1892 25C MS68 Certification #22054228, PCGS #5601

Owner's Comments

Type I Reverse. A magnificently toned prooflike business strike of the highest order. The quarter dollars of 1892 were manufactured at the Philadelphia, New Orleans and San Francisco facilities. Each location produced coinage bearing the original adopted reverse (Type I), as well as a revised version that appeared later in the year (Type II). The reverses are distinguished in several ways; among them is the visibility of the middle serif of the "E" in UNITED. On the Type I reverse, the eagle's wings are slightly smaller, and the serif protrudes visibly above the left-facing wingtip. On the Type II reverse, the eagle's wings are slightly enlarged for a more dramatic effect, and the serif is now covered. One can remember the sequence by the phrase, "Now you see it, now you don't." In general the Type I reverse issues are less readily located than Type II. The Sunnywood Collection also includes a spectacularly beautiful 1892 PCGS MS66 with the Type II reverse, a "must see" coin that can be found in our "additional pieces" supplemental Registry Set.

Expert Comments

Charles Morgan

The 1892 Barber Quarter

By the late 19th century, Americans knew only the omnipresent Liberty Seated motif on their silver coins, which had circulated continuously since 1837. Citing its "inartistic quality," Mint Director James Putnam Kimball called for a complete redesign in 1887. Congress authorized the overhaul via the Act of September 26, 1890, which permitted design changes for coins in circulation past 25 years.

Kimball’s successor, Edward O. Leech, launched a public contest on April 4, 1891. The effort backfired: a judging panel comprising sculptor Augustus Saint-Gaudens, engraver Henry Mitchell, and Chief Engraver Charles E. Barber rejected every entry, stating:

"... none of the designs or models submitted are such a decided improvement upon the present designs... as to be worthy of adoption by the government."

Leech then tasked the Mint's internal team with the redesign, instructing Barber to base the obverse on French engraver Eugène-André Oudiné's work and the reverse on the Great Seal’s Heraldic Eagle. Despite bureaucratic friction over Leech’s late micro-management, Barber finalized the dies, and production commenced on January 2, 1892.

Design Varieties: Type I vs. Type II

Upon release, merchants complained that high relief made the new quarters difficult to stack. Barber quickly lowered the relief, creating two distinct 1892 varieties:

  • Type I: The eagle’s left wingtip touches the right leg serif of the "E" in "UNITED."
  • Type II: The lowered relief repositioned the wingtip to obscure over 50% of the letter "E," including its middle crossbar.

Philadelphia, New Orleans, and San Francisco struck both varieties in 1892. Although Type I is slightly scarcer, both command similar prices because collectors hoarded Type I coins upon initial release.

 

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PCGS #
5601
Designer
Charles E. Barber
Edge
Reeded
Diameter
24.30 millimeters
Weight
6.30 grams
Mintage
8236000
Metal
90% Silver, 10% Copper
Pop Higher
1
Pop Lower
2978
Region
The United States of America
Price Guide
PCGS Population
Auctions - PCGS Graded
Auctions - NGC Graded

Rarity and Survival Estimates Learn More

Grades
65 or Better 20000 R-2.8 73 / 74 TIE 73 / 74 TIE
All Grades 3000 R-4.4 73 / 74 TIE 73 / 74 TIE
60 or Better 500 R-6.0 72 / 74 TIE 72 / 74 TIE
65 or Better 20000
All Grades 3000
60 or Better 500
65 or Better R-2.8
All Grades R-4.4
60 or Better R-6.0
65 or Better 73 / 74 TIE
All Grades 73 / 74 TIE
60 or Better 72 / 74 TIE
65 or Better 73 / 74 TIE
All Grades 73 / 74 TIE
60 or Better 72 / 74 TIE

Condition Census Learn More

Pos Grade Thumbnail Pedigree and History
1 PCGS MS68+  
	MS68+ PCGS grade

The Laxdive Collection.

2 PCGS MS68 PCGS MS68

"The Black Cat Collection," Heritage Auctions, January 17, 2026, Lot 3086 - $31,720. Peacock and gold toning on both sides.

2 PCGS MS68 PCGS MS68

As NGC MS68. Superior August 2004, Lot 329, $8,625; "The Eugene H. Gardner Collection," Heritage Auctions, June 23, 2014, Lot 30417 - $12,925; Heritage Auctions, October 9, 2014, Lot 4725 - $11,456.25; Heritage Auctions, January 8, 2015, Lot 4642 - $9,987.50. As PCGS MS68 #35793860. The R.S.D. Collection; Legend Rare Coin Auctions, October 8, 2020, Lot 156 - $31,725; Legend Rare Coin Auctions, September 8, 2022, Lot 101 - $35,250. Toned. Type Two Reverse. 

2 PCGS MS68  
	Heritage 2/2006:962, $20,125 - “Corona Del Mar” Collection (PCGS Set Registry)

As PCGS MS68 #22054228. Heritage Auctions, February 2006, Lot 962 – $20,125; The Corona Del Mar Collection. As PCGS MS68 #38855593. “The D. Brent Pogue Collection, Part VII,” Stack’s Bowers, March 20, 2020, Lot 7066 – $25,200. Type I Reverse. Intense rainbow toning.

2 PCGS MS68
 
	MS68+ PCGS grade 
#1 PCGS MS68+

The Laxdive Collection.

PCGS MS68 #2 PCGS MS68

"The Black Cat Collection," Heritage Auctions, January 17, 2026, Lot 3086 - $31,720. Peacock and gold toning on both sides.

PCGS MS68 #2 PCGS MS68

As NGC MS68. Superior August 2004, Lot 329, $8,625; "The Eugene H. Gardner Collection," Heritage Auctions, June 23, 2014, Lot 30417 - $12,925; Heritage Auctions, October 9, 2014, Lot 4725 - $11,456.25; Heritage Auctions, January 8, 2015, Lot 4642 - $9,987.50. As PCGS MS68 #35793860. The R.S.D. Collection; Legend Rare Coin Auctions, October 8, 2020, Lot 156 - $31,725; Legend Rare Coin Auctions, September 8, 2022, Lot 101 - $35,250. Toned. Type Two Reverse. 

 
	Heritage 2/2006:962, $20,125 - “Corona Del Mar” Collection (PCGS Set Registry) 
#2 PCGS MS68

As PCGS MS68 #22054228. Heritage Auctions, February 2006, Lot 962 – $20,125; The Corona Del Mar Collection. As PCGS MS68 #38855593. “The D. Brent Pogue Collection, Part VII,” Stack’s Bowers, March 20, 2020, Lot 7066 – $25,200. Type I Reverse. Intense rainbow toning.

#2 PCGS MS68