We at
U.S. Rare Coin Investments highly recommend these Early
Gold for investments portfolios. Whether a single
coin or the long term acquisition of them with the goal
of building a set in terms of historical importances
as well as longterm profit potential, cannot be overstated
in our opinion.
The quarter eagle denomination
debuted in 1796, and the first type appeared without any
stars on the obverse, making it the only "star-less"
early U.S. silver or gold
coin. All examples of this type were struck at the Philadelphia
Mint (the only mint at the time), and only in a limited
quantity of 963 pieces. This type presents a real challenge
to the type collector because of its great rarity. Nevertheless,
a surprising number of high-grade circulated examples exist.
Designed by Robert Scot.
The design on the first quarter eagle followed that of the
half eagle and eagle, but minus any stars on the obverse.
The reverse featured a heraldic eagle patterned after the
Great Seal of the United States. UNITED STATES OF AMERICA
surrounds the eagle.
Later in 1796, 13 stars
were added to the obverse of the quarter eagle. Mintages
remained low, reaching a peak of 6,812 in 1807. All examples
of this type were struck at Philadelphia, and no Proofs
or presentation strikes were made. Artist depiction of the
exterior of the Mint's building in Philadelphia circa 1885.
All "Stars on Obverse"
quarter eagles are rare with the exception of 1807 and 1802.
Surviving examples are distributed fairly evenly over the
grade scale; thus, collectors have a wide variety of choices
up through AU-58. For a price (usually a high one), there
are always one or two Mint State pieces available on the
market at any given moment.
Designed by Robert Scot.
Same designs as the preceding, but with 13 stars around
the obverse.
The 1808 quarter eagle was
a one-year type with a mintage of only 2,710 pieces, making
it one of the rarest and most desirable of all U.S. coins.
Either quarter eagles were very unpopular in the early 1800s,
or the Mint had little interest in producing them. A look
at the mintages of other 1808 coins gives a clear indication
of priorities: half cents-400,000; large cents-1,007,000;
half dollar-1,368,600; half eagle-55,578; and quarter eagle-2,710.
Apparently, there was no great commercial need for the quarter
eagle, because once the 1808s were released, none were struck
again until 1821.
Despite the low mintage,
an unusually high percentage of surviving examples appear
in About Uncirculated condition (specifically, AU-58). The
rarity of this date and denomination may have been its salvation
back in 1808. They might have been saved simply because
they were such an unusual denomination. The high percentage
of AU examples strongly suggests that, for whatever reason,
these coins did not circulate freely.
Designed by John Reich.
Liberty's cap no longer looks like a freedman's cap, but
just a loose bag with a headband. Liberty's hair falls in
curled tresses down the back of her neck. Thirteen stars
are arranged with seven on the left and six on the right
on the obverse; the date appears below the bust. The reverse
features an eagle with its wings outstretched and raised,
arrows and an olive branch in its talons. A scroll bearing
the words E PLUR1BUS UNUM hovers above the eagle's head,
and the denomination in the form "2' D" appears
beneath the eagle. UNITED STATES OF AMERICA arcs around
the upper reverse.
Coinage of the quarter eagle
resumed in 1821 using new dies designed by John Reich. The
new design featured a smaller head of Liberty, with sufficient
space for the placement of stars above. All examples of
this type were produced in Philadelphia. A small number
of Proofs were made, perhaps to celebrate the resumption
of the denomination.
Mintages for this type (as
with all early quarter eagles) were very low, all under
7,000 coins, reaching their lowest point in 1826, when only
760 examples were produced using an over-dated die. In fact,
the presence of two over-dated dies in this type (1824/1
and 1826/5) suggest anticipated mintages that never materialized.
As usual, the Mint's attentions were focused elsewhere during
the time of this type, especially on large cents and half
dollars.
For the collector seeking
an example of the Capped Bust, Small Head quarter eagle,
mintages are completely irrelevant. The lowest-mintage coin,
1826/5, is rarer than the highest-mintage 1821, but not
by much. In fact, the 1825, which has a lower mintage than
the 1821, is by far the most "common" date of
the type, by a factor greater than two. The 1825 has a nice
distribution of grades throughout the scale, with spikes
at the AU level and in MS-61. Why this date survived in
such high numbers relative to the other dates is unknown,
but the extra population helps keep the value of the type
at a manageable level. This type ended with the introduction
of the close collar in 1828.
