After 1807 quarters were not coined again until 1815, at which time the Capped Bust Left style made its debut, a design continued through 1838, although in 1831 the diameter was reduced and other revisions were made. A classic rarity in this span is the 1827, of which 4,000 pieces were said to have been struck, of which only a dozen or so originals are known, all Proofs. It is probably the case that Proofs were made for collectors and dignitaries in 1827, including four Proofs known to have been sold to pioneer collector Joseph J. Mickley for face value, but that the business strike mintage figure of 4,000 coins represented pieces made from earlier dies, perhaps dated 1825. In the early years of the Mint it was the practice to keep dies on hand until they broke or wore out. Little attention was paid to striking coins with dies corresponding to the calendar year. For this reason many early mintage figures must be taken with a grain of salt.

Although the 1796 quarter dollar may be expensive to acquire, the 1823/3 is a rarity, and an 1827 original is a coin of which dreams are made, nearly all other varieties in the series are surprisingly affordable. A definitive collection of later date Capped Bust quarters of the small diameter format, 1831-1838, costs very little if assembled in grades such as EF or AU. There is always the chance of discovering a new die variety and paying no more than a "common" price for it; it has been done before.

Budget Recommendations: Form a type set or date set in G-4 to VG-8.

Recommendations for the Connoisseur: Form a type set or a date set. F-12 to EF-40 coins are recommended for just about everyone, although if you can afford it, there are some good values in higher levels, up to MS-63 and MS-64. Pick sharp strikes, which will be difficult for the 1804-1807 type.

Elite Recommendations: Form a type set or date set in MS-63 or better grade. As always, cherrypick for quality. Such a set will take a long time to form. Certain varieties, namely the 1823/2, may not be available in high grades. On the other hand, you will be able to find a prooflike MS-65 1796.