THE coin."

CaptHenway

The coin itself is exactly the same as it was in the previous holder, correct?

SanctionII

Gorgeous coin that would be a treat to see (and own).

In 2010 our host graded the coin MS66+.

In 2025 CAC Grading graded the coin MS67.

An example of gradeflation?

My understanding is that CAC Grading supposedly has grading standards that are stricter than other TPGs. What is the explanation for the higher grade of MS67 being assigned to this particular coin?

jacrispies

@SanctionII said:
What is the explanation for the higher grade of MS67 being assigned to this particular coin?

To simply put, CACG wanted their name associated with this coin. If PCGS was desperate, they would put it into a MS-68 holder. Grading at this level is out the door.

lilolme

I wonder if this coin had been in a CAC Grading holder of 66+ and then crossed to PCGS at a 67, would there be some 'gradeflation' innuendos?

batumi

@MFeld said:

@oldabeintx said:
My questionable memory tells me that “The Coin” is a Chain.

Calling EAC.

You're correct - from the PCGS website:

"David Hall:
The incredible SP67 is from the fabulous large cent collection of the late Ted Naftzger, the greatest large cent collection of all-time by far. This amazing coin has semi-prooflike surfaces and is virtually perfect. Large cent affcianados refer to this amazing specimen as "THE coin."

I believe the wreath cent previously mentioned as SP-67 is in fact SP-69!

fiftysevener

So what does this grade mean really ? To me it means the single finest known 1794 Dollar. A market grade for a coin like this is expected. Now we know why myself and so many other numismatic novices are so confused with grading standards. Maybe in another thread somebody can explain some of this to us all.

PeakRarities

@MFeld said:

@oldabeintx said:
My questionable memory tells me that “The Coin” is a Chain.

Calling EAC.

You're correct - from the PCGS website:

"David Hall:
The incredible SP67 is from the fabulous large cent collection of the late Ted Naftzger, the greatest large cent collection of all-time by far. This amazing coin has semi-prooflike surfaces and is virtually perfect. Large cent affcianados refer to this amazing specimen as "THE coin."

That’s right, it is a chain, my mistake.

@batumi said:

@MFeld said:

@oldabeintx said:
My questionable memory tells me that “The Coin” is a Chain.

Calling EAC.

You're correct - from the PCGS website:

"David Hall:
The incredible SP67 is from the fabulous large cent collection of the late Ted Naftzger, the greatest large cent collection of all-time by far. This amazing coin has semi-prooflike surfaces and is virtually perfect. Large cent affcianados refer to this amazing specimen as "THE coin."

I believe the wreath cent previously mentioned as SP-67 is in fact SP-69!

I remember now, the wreath is an MS-69. The SP-67 chain known as “The coin” was struck on an oversized planchet, bringing the details to life like never before (hence the nickname).

Say what you will this coin now being a 67, but I’m not sure who else remembers the above two coins an a picture with a bunch of other Chain and wreath cents with superb grades…all in OGH holders, nonetheless.

skier07

@PeakRarities I’m disappointed Dan. I thought I was going to see your latest purchase.

PeakRarities

@skier07 said:
@PeakRarities I’m disappointed Dan. I thought I was going to see your latest purchase.

🤣🤣🤣

For better or worse, my collecting pursuits are going to be aimlessly whimsical moving forward…sort of wish my lion hunt lasted longer, but I couldn’t have hoped for anything better suited for me. Bought a neat “rectangular coin” recently, but everything else is a business acquisition.

In the spirit of the thread, I guess I can show my 1794 half dollar (I peeled off the cmq sticker).

Boosibri

@fiftysevener said:
So what does this grade mean really ? To me it means the single finest known 1794 Dollar. A market grade for a coin like this is expected. Now we know why myself and so many other numismatic novices are so confused with grading standards. Maybe in another thread somebody can explain some of this to us all.

How do you know that it isn’t worthy of the assigned grade?

Nothing suggests to me that this is market graded or whatever you want to call what happens with 1804 dollars.

breakdown

It would be great if the Stellar dollar were displayed at ANA or some major show.

What would be even better is if Elite made the Cardinal PCGS SP66 available at the same show so collectors could decide for themselves what 1794 dollar is finest.

PeakRarities

@breakdown said:
It would be great if the Stellar dollar were displayed at ANA or some major show.

What would be even better is if Elite made the Cardinal PCGS SP66 available at the same show so collectors could decide for themselves what 1794 dollar is finest.

And then if we really want to make it a party, we’ll see if @Floridafacelifter can bring the Bullowa ‘95 dollar too 😛.