Designedly John Reich. While
the head of Liberty resembles that on Classic Head half
cents (1809-1836), the bust and head are shaped differently.
The reverse is slightly modified version of the preceding.
In 1829, new machinery at
the Mint enabled a more uniform quality in America's coins.
Specifically, coins could now be produced with consistent
diameters. Earlier, this was not possible because blanks
were allowed to spread out unchecked during the minting
process. Thus, the pressure of the coining press or the
thickness of the original planchet determined the eventual
diameter of the coin. If the pressure varied from coin to
coin, so would the diameter. The new technology consisted
of a close collar, one that restricted the spread of the
metal during stri
king. The close collar ensured uniform diameters and also
did away with one step in the coining process. Previously,
edge ornamentation or reeding (in the case of the quarter
eagle) was imparted in a separate process prior to the actual
striking of the coin. The close collar had grooves already
cut into it, so when the coin was struck, the metal flowed
into the grooves creating the reeding on the edge of the
coin.
The Capped Head to Left,
Reduced Diameter type was struck in very small numbers;
the highest mintage for this type was 4,540 for the 1830.
Many of this type were destroyed shortly after minting because
of rising gold prices. Thus, survivors are very scarce,
and difficult to locate in any condition. Very few original,
unimpaired examples exist. Many have been cleaned or repaired.
Ownership of this type is the mark of an advanced collection.
Designed by John Reich.
Same designs as the preceding except the border has been
replaced with a circle of small beads within araised rim.
Half eagles appeared in
1795, two years after the first American copper coins and
one year after the first silver coins. Much of the delay
in the appearance of the $5 denomination can be attributed
to a lack of gold bullion being deposited at the Mint, but
we also know that some of the Mint officials had difficulty
obtaining performance bonds allowing them to handle precious
metals.
The first type shows a liberty
cap-carried on a pole on the half cents and large cents
planted firmly on Liberty's head. A long strand of hair
wraps unnaturally around the cap, creating the false impression
of a turban (this design is sometimes called the Turban
Head). The reverse features a scrawny eagle perched atop
a palm branch, holding a wreath in its beak. The same designs
were used on the first $10 gold pieces, which also debuted
in 1795. Only the Philadelphia Mint produced this type.
No Proofs or presentations strikes were made. Mintages for
this type are very low, and survivors of any date are very
scarce, making it one of the most desirable and valuable
of all early types. Because the dies were hand-made, numerous
varieties exist.
The liberty-cap design has appeared frequently on American
coinage, but it dates back at least to ancient Rome, where
it was bestowed upon freed slaves. Also known as a phrygian
cap, it has been used as a symbol for freedom since that
time. In France, it was adopted by the revolution; when
the angry mob invaded the palace of King Louis XVI, they
forced him to don a liberty cap, as shown in this French
political cartoon of the 1790s.
Designed by Robert Scot.
The obverse features a head of Liberty facing right, wearing
not a turban, but a stylized freedman's cap (the turban
confusion probably came about by the long lock of hair that
wraps unnaturally around the cap). The word LIBERTY appears
above and to the right of her head. Either 15 or 16 stars
are arranged on either side of Liberty's head and the date
appears at the base of the obverse. The reverse shows a
wan-looking eagle perched on a palm branch, its wings outstretched,
holding a wreath of an olive branch in its beak. The words
UNITED STATES OF AMERICA arc around the top of the reverse.
In 1797, Robert Scot created
a heraldic reverse design for the half eagle and eagle,
a theme that would eventually be echoed on all U.S. coins
except for the half cent and cent. (Coins of this type dated
1795 are thought to have been struck in 1798.) Scot's Heraldic
Eagle reverse borrowed heavily from the Great Seal of the
United States, which was affixed to all official government
documents.
The success of the half
eagle depended on the quantity of gold bullion deposited
at the Mint. Because only small amounts of gold were received
by the Mint in its early years, quantities struck for this
type are generally low. However, mintages trended upward
as the years passed. Coins were struck in every year except
1801, when all of the gold deposits were used to strike
$10 coins. The 1795-dated Heraldic Eagle half eagle was
actually struck later, using an odd combination of a leftover
1795 obverse and a reverse of the new type.
