Flowing Hair Half Dime Value Guide (1792–1795)

The Flowing Hair Half Dime represents the foundational bedrock of federal silver coinage in the United States. As the smallest silver denomination authorized by the Coinage Act of April 2, 1792, this series serves as both historical artifact and numismatic treasure, documenting the nascent economic sovereignty of the American republic.

Minted officially in 1794 and 1795 at the first Philadelphia Mint, with the legendary 1792 provisional issue struck before the Mint building was even operational, these tiny silver coins (16.5mm diameter) carry immense historical gravity. President George Washington himself referenced the 1792 Half Disme in his November 6, 1792 address to Congress, declaring: "There has been a small beginning in the coinage of half dismes, the want of which was small coins in circulation."

This guide provides comprehensive value analysis, die variety attribution guidance, and authentication protocols for the three-year series. Whether you're a type collector seeking a single problem-free example or a variety specialist hunting rare die marriages like the elusive 1795 LM-2 (only 4-12 known), understanding the technical nuances and market structure is essential. The bifurcated market—divided between accessibility-focused type collectors and deep-pocketed variety specialists—creates distinct value tiers that can mean the difference between a $2,000 coin and a $20,000 coin based solely on star positions and die diagnostics.

Flowing Hair Half Dime Identification Guide

Flowing Hair Half Dimes are immediately recognizable by their elegant, unbound Liberty portrait and delicate Small Eagle reverse—distinct from the later Draped Bust and Capped Bust designs that would replace this series in 1796.

Flowing Hair Half Dime obverse (Liberty with flowing hair) and reverse (Small Eagle on cloud)

Design Elements

Obverse (Front): Right-facing bust of Liberty with hair unbound and flowing, symbolizing freedom from Old World constraints. The legend LIBERTY appears above, with the date below the bust. Fifteen stars flank Liberty's portrait (representing the states in the Union), arranged in patterns that vary by die variety—typically 8 stars left, 7 stars right, though arrangements differ across die marriages.

Reverse (Back): A Small Eagle perched on a cloud, surrounded by a laurel wreath. The legend UNITED STATES OF AMERICA encircles the design. Critically, no denomination marking appears on the coin—a convention of the era where value was determined by metallic weight rather than face value inscriptions.

Edge: The 1792 Half Disme features distinctive diagonal reeding, an experimental anti-counterfeiting measure. The 1794-1795 regular issues have perpendicular reeding. This edge difference is the primary diagnostic for distinguishing the provisional 1792 from later issues.

Edge comparison: 1792 Half Disme with diagonal reeding (left) vs. 1794-1795 with perpendicular reeding (right)

Physical Specifications

• Composition: 89.24% silver, 10.76% copper (892.4/1000 fineness)
• Weight: 1.35 grams (20.8 grains of standard silver)
• Diameter: 16.5mm (1794-1795); 17.5mm (1792)
• Silver Content: 0.0433 troy ounces
• Designer: Robert Scot, first Chief Engraver of the U.S. Mint

Year-Specific Identifiers

1792 Half Disme: Larger diameter (17.5mm), diagonal edge reeding, and unique legend reading "LIB. PAR. OF SCIENCE & INDUSTRY" (Liberty, Parent of Science and Industry)—distinct from the simple "LIBERTY" used on 1794-1795 issues. For detailed diagnostics, see PCGS CoinFacts 1792 Half Disme page.

1794-1795 Regular Issues: Smaller diameter (16.5mm), perpendicular reeding, standard "LIBERTY" legend. Die variety attribution depends on subtle star positioning and reverse diagnostics (berry placements, letter alignments). The PCGS Flowing Hair Half Dime category page provides photographic references for major varieties.

Flowing Hair Half Dime Value Chart (1792-1795)

The following table consolidates values across all three years of the Flowing Hair Half Dime series. Values represent retail ranges for PCGS or NGC certified coins with problem-free surfaces. Raw (uncertified) coins typically trade at 20-40% discounts due to authentication risk. Prices are based on auction records and dealer pricing current as of early 2026.

Values sourced from PCGS Price Guide, NGC Coin Explorer, and recent auction records from Stack's Bowers and Heritage Auctions.

