Rare silver dollar returns to auction block after selling for $10M

Sept. 11 (UPI) -- A rare silver dollar that might be the first ever struck by the U.S. Mint in 1794 is up for auction after selling for $10 million in 2013.

The so-called "Flowing Hair" dollar, which bears an image of Lady Liberty with flowing hair on one side and an eagle on the other, is one of 1,758 struck by the U.S. Mint in a single day in October 1794.

Experts said the coins, the first silver dollars, were not intended for circulation, but were circulated to officials and dignitaries as souvenirs.

"It was basically more of a PR marketing event," Douglas Mudd, the curator and director of the American Numismatic Association's Money Museum, told CNN. "This was the first dollar and they wanted to make as much of a splash as they could."

Mudd said the coin, which is being auctioned alongside other rare coins from Bruce Morelan's collection, might be the very first one struck. He said there are about 130-140 coins still in existence, and experts have noted some differences between them.

"The details of this coin show that the dies that were used to strike it were in such pristine condition, that this could possibly be the first coin struck from these dies -- first silver coin struck from these dies," Mudd said.

Morelan purchased the coin for $10 million in 2013, setting a new world record for the most paid for a rare coin.

"This is a dream coin -- a priceless artifact that I have been proud to own, and I'm very sorry to see it go," Morelan said.

Morelan's coins are scheduled to be auctioned by Legend Auctions on Oct. 8 at The Venetian Hotel in Las Vegas.