1824/1 $2.50 AU50 Certification #-26176, PCGS #7663

Charles Morgan

The 1824/1 Capped Bust Quarter Eagle

The United States Mint introduced the Type 2, Small Cap, Large Diameter Capped Bust Quarter Eagle design in 1821, striking a robust (for the period) 6,448 coins. Demand for additional pieces did not materialize until 1824, at which time the Mint salvaged an 1821 die pair, reworking the final digit of the date from a "1" to a "4." This resulted in a distinct overdate; while the top serif of the underlying "1" is visible within the "4," the detail is far easier to appreciate under a loupe than through digital photography. In total, 2,600 examples of this date were struck.

Scarcity and Survival

One reason early United States gold coins remain resilient to the ebbs and flows of the rare coin market is their dual appeal: they are historically significant, and the demand for choice examples consistently outpaces supply.

The high attrition rate for issues of the 1820s was a direct consequence of the Mint Act of 1792, which failed to account for inevitable fluctuations in the relative value of silver and gold. By the 1820s and early 1830s, the legally mandated 15:1 silver-to-gold ratio was no longer aligned with market realities. Because gold was undervalued at the Mint compared to its global bullion price, most gold coinage was pulled from circulation and melted for profit.

Consequently, survival rates are incredibly low. Most extant examples are found in Mint State (MS) or About Uncirculated (AU) condition, as these high-grade survivors were likely preserved as keepsakes or plucked from circulation by chance. Of the Small Cap, Large Diameter Capped Bust Quarter Eagles, only the 1825 (#7664) is available in quantity, followed by the 1827 (#7666).

As for the 1824/1 (#7663), it is a scarce issue that is sometimes overlooked because the 1826/6 (#7665) is notably rare in Mint State. What separates the two issues, however, is a paltry few coins. Sometimes, that's all it takes.

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