John Reich, the German immigrant who sold himself into indentured service to get to the United States during the Napoleonic Wars, and was rescued to become Assistant Engraver of the Mint (1807-1817), received orders from Mint Director Patterson to provide improved designs for all denominations: a slap at Scot, his superior in office. Reich's sole contribution to the quarter-eagle denomination is a single pair of dies for a single year type coin of a tiny mintage: an instant rarity.
On February 26, 1808, came the single delivery, using date and letter punches reused on 1809 dismes, and bust and device punches ont later resurrected. Obverse bears Reich's usual "signature": thirteenth (lower r.) star is notched. Fewer than 50 survivors are traceable, the true number possibly between 35 and 40.
The reason for this tiny issue is unknown, though early die breakage may have had something to do with it. Only one coin bas been reported with unbroken obverse die (unverified); all seen to date show a crack extending from cap through all stars at r.
All survivors, including the three UNCs., show excessively narrow borders, usually incomplete. This must have been seen as a design flaw conducive to rapid wear on both sides, as on the gles. Predictably, survivors are in lower grade range than those of earlier dates lacking this problem. The distribution includes three UNCs., possibly six AU's, 15 or more in VF-EF, perhaps a dozen in VG to F. Most are weak on parts of borders; all have some stars flat; most show rim dents or bruises, as though the entire issue had been spilled on a floor at the Mint.
But even in worn condition, this date has always been subject to unusual demand, much of it representing pressure from type collectors who want one of each major design. Many survivors have accordingly spent decades in museums, estates, or permanent collections; any that shows up at auction will attract fierce competition.
No Archives documentation explains the small mintage, abandonment of the design, or noncoinage of quarter eagles for dozen years to follow. All we have is conjectures; mine follow.
The tiny mintage may reflect early die breakage and/or quick filling of bank orders for quarter eagles. Banks normally specified the denomination into which they wanted their deposits of foreign coins or native bullion coined, and over 90% of the time they wanted most or all their gold deposits coined into half eagles. Except for 1816-1817, when a fire in the Mint's outbuilding housing rolling mills prevented conversion of gold or silver ingots into strip or planchets, coinages of half eagles remained large.
The Mint Director may have believed that until more banks ordered quarter eagles, there would be no point in making more dies for them. A more appropriate question is why quarter-eagle coinage was resumed at all; Archives documents fail to provide a reply.
Abandonment of the design may reflect Scot's personal pique. Note that in 1813, Scot replaced Reich's perfectly good half-eagle design with his own capped-head type, and that in 1816 he replaced Reich's beautiful though eccentric "Classic Head" cent obverse with one of the ugliest conceptions ever to misrepresnt Ms. Liberty: Possibly Scot's sight was by then failing.
Whatever the cause, the 1808 is a highly conveted rarity. Survivors are under 2% of original mintage (earlier figure was 4%), possibly from the weak borders exposing the coins to undue wear.
Design, Engraver, John Reich. Mints, Physical Specifications, Authorizing Acts, as before.
Grade range, VERY GOOD to UNC.
FINE: Eye complete, ear half visible, LIBERTY and motto legible but weak, eagle's eye visible.
VERY FINE: Partial cap, hair, and claw details; over half wing feathers visible at least as outlines. EXTREMELY FINE: Isolated tiny rubbed spots only; partial Mint luster.
UNCIRCULATED: No trace of wear.
1808 [2,710] Very Rare.
Struck February 26. For peculiarities of striking and grade. David S. Wilson.
The Mint Director may have believed that until more banks ordered quarter eagles, there would be no point in making more dies for them. A more appropriate question is why quarter-eagle coinage was resumed at all; Archives documents fail to provide a reply.