1839 $2.50 AU58 Certification #33784231, PCGS #7698

The 1839-P quarter eagle is an underrated coin. "Coin Facts" estimates that only 115 examples of this date exits. The PCGS population reports show 11 coins graded in AU-58 and only eight coins graded higher. The top PCGS coin is graded MS-62. NGC has graded two pieces in MS-63. Of course all of us are familiar with the term "grade-flation," and this coin might be an example of it. I was able to trace this coin to a Heritage sale in February 2014. At that time it was in a PCGS AU-55 holder. A check of the serial number showed that there is no longer of a record of this piece in the AU-55 holder on the PCGS files. I'm guessing that this one was sent in for grade reconsideration and won the argument for the higher grade. This coin has attractive, original surfaces with a pleasing golden orange color. The only factor that might keep one from grading this coin AU-58 is the mark in front of Ms. Liberty's nose. Otherwise it has the luster and general look of an AU-58, at least so far as Classic Head quarter eagles are concerned. Overall these coins tend to get a bit of grade push because strictly Mint State examples are decidedly very scarce to rare. Back in the day these coins saw a lot of use, and what few collectors there were tended not to save and preserve them.

David Akers (1975/88)

This is certainly one of the most underrated quarter eagles of this type. The auction records clearly indicate that the 1839 is nearly as rare as the lower mintage 1838-C or 1839-D. Stricly uncirculated specimens are extremely rare.