A 1794 silver dollar is valued at $300,000-400,000 ahead of Spink's January 27 sale in New York.

The coin is known as the flowing hair dollar for its depiction of Liberty on the obverse, and was produced in a scarce run of just 1,758.

The 1794 silver dollar was among the first currency issued in the United States

It was introduced in the post-revolutionary United States due to a strong need for a local decimal currency following the withdrawal of British coinage.

At the time a mix of currency from across Europe was used, with a variety of values and metal content.

The bill establishing the US Mint passed Congress in 1792. It was built in Philadelphia, then the capitol, and production began in 1794.

Its status as the first official piece of US currency makes the 1794 silver dollar perhaps the most desirable US coin, with the finest examples often achieving seven figure sums.

The present lot is graded AU 50 and displays strong strikes on both sides.

The world record for any coin was set at $10m for a 1794 silver dollar in a 2013 sale.

We have a fascinating selection of coins and banknotes available, click here to take a look.

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