1840-D Quarter Eagle - By far the rarest of the four quarter eagle issues of 1840 is that of the Dahlonega Mint. Its mintage, at 3,532 pieces total, is extremely small and the survival rate is miniscule. Most survivors are well circulated, and additionally come with various problems, such as cleaning or jewelry damage. This, however, is not the only reason that this issue is so rare.

For those reasons we have to go back to Dahlonega of 1840, when it was still a young city, only having become attractive to settlers in 1828. In that year it was the site of the first major gold rush in the United States. Small compared to discoveries in California two decades later, but none the less a gold rush.

The city boomed overnight and the city was chosen as one of the three which would host a United States branch mint. Production commenced in 1837. Like the other branch mints which had been established, workers were inexperienced, and it appeared this was especially the case at the Dahlonega mint. Whether they did not care about quality, or did not have the resources, the fact is that most Dahlonega gold coins of the early 1840s are poorly produced, including the 1840-D quarter eagle. It would become a hit and miss for later issues, some of which were better in quality than others, but the 1840-D quarter eagle stands as one of the most poorly produced United States gold coins.

The collector of quarter eagles has to take this in mind when seeking an 1840-D quarter eagle. Virtually all are lightly struck in the centers, and the planchets which were used were often rough, which can be seen on the coins that have survived. The reverse die cracked at an early point and virtually all show extensive die cracks.

Furthermore the conscious collector will note that this issue is virtually always well circulated. As no coin collectors are known to have been active in Georgia in the 1840s, the survival of the approximately fifty 1840-D quarter eagles has been a matter of a slim chance.