Inspired70

@PeakRarities said:

@MFeld said:

@oldabeintx said:
My questionable memory tells me that “The Coin” is a Chain.

Calling EAC.

You're correct - from the PCGS website:

"David Hall:
The incredible SP67 is from the fabulous large cent collection of the late Ted Naftzger, the greatest large cent collection of all-time by far. This amazing coin has semi-prooflike surfaces and is virtually perfect. Large cent affcianados refer to this amazing specimen as "THE coin."

That’s right, it is a chain, my mistake.

@batumi said:

@MFeld said:

@oldabeintx said:
My questionable memory tells me that “The Coin” is a Chain.

Calling EAC.

You're correct - from the PCGS website:

"David Hall:
The incredible SP67 is from the fabulous large cent collection of the late Ted Naftzger, the greatest large cent collection of all-time by far. This amazing coin has semi-prooflike surfaces and is virtually perfect. Large cent affcianados refer to this amazing specimen as "THE coin."

I believe the wreath cent previously mentioned as SP-67 is in fact SP-69!

I remember now, the wreath is an MS-69. The SP-67 chain known as “The coin” was struck on an oversized planchet, bringing the details to life like never before (hence the nickname).

Say what you will this coin now being a 67, but I’m not sure who else remembers the above two coins an a picture with a bunch of other Chain and wreath cents with superb grades…all in OGH holders, nonetheless.

This one?

fathom

That is a spectacular coin thanks for sharing.

I have not seen that in person but I have seen the SP66. I think the SP66 would still win the head to head for me because of the sharpness in the devices, the hair specifically. Which matches the copper trial strike in the Smithsonian. Its quite spectacular.

WinLoseWin

Another good photo of it still appears on PCGS CoinFacts, at least for now.

https://pcgs.com/coinfacts/coin/1794-1/6851
.
.

.
.
.

Here is the lot description, color photo and catalog cover from its last auction appearance in November 1995 at $577,500.

The auction was unusual, for its time, because it had three raw coins that brought over $500,000 each (a 1797 50c, later PCGS-66, and the 1796 finest No Stars $2.50 later PCGS-65 were the others).

.
.
https://archive.org/details/numisma95numisma1995stac/page/58/mode/2up
.
.

originalisbest

@PeakRarities said:

@skier07 said:
@PeakRarities I’m disappointed Dan. I thought I was going to see your latest purchase.

🤣🤣🤣

For better or worse, my collecting pursuits are going to be aimlessly whimsical moving forward…sort of wish my lion hunt lasted longer, but I couldn’t have hoped for anything better suited for me. Bought a neat “rectangular coin” recently, but everything else is a business acquisition.

In the spirit of the thread, I guess I can show my 1794 half dollar (I peeled off the cmq sticker).

Very pretty! Needs a fresh CAC sticker -- if you're so inclined to ask them for one.

JCH22

Beautiful historic coin.

@SanctionII said:

...... What is the explanation for the higher grade of MS67 being assigned to this particular coin?

Regret-can't you read

Seems a regrettable self-kicking decision was made when it was given a green, rather than a gold bean last time around. Thankfully, an opportunity to remedy that presented.

See CAC is still using the closing tag line in press material which omits any reference to Hansen affiliates' ownership interests.

SmEagle1795

The photos are beautiful but I hope someone will take a video of this coin as I imagine it looks jaw-dropping in-hand.

fiftysevener

@Boosibri said:

@fiftysevener said:
So what does this grade mean really ? To me it means the single finest known 1794 Dollar. A market grade for a coin like this is expected. Now we know why myself and so many other numismatic novices are so confused with grading standards. Maybe in another thread somebody can explain some of this to us all.

How do you know that it isn’t worthy of the assigned grade?

Nothing suggests to me that this is market graded or whatever you want to call what happens with 1804 dollars.

Mine is only one opinion of this coins' worthiness. Even with this coin in hand a hairline or two would be hard to detect with a 200 year old skin. Call it a 68 if you want I don't think it matters. I trust the TPG's enough to determine it to be the finest known. So if another 1794 surfaces that is better, call it a 68 ?

MsMorrisine

i hope 4 more better aren't found

MetroD

@Torey said:
Amazing, wonder why the cert isn't valid yet.

https://www.cacgrading.com/cert/202700618

Torey

@MetroD said:

@Torey said:
Amazing, wonder why the cert isn't valid yet.

https://www.cacgrading.com/cert/202700618

Live now, thanks.

MrEureka

@CaptHenway said:
The coin itself is exactly the same as it was in the previous holder, correct?