Flowing Hair Half Dime Values & Silver Content

Unlike later U.S. silver series that underwent multiple composition changes, the Flowing Hair Half Dime maintained consistent metallurgical specifications throughout its brief three-year run. All issues—from the 1792 provisional to the final 1795 strikes—share identical composition mandated by the Coinage Act of 1792.

Silver Melt Value Formula

The intrinsic silver value provides a theoretical minimum floor (though collector premiums far exceed melt value for these rare coins):

• Silver Content: 0.0433 troy ounces per coin
• Melt Value Formula:silver_spot × 0.0433
• Example Calculation: At $30/oz silver spot price, melt value = $1.30

In practice, even the most worn, problem-afflicted Flowing Hair Half Dime sells for 700-1,000 times melt value due to numismatic rarity. The $1,000 minimum for a low-grade 1795 reflects collector demand, not metallic value. Current silver spot prices can be monitored at APMEX or JM Bullion.

Cross-section diagram showing 89.24% silver, 10.76% copper alloy composition of Flowing Hair Half Dimes

Why This Composition?

The 892.4/1000 fineness standard proved technically challenging for the early Mint to assay with precision. This alloy differs from the later 90% silver standard (900/1000) adopted in the Coinage Act of 1837, creating subtle differences in color and toning patterns that experienced collectors use to authenticate early federal issues. Flowing Hair Half Dimes typically exhibit deeper gray or russet toning compared to the brighter appearance of later 90% silver coins.

Market Value Floors by Year

While silver content provides negligible support, historical significance creates true value floors:

• 1792 Half Disme: Minimum $18,500 (even for Poor-2 grade). A specimen discovered in a junk box in 2021 and graded PCGS Fr02 sold for over $18,500 (Coin World, 2021).
• 1794: Minimum $1,000 (AG-3 with readable date). Date must be clear; if the date is worn off or illegible, the coin becomes virtually unsalable.
• 1795: Minimum $1,000 (G-4). The most accessible entry point, with high liquidity in the $1,500–$3,500 range for Fine to Very Fine examples.

Most Valuable Flowing Hair Half Dimes

The following rankings highlight the "trophy" specimens that define the ceiling of the Flowing Hair Half Dime market. The dominance of the legendary D. Brent Pogue Collection is evident—his 2015 Stack's Bowers auction sales reset price structures for the entire series and remain the benchmark for condition rarities.

The Pogue specimen: 1795 Flowing Hair Half Dime graded PCGS MS67, finest known regular issue

Record Prices (Ranked)

1. 1. 1792 Half Disme (NGC MS68)

   Record Sale:$1,145,625 in MS68 (Heritage Auctions, January 2013)

   The Cardinal Collection/Pogue specimen. The finest known example of America's first federally authorized silver coin. This is the coin President Washington referenced in his 1792 Congressional address. Reported private sale of $1.5 million suggests the public auction record may be surpassed in non-public transactions.

2. 2. 1792 Half Disme (PCGS MS66)

   Record Sale:$793,125

   The second-finest certified 1792. Even at MS66, the coin commands over three-quarters of a million dollars due to the profound historical significance and extreme rarity in Mint State preservation.

3. 3. 1794 Flowing Hair (PCGS SP67)

   Record Sale:$305,500 (Stack's Bowers, May 2015)

   A unique "Specimen" strike from the Pogue Collection. The special "SP" designation indicates a presentation-quality strike with proof-like characteristics, distinct from standard business strikes. This is the only 1794 graded as a Specimen by PCGS, making it a one-of-a-kind rarity.

4. 4. 1795 Flowing Hair (PCGS MS67)

   Record Sale:$176,250 (Stack's Bowers Pogue Sale, May 2015)

   The finest known 1795 Flowing Hair Half Dime. This coin set the record for a regular-issue 1795 and represents the pinnacle of quality available for the most common year in the series. Full original luster and strike define this Gem specimen.

5. 5. 1795 Flowing Hair (PCGS MS67)

   Record Sale:$150,000 (Stack's Bowers Pogue Sale, May 2015, Lot 1004)

   A second PCGS MS67 example from the Pogue Collection, demonstrating that even at the very top of the condition census, multiple Gem examples exist (though still numbering fewer than 5 coins at this grade level).

