1808 $2.50 MS63 Certification #40323808, PCGS #7660

Charles Morgan

The 1808 Capped Bust Quarter Eagle

For many collectors pursuing a complete U.S. gold type set, the 1808 Capped Bust Quarter Eagle ( #7660, BD-1 #45515) represents a formidable "stopper." The design debuted in 1808, was utilized for a single mintage of just 2,710 coins, and was never used again. The United States Mint suspended production of the quarter eagle from 1809 through 1820; when coining finally resumed in 1821, the "Large Cap" motif was abandoned in favor of a smaller, modified head style executed by Chief Engraver Robert Scot.

The genesis of this distinct type was a mandate from Mint Director Robert Patterson to John Reich for a comprehensive redesign of all denominations. Reich, a Bavarian native, brought a European aesthetic to the Mint beginning April 1, 1807. During his ten-year tenure, he successfully redesigned every denomination from the Half Cent to the Half Eagle. In 1807, his Capped Bust design debuted on the Half Dollar and Half Eagle. A modification of this design, the Classic Head, appeared on Large Cents in 1808 and Half Cents in 1809. The Capped Bust look was adapted for Dimes in 1809, Quarters in 1815, and Half Dimes in 1829, twelve years after Reich left the Mint. 

While John Reich was an exceptionally skilled engraver, he spent much of his tenure at the Mint working in the shadow of Scot.

Reich's Quarter Eagle Design

For his Capped Bust Quarter Eagle, Reich flipped Liberty's profile to face left and moved the legend "LIBERTY" from the upper periphery to the headband of a large pileus cap.

On the reverse, Reich introduced a heraldic eagle that became a cornerstone of American coinage. This motif served as the foundational motif for various iterations across all $2.50, $5, and $10 gold denominations for a full century, from 1807 through 1907.

Production

The Philadelphia Mint struck the entire mintage of 2,710 coins on a single day: February 26, 1808. Following this brief production run, the denomination was suspended for 13 years, rendering the 1808 a unique, one-year-only type. While early studies suggested a survival of only 35 to 40 specimens, PCGS population data indicates the true number of extant pieces likely exceeds 120, with approximately half of the known examples being impaired.

Technical Characteristics

Collector Harry W. Bass, Jr. and numismatist John Dannreuther  confirmed that only one die marriage was used for the entire mintage. Consequently, all known examples share specific diagnostic features:

• Die Crack: A faint, thin die crack traditionally extends from the top of Liberty’s cap toward the stars on the right.
• Weak Borders: A lack of well-defined denticles or borders is the defining characteristic of the 1808 issue.
• Hooked 13th Star: This features is often attributed as an intentional signature added by Reich.

Numismatist Walter Breen speculated that these shallow borders left the coins' surfaces vulnerable, leading to a high rate of wear and "rim problems" seen on nearly every surviving specimen.

Collecting the 1808 Capped Bust Quarter Eagle

The 1808 Capped Bust Quarter Eagle is a rarity that typically falls into one of two categories: high-grade (About Uncirculated to low Mint State) or impaired. The "crucible" of the early 19th-century melting pots claimed the vast majority of the mintage, which explains the unusual scarcity of examples in lower circulated grades. 

Many experts, including John Kraljevich, Jr. in his cataloging for the D. Brent Pogue Collection, have noted that many coins currently graded MS60 or MS61 would likely have been considered "About Uncirculated" by previous generations. While true, this shift must be viewed in context. Before the advent of PCGS, the industry lacked a uniform grading standard. Different dealers might use a term like "Extremely Fine" to describe a coin we now recognize as Mint State, and these decisions were rarely made through consensus or the benefit of seeing a broad population of survivors. 

Today’s collectors possess a much more sophisticated and standardized view of grading. Consequently, direct comparisons between 19th-century catalogs and modern certified holders are often impossible. Consider the very coin Kraljevich highlighted in the Pogue catalog: the Parmelee-Pogue 1808 Quarter Eagle, currently graded PCGS MS65. This stunning specimen has seen a fascinating evolution of descriptors: 

• 1890 (Parmelee Sale): "Very fine, scarcely circulated." 
• 1921 (John Story Jenks Sale): "Extremely Fine, showing only the slightest abrasion." 
• 1962 (Abe Kosoff): A "dream coin" for the Dr. J. Hewitt Judd collection. 
• 1989 (David W. Akers): "A very choice uncirculated 64." 
• 2015 (PCGS): PCGS MS65.

Throughout these decades of shifting terminology, one thing remained consistent: you would not find a better example. This finest-known specimen ultimately set a world record, selling for $2,350,000 in 2015.

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