Most likely, this odd "mule"
was struck in 1798, at the same time as the 1798 Small Eagle-reverse
half eagle. This type is replete with interesting varieties,
including some overdates (1797/5, 1802/1 and 1803/2). In
1797, obverses can be found with either 15 or 16 Stars (this
number was lowered to 13 stars beginning in 1798). In 1798,
obverses come with either a large or a small 8 in the date
and, on the reverse, either 13 or 14 stars float above the
eagle's head. As with most early American gold and silver
coins, this type often has problems with adjustment marks
and/or weak or uneven strikes. Buyers should also beware
of cleaned and/or repaired examples. All examples of this
type were struck at the Philadelphia Mint (the only coinage
facility existing at the time). No Proofs were made, but
one 1795 eagle with a Heraldic Eagle reverse has been certified
as a Specimen.
Designed by Robert Scot.
Same obverse design as the previous. The reverse features
a heraldic eagle, patterned after the Great Seal of the
United States. UNITED STATES OF AMERICA surrounds the eagle.
John Reich began working
at the U.S. Mint in 1807 as an assistant to the engraver,
Robert Scot. Reich's first efforts designing American coins
occurred that same year, when his Capped Bust motif appeared
on the half dollar and half eagle. The half eagle turned
out to be the most important gold denomination in the early
1800s. In fact, from 1809 to 1820, inclusive, it was the
only gold denomination produced in the country. As such,
there were no breaks in the Capped Bust series, a rare occurrence
in any type outside of large cents or half dollars. Mintages
were high for the period, reaching a zenith of more than
100,000 coins in 1810. Even the lowest-mintage date (1809)
was represented by more than 33,000 coins. Unfortunately
for collectors, many examples of this type were destroyed
during the frequent periods when their metal value exceeded
their face value.
This type contains two overdates:
1808/7 and 1809/8. In 1810, the date is either Large or
Small, and the 5 in the denomination is found either Tall,
Small, or Large (the rarest combination is the 1810 Large
Date, Small 5). The 1811 coin is also found with Small or
Large 5 numerals in the denomination.
In general, this type is
better made than it predecessors, although weak strikes
are sometimes a problem. Adjustment marks are sometimes
seen, but they are usually minor due to the better strikes.
No Proof examples were made of this type. All coins of this
type were struck at the Philadelphia Mint.
Designed by John Reich.
The Capped Bust design appeared on only one other denomination
the quarter eagle of 1808. Liberty's cap looks no longer
like a freed-man's cap, but just a loose bag with a headband.
Her hair is nicely done and falls in curled tresses down
the back of her neck. Thirteen stars are arranged with seven
on the left and six on the right on the obverse; the date
appears below the bust. The reverse features an eagle with
its wings outstretched and raised, with arrows and an olive
branch in its talons. A scroll bearing the words E PLURIBUS
UNUM hovers above the eagle's head and the denomination
in the form "5 D." appears beneath the eagle.
UNITED STATES OF AMERICA arcs around the upper reverse.
The Capped Head to Left,
Large Diameter type, issued from 1813 to 1829, contains
some of the greatest rarities in American numismatics coins
such as the 1815 half eagle, the 1822 (three known), the
1825/4 (two known), and the 1829 Large Date. Most of the
dates in this series have low mintages, usually below 50,000
coins. The 1820 half eagle has the highest mintage (263,806
coins), and the 1815 has the lowest (635 coins). Some dates,
such as 1819, have a reasonably high mintage (51,723 coins)
but remain extremely rare today. The rarity of many of the
dates cannot be attributed to attrition alone-clearly, vast
majorities of many dates were destroyed en masse.
Nevertheless, the collector
of average means still has many opportunities to own this
type. The most affordable dates include 1813, 1814, 1818,
and 1820. Even the 1823 half eagle, with a mintage of only
14,485 pieces, is within reach of most collectors. Several
interesting varieties exist to entice the collector. Overdates
include the 1814/3, the 1825/1, the 1825/4, and the 1828/7.
In 1818, one variety includes STATES OF jammed together
as one word; another 1818 variety shows the denomination
as 5D over 50 (a similar situation occurs in 1819). In 1820,
the 2 of the date is found with either a curved base or
a flat, straight base.
The Philadelphia Mint was the sole producer of coins of
this type. A tiny number of Proof examples were produced,
all of which are extremely valuable rarities. One of the
finest Proof examples known to the author is the superb
1828 in the National Numismatic Collection at the Smithsonian
Institution.