6. 6. 1794 Flowing Hair (PCGS MS67)

   Record Sale:$132,250 (Heritage Auctions, January 2010)

   The standard business strike record for the 1794 issue (excluding the unique SP67). Most high-grade 1794s trace their pedigree to the Woodward Hoard, discovered by coin dealer William Elliot Woodward in 1880—a cache of roughly 100 uncirculated 1794 and 1795 half dimes preserved in pristine condition for nearly a century.

Price progression chart showing record auction results for Flowing Hair Half Dimes, 2010-2026

Condition Census Insights

The "condition census" (top 5-10 finest known examples) for each year reveals important market structure:

• 1792: Condition census ranges from MS64 to MS68. Only 5-8 coins grade MS65 or higher, making any Gem 1792 a museum-caliber rarity.
• 1794: The unique SP67 leads, followed by 3-4 MS67 business strikes and a small number of MS66 examples. Total population above MS65 is estimated at 10-15 coins.
• 1795: Two PCGS MS67 coins lead the census, with perhaps 20-25 coins in the MS65-MS66 range. This relatively larger high-grade population reflects the 10× higher mintage compared to 1794.

Population data is available through PCGS CoinFacts and NGC Coin Explorer, though population reports should be interpreted with caution due to resubmissions and crossovers between grading services.

Flowing Hair Half Dime Key Dates & Rarities

In a series spanning only three years with total combined mintage under 88,000 coins, the entire Flowing Hair Half Dime run qualifies as "key" by modern standards. However, specific issues command outsized premiums due to absolute rarity, variety scarcity, or historical significance.

Side-by-side comparison of the three key Flowing Hair Half Dime issues: 1792 (left), 1794 LM-1 (center), 1795 LM-2 (right)

The Ultimate Key: 1792 Half Disme

While technically a provisional or pattern issue rather than a regular circulation strike, the 1792 Half Disme functions in the marketplace as the crown jewel of the series. With approximately 1,500 struck and only 400 surviving (most in low grades), this coin transcends normal valuation metrics.

Why it's valuable:

• Referenced by President George Washington in his November 1792 Congressional address
• Struck in John Harper's cellar before the Philadelphia Mint building was operational
• Folklore suggests silver was provided by George and Martha Washington from household items
• Unique diagonal reeded edge and "LIB. PAR. OF SCIENCE & INDUSTRY" legend
• The philosophical and historical bridge between Colonial coinage and Federal issues

Value tiers: Even a Poor-2 example commands $18,500+. Clean VF examples reach $60,000–$100,000. Mint State specimens start at $300,000 and exceed $1,000,000 for MS67-MS68 grades. For comprehensive analysis, see Stack's Bowers 1792 Half Disme resource page.

Regular Issue Key Dates

The first regular-issue half dime, though paradoxically dated 1794 but struck in early 1795 (first delivery February 1795). The low mintage and survival rate make any 1794 a scarce coin, but the four die varieties exhibit dramatically different rarity levels:

• 1794 LM-1 (R-6): The key variety. Only 13-30 known. Star 1 is distant from Liberty's curl; reverse lacks berry under 'E' in UNITED. Commands 50-100% premium over common varieties. A VF25 LM-1 sells for $4,500–$6,000 vs. $3,000–$4,000 for a common variety.
• 1794 LM-2 (R-5): Scarce. Star 1 touches curl; berry under 'E'. 31-75 known.
• 1794 LM-3 & LM-4 (R-4): Scarce but more available. 76-200 known each. Often found with weak strikes.

For detailed attribution guidance, consult Stack's Bowers 1794 Half Dime page or the Logan-McCloskey attribution guide.

Among the 10 die varieties of 1795, the LM-2 is the ultimate prize for variety specialists. So rare that it is missing from nearly all collections, finding an unattributed LM-2 in a dealer's inventory or estate lot is the "cherry-pick" dream scenario. Identification requires precise measurement of star positions and reverse diagnostics—beyond the scope of casual observation.

