Gordon Wrubel: Quickfinder Notes: 1831 was the year of transition to the new close collar reduced diameter (24mm versus 28mm) quarter coinage. In order to get the best striking results from his design, William Kneass tried two different letter sizes for the reverse die. The Small Letter reverse can be distinguished not only by their smaller size, as they are about as WIDE as they are TALL. The letters are also noticeably FARTHER AWAY from the rim than the Large Letter variety. The Large Letters appear to be TALLER than they are WIDE and are placed CLOSER to the rim. In total population, the Small Letter variety is about five times more common than the Large Letter variety. The Mint State population difference is even more striking with about eight times as many examples graded than the Large Letter variety.
American Numismatic Rarities "Classics Sale" 3/2004:533, $36,800 - James W. Lull Collection - Bowers & Merena 1/2005:680, $41,400 - D. Brent Pogue Collection - Stack’s/Bowers & Sotheby’s 5/2015:1081, $55,812.50
RARCOA “Auction ‘90” 8/1990:644 - Heritage 6/2006:1310, $46,000 - Joseph C. Thomas Collection - Heritage 4/2009:2328, $37,375 - Larry Hanks (as agent(?) - D. Brent Pogue Collection - Stack’s/Bowers & Sotheby’s 5/2015:1079, $35,250