PCGS The Standart for the Rare Coin Industry

As noted in my discussion of 1794 half dollars and 1794 silver dollars, mintage figures of this era are not necessarily accurate, and certain dies may have been kept over to later years. There is no assurance, for example, that precisely 1,781 quarter eagles were minted bearing the date 1805. Some produced under that heading could have been dated 1804 or earlier.

Quarter eagles of the 1796-1807 span are typically seen in grades from Extremely Fine to AU. Uncirculated coins are rarities. Conversely, well worn pieces are rarities as well (but not necessarily desirable). Due to their high denomination ($2.50 was apt to represent a week's pay) such coins did not change hands often, with the beneficial result that nearly all surviving pieces are in higher circulated grades.

I have found the 1804 quarter eagle with 13 stars on the reverse to be an elusive rarity, and my firm has never had one in an auction sale. However, noted gold specialist Mike Brownlee reports that over the years he has sold three different specimens to his clients, thus they can be found.

In 1808 the design was changed to what we now know as the Capped Bust to Left design. The 1808 quarter eagle, believed to have been minted to the extent of 2,710 pieces, represents the only year of its design type and thus is in fantastic demand for inclusion in type sets. Needless to say, specimens are highly prized and are eagerly competed for when they cross the auction block or appear in fixed price catalogues.

After 1808 no quarter eagles were minted until 1821, when the Capped Head to Left style made its appearance, a design continued intermittently through 1834. Mintages in this range average about 3,000 to 4,000 coins per year, with just 760 registered for 1826 and a high of 6,448 for 1821. Again, it is probably the case that strict die dating was not observed. Therefore, the production quantities published in standard references bear only an approximate relationship to present day availability.

Of this design type the following issues were made: 1821, 1824/1 overdate, 1825, 1826, 1827, 1829, 1830, 1831, 1832, 1833, and 1834. By far the rarest is the last issue in the series, 1834, of which 4,000 were stated to have been coined, but of which only a few dozen exist today. The reason is that by 1834 the price of gold had risen on the world markets, and most American gold coins were either melted down for their bullion value or exported. Probably only a couple hundred or so 1834 quarter eagles of this style (with the motto E PLURIBUS UNUM on the reverse, as differentiated from later 1834 issues without motto) ever found their way into circulation, and even this estimate may be on the high side.