Other 1795 varieties:

• LM-10 (R-3): The most common variety, characterized in later die states by a massive die cud (break) connecting the 'T' in LIBERTY to the adjacent star. While collected for the dramatic cud, this is not a rare variety. Warning: LM-10 is heavily counterfeited—see authentication section below.
• LM-8 (R-3): Another common variety, often the default attribution for unattributed 1795s.
• Other varieties (LM-1, 3-7, 9): Range from R-4 to R-5 (scarce to rare).

Flowing Hair Half Dime Die Varieties & Attribution

Die variety collecting represents the advanced frontier of Flowing Hair Half Dime numismatics. While casual collectors may be satisfied with a single "type" example, variety specialists pursue the 16 distinct die marriages (4 for 1794, 10 for 1795, plus the unique 1792) as separate collecting goals. The rarity spectrum ranges from R-3 (common) to R-7+ (only 4-12 known), creating a market where two visually similar coins can differ in value by an order of magnitude.

Key diagnostic points for die variety attribution: star positions (obverse) and berry placements (reverse)

Attribution Systems

Two primary attribution systems exist for Flowing Hair Half Dimes:

• Logan-McCloskey (LM): The modern standard, used by PCGS and NGC. Comprehensive coverage of all die marriages with clear diagnostics.
• Valentine (V): The historical system, still referenced in older literature but superseded by Logan-McCloskey for precision.

This guide uses Logan-McCloskey (LM) designations. For detailed die diagnostics, the definitive reference is Federal Half Dimes 1792-1837 by Russell J. Logan and John W. McCloskey.

1794 Die Varieties

1794 LM-1 key diagnostics: Star 1 distant from curl (obverse), no berry under 'E' in UNITED (reverse)

1795 Die Varieties

With 10 die marriages, the 1795 issue presents the most complex attribution challenge in the series. The range from common (R-3) to virtually unobtainable (R-7+) creates a tiered market structure.

The 1795 LM-2 is so rare that most major collections lack it. Attribution requires precise measurement of star positions that distinguish it from more common varieties. If you believe you have an LM-2, professional attribution through PCGS or NGC variety services is absolutely essential—the difference between a $2,000 common variety and a $25,000+ LM-2 depends on expert verification.

The LM-10 is popular among collectors for its dramatic die break (cud), but it is not rare—this is the most frequently encountered 1795 variety. The visibility of the cud makes it easily identifiable, but this same characteristic has made it a prime target for counterfeiters. See authentication section below for detection guidance. Reference images available at PCGS 1795 Half Dime page.

1795 LM-10 die cud: late die state showing break connecting 'T' in LIBERTY to star

Other Notable 1795 Varieties

• LM-8 (R-3): The second most common variety, often the default attribution for unattributed 1795s without the LM-10 cud.
• LM-1, LM-3 through LM-7, LM-9 (R-4 to R-5): Scarce to rare varieties. Each commands modest premiums (10-30%) over common LM-8/LM-10 in the same grade.

How to Grade Flowing Hair Half Dimes

Grading 18th-century silver coins requires specialized knowledge distinct from grading modern issues. Flowing Hair Half Dimes are notoriously challenging due to weak strikes, adjustment marks, and the nuanced difference between "original" surfaces and "problems." Understanding these factors is essential to avoid overpaying for problem coins or undervaluing pristine examples.

Grade progression overview: AG-3, G-4, VG-8, F-12, VF-20, XF-40, AU-50, MS-63 Flowing Hair Half Dimes

The "Strike vs. Wear" Challenge

Flowing Hair Half Dimes were struck on hand-cranked screw presses with inconsistent pressure. Many coins—even Mint State examples—exhibit weak strikes on high points:

• Obverse: Hair details to the left of Liberty's ear often appear flat or undefined, even on uncirculated coins
• Reverse: The eagle's breast feathers and the upper wreath leaves frequently show weakness

Graders at PCGS and NGC assess wear, not strike quality, as the primary determinant of numeric grade. However, the market places significant premiums on coins with sharp strikes—a "flat" MS64 may sell for 20-30% less than a "sharp" MS64. For detailed grading standards specific to this series, consult NGC's Flowing Hair Half Dime Grading Guide.

