Type 3, Small Diameter

Obverse of 1831 Quarter Eagle
Reverse of 1831 Quarter Eagle

Ron Guth: This type is a continuation of the Capped Bust type of 1821-1827 but with one major difference: this type was struck in a close collar with a fixed diameter. The old, tooth-like border was replaced with a beaded border inside a raised rim. Modifications were also made to some of the design elements, mostly the stars and letters (which were made slightly smaller).

All examples of this type have very low mintages, none of which exceeded 5,000 pieces. All of the dates in this series seem to be of equal rarity, with the exception of the 1834, which commands a significant premium in higher grades.

Collectors will have difficulty finding any examples of this type, especially those with original surfaces and color. Many of the examples seen on the market today have been cleaned, repaired, or otherwise enhanced, so certification is a must.