A 1794 silver dollar will highlight a selection of coins from the Eric P Newman collection at Heritage Auctions in New York on November 14-15.

The lot is valued in excess of $350,000 and was formerly owned by 19th century collector Matthew Stickney.

2,000 silver dollars were issued in 1794 to cover the sureties of the US Mint directors

The coin is one of the first 2,000 silver dollars struck at the US Mint in 1794 to cover sureties for the treasury officers.  

This requirement was implemented under section 5 of the Mint Act of 1792, which stated: "And be it further enacted, that the said assayer, chief coiner, and treasurer, previously to entering upon the execution of their respective offices, shall each become bound to the United States of America, with one or more sureties to the satisfaction of the Secretary of the Treasury, in the sum of ten thousand dollars, with condition for the faithful performance of the duties of his office."

The lot displays a fine strike, marred only by minor contact marks and scratches.

Last year another 1794 silver dollar, thought to be the first coin ever struck at the mint, sold for $10m at Stack's Bowers.

A 1796 quarter realised $1.5m in another sale of coins from the Eric P Newman at Heritage last year.

Click here to take a look at our selection of rare coins.

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