Designed by John Reich.
The Capped Head design was only used on half eagles beginning
in 1813 and the quarter eagle in 1821. While it resembles
the head of Liberty on the Classic Head half cents (1809-1836),
the bust and head are shaped differently. The reverse is
a slightly modified version of the preceding.
In 1829, the design on the
Capped Head half eagle was modified slightly by William
Kneass to accommodate new machinery at the Mint. Half eagles
were being struck using a close collar that produced coins
of uniform diameter. The borders now consisted of circles
of beads within a raised rim. The major design elements
remained the same, but the stars, lettering, and dates became
smaller.
Rarities in this series
include the 1829 Small Date (compared to the earlier Large
Date, Large Diameter coin of that year) and the 1832 with
only 12 stars on the obverse (an engraver's gaffe). In 1834,
varieties appear with either a Plain or Crosslet 4 in the
date. All examples of this type were produced at the Philadelphia
Mint. Mintages were relatively high (most greater than 125,000
coins), but survivors are very rare. A tiny handful of Proofs
were made, but they seldom appear on the market and are
extremely valuable.
Designed by John Reich.
Same designs as the preceding except the border has been
replaced with a circle of small beads within a raised rim.
Early
Eagles: Capped Bust to Right,
Small Eagle (1795-1797)
When legislators contemplated
America's coinage system, they chose the eagle (or $10 gold
piece) as the primary denomination. All other gold denominations
were expressed as fractions of the eagle (quarter eagle
for the $2.50 gold piece and half eagle for the $5 gold
piece) and remained that way until gold coinage was suspended
in 1933. The eagle reigned supreme as America's largest
denomination until 1849, when it was supplanted by the double
eagle.
The first eagles appeared
in 1795 along with the first half eagles. The two denominations
shared the same design a bust of Liberty wearing a cap,
with a strand of hair wrapped around, giving the false impression
of a turban. On the reverse, an American eagle was displayed
proudly, its wings outstretched and a wreath in its beak.
High-quality examples of
this type are very elusive. Many examples show adjustment
marks, mounting remnants, repair work, and/or cleaning.
Original, unimpaired examples are very rare and extremely
desirable. Several examples show Prooflike surfaces, but
the authors do not agree that any examples of this type
were struck as presentation pieces. Other exam¬ples
show a rich, frosty luster that can be quite impressive.
Designed by Robert Scot.
The obverse features a head of Liberty facing right, wearing
not a turban, but a stylized freedman's cap (the turban
confusion probably originated in the long lock of hair that
wraps unnaturally around the cap). The word LIBERTY appears
above her head. Either 15 or 16 stars are arranged on either
side of Liberty's head, and the date appears at the base
of the obverse. The reverse shows an eagle perched on a
palm branch, its wings outstretched, holding a wreath in
its beak. The words UNITED STATES OF AMERICA arc around
the reverse.
Early
Eagles:Capped Bust to
Right, Heraldic Eagle (1797-1804)
In 1797, Robert Scot added
his Heraldic Eagle design to the back of the $10 gold piece,
as well as to the half eagle. The new reverse was a modification
of the Great Seal of the United States, the same seal that
certified the president's signature on official government
documents. The symbolism was much more powerful than that
of the previous design, which featured a smaller, scrawnier
bird.
Mintages were erratic, indicating
variable demand for this denomination. In 1798, fewer than
2,000 coins were made, but the next year, the mintage jumped
to more than 37,000. No eagles were struck in 1802. 1804
saw two versions: the low-mintage regular issue and the
extremely rare Proof issues (with a Plain 4) that were struck
circa 1834. Aside from the aforementioned rarities, this
type is easy to obtain if the collector is willing to pay
the price. Original examples are difficult to find, and
collectors often must settle for coins with adjustment marks,
surface impairments, cleanings, and other problems. Thus,
significant premiums are often paid for original, unimpaired
coins.
Coins of this type are visually
impressive because of the strong designs, their large size,
and the heft of their golden alloy. This type ended in 1804,
when then-President Thomas Jefferson suspended production
of silver dollars and eagles to prevent their eventual destruction
by bullion dealers.
Designed by Robert Scot.
Same obverse design as the preceding. The reverse features
a heraldic eagle patterned after the Great Seal of the United
States. UNITED STATES OF AMERICA surrounds the eagle.