Circulated Grades (AG-3 through AU-58)

About Good (AG-3)

AG-3 Flowing Hair Half Dime: date barely readable, major design elements visible

• Date barely readable but identifiable
• LIBERTY partially visible but may have missing letters
• Major design elements (Liberty's profile, eagle) outlined but heavily worn
• Market Note: Even at this grade, 1794 commands $1,000+, 1795 around $800–$1,000

Good (G-4)

G-4 Flowing Hair Half Dime: date clear, LIBERTY readable, major details outlined

• Date fully readable
• LIBERTY complete or nearly complete
• Design elements outlined but lacking interior detail
• Value Tier: The minimum acceptable grade for most collectors. 1794: $1,400–$1,800, 1795: $1,000–$1,300

Fine to Very Fine (F-12 through VF-35)

VF-20 Flowing Hair Half Dime: moderate wear, major details visible, popular grade for type collectors

• Hair shows partial detail; major strands separated
• Eagle's feathers show separation, though flat in areas
• Legends crisp and fully readable
• "Sweet Spot" Grade: The VF20-VF35 range offers the best balance of affordability and eye appeal for type collectors. 1794: $3,800–$5,500, 1795: $2,400–$3,500

Extremely Fine to About Uncirculated (XF-40 through AU-58)

AU-50 Flowing Hair Half Dime: light wear on high points, original luster in protected areas

• Light wear on highest points only (cheek, hair above ear, eagle's breast)
• Most design detail sharp and complete
• Original luster may be visible in protected areas (especially AU grades)
• Market Spread: Eye appeal creates wide price spreads. An AU58 with original gray "skin" often outperforms a low-end MS60. 1794: $7,600–$22,500, 1795: $4,500–$11,500

Mint State Grades (MS-60 through MS-68)

MS-63 Flowing Hair Half Dime: full mint luster, no wear, moderate contact marks acceptable

• MS-60 to MS-62: No wear, but numerous contact marks, hairlines, or weak luster. Often the "problem child" grade—many collectors prefer a nice AU-58 over a low-end Mint State coin.
• MS-63 (Choice Uncirculated): Full luster, acceptable contact marks, good eye appeal. The first "quality" Mint State tier. 1794: $37,500+, 1795: $22,000+
• MS-64: Above-average eye appeal, minimal marks, strong luster. A significant premium tier.
• MS-65+ (Gem): Exceptional surfaces, strong strike (if possible for the series), outstanding eye appeal. 1794: $90,000+, 1795: $60,000+. Records exceed $130,000 (1794 MS-67) and $176,000 (1795 MS-67).

MS-65 Flowing Hair Half Dime: Gem quality with exceptional surfaces and eye appeal

"Original Skin" Premium

The market places enormous premiums on coins that have never been cleaned or dipped. Original Flowing Hair Half Dimes typically exhibit:

• Deep gray, russet, or iridescent toning
• Subtle "cartwheel" luster that rotates under light
• Natural surface texture (not artificially bright or "white")

A "white" (shiny) circulated Flowing Hair Half Dime has almost certainly been cleaned and will be penalized by grading services with a "Details" grade (e.g., "VF Details - Cleaned") that typically reduces value by 30-50% compared to a problem-free coin in the same technical grade.

Surface comparison: original gray toning (left) vs. artificially cleaned coin (right)

Flowing Hair Half Dime Authentication & Problems

The combination of high values, historical significance, and modest absolute rarity makes Flowing Hair Half Dimes a prime target for counterfeiters. Additionally, the prevalence of mint-made "adjustment marks" creates confusion about what constitutes acceptable "originality" versus damaging alterations. This section provides essential guidance for authentication and problem detection.

Adjustment Marks vs. Post-Mint Damage

This is the single most important technical distinction for the series. Misunderstanding this difference can lead to rejecting a valuable original coin or purchasing a damaged piece.

Mint-made adjustment marks: parallel file grooves appearing UNDER the struck design (acceptable)

Adjustment Marks (Mint-Made - Acceptable)

Before striking, Mint workers filed overweight planchets to bring them to the legal weight standard (1.35g). These file marks are a mint-made characteristic, not damage:

• Appearance: Parallel grooves that appear under the design
• Key Diagnostic: The metal flow from the strike will bridge across the groove, OR design elements (letters, hair strands) will be impressed into the groove
• Market Impact: Light adjustment marks are considered "original" and fully acceptable. Heavy adjustment marks may reduce the technical grade by 1-2 points but do not result in a "Details" designation
• Prevalence: Extremely common on early U.S. silver. Perhaps 60-70% of Flowing Hair Half Dimes show some adjustment marks

Critical comparison: adjustment marks (left, under design) vs. post-mint scratches (right, through design)

Scratches/Damage (Post-Mint - Problem)

Scratches or gouges made after the coin left the Mint are damage:

• Appearance: Grooves that cut through the design metal
• Key Diagnostic: The metal is displaced or sheared, creating a raised edge along the scratch
• Market Impact: Results in a "Details" grade (e.g., "VF Details - Scratched") and typically reduces value by 30-50%

For visual comparison of acceptable vs. problem surface characteristics, see NGC's grading guide with photo examples.

Counterfeit Detection: The 1795 LM-10 Fake

Counterfeit detection guide: transfer die fake of 1795 LM-10 showing tooling marks in fields

1795 LM-10 Counterfeit Diagnostics

What it replicates correctly:

• The die cud connecting 'T' in LIBERTY to adjacent star
• Overall design elements and proportions

Detection points (tells):

• Tooling marks: Look for raised lines or lumps in the fields (flat background areas), particularly around the date and legend. These do not match the radial flow lines of a struck coin
• Edge reeding: Often incorrect pitch or depth compared to genuine coins
• Surface texture: May appear "grainy" or "sandy" under magnification, unlike the smooth surfaces of genuine struck coins
• Weight: May be slightly off the 1.35g standard (though sophisticated fakes can match weight)

For detailed counterfeit detection guidance with photo comparisons, see CoinWeek's counterfeit detection article.

Other Common Problems

When Problems Are Acceptable

For budget-conscious collectors, problem coins can offer affordable entry into the series:

• A lightly cleaned 1795 in VF Details grade might sell for $1,200–$1,800 vs. $2,400–$3,500 for problem-free
• Adjustment marks (mint-made) should never be considered a "problem"—these are original characteristics
• For type collectors on a budget, a "Details" coin can fill the slot while preserving capital for other acquisitions

Example of "Details" grade coin: VF Details - Cleaned, still collectible but at reduced value

Flowing Hair Half Dime FAQs

Methodology & Sources

This guide is based on comprehensive analysis of auction records, third-party grading service data, and specialized numismatic literature on early U.S. silver coinage, current as of early 2026.

Valuation Sources

• Auction Records:PCGS Auction Prices, NGC Coin Explorer auction data, Stack's Bowers Galleries (including the landmark 2015 D. Brent Pogue Collection sales), Heritage Auctions, GreatCollections
• Price Guides:PCGS Price Guide, PriceCharting
• Population & Mintage Data:PCGS CoinFacts, NGC Coin Explorer, CoinMintages.com, FlowingHairHalfDime.com
• Variety Attribution: Logan-McCloskey system from Federal Half Dimes 1792-1837; PCGS variety pages for specific die marriages
• Historical Context:Wikipedia 1792 Half Disme article, Stack's Bowers educational resources

Authentication & Grading Standards

• NGC Grading Guide for Flowing Hair Half Dimes
• CoinWeek Counterfeit Detection Guide
• PCGS and NGC certification population reports and photographic archives

Specialized Resources

• Stack's Bowers 1792 Half Disme Resource Page
• Stack's Bowers 1794 Flowing Hair Half Dime Resource Page
• FlowingHairHalfDime.com 1794 page
• CoinWeek Pogue Sale Results

Market Disclaimer

Coin values fluctuate based on market conditions, individual coin quality (strike, surfaces, eye appeal), die variety rarity, and provenance. Values presented represent fair market ranges as of early 2026 for PCGS or NGC certified coins. Raw (uncertified) coins typically trade at 20-40% discounts. Authentication by a recognized third-party grading service is essential for all transactions involving Flowing Hair Half Dimes due to the prevalence of sophisticated counterfeits and the critical importance of surface originality assessment.