The Harry W. Bass, Jr. Collection - Part II

The present sale showcases gold $2.50 quarter eagles from 1796 to the 20th century. The early issues, 1796-1833, are duplicates—uniformly of outstanding quality—from the collection retained by the Harry W. Bass, Jr. Research Foundation. The Classic Head and Liberty Head dates and varieties represent the finest business strikes obtained by Harry Bass during three decades of collecting, less a few pieces retained by the Foundation for its type set. Many outstanding Proofs are also included in the present sale, although the primary offering of Proofs will be in the forthcoming Part III sale.

The present offering will be long remembered as the finest, most comprehensive offering of business strike Classic Head and Liberty Head quarter eagles ever to cross the auction block. With the later addition of certain rare Proofs in Part III (examples being 1863 and 1875), the listings will form an important part of numismatic literature.

The History of the Quarter Eagle

The first $2.50 gold pieces, or quarter eagles, bear the date 1796, these following the introduction of the $5 and $10 denominations the year before, 1795. For many years afterward 1796 the quarter eagle was the smallest denomination federal gold coin, a status it enjoyed until the advent of the gold dollar in 1849.

In America in the late 18th and early 19th centuries, most domestic commerce was conducted by credit, drafts, and currency. Gold coins seem to have played a relatively minor part, especially in districts away from the larger cities. Although foreign commerce was dominated by silver coins, especially Spanish-American eight-real "dollars," much trade, especially with Europe, was conducted with gold coins. Gold $10 eagles were the export coins of choice 1794-1804, but after that date, when $10 mintage was suspended (not to resume until 1838), the $5 became the largest gold coin of the realm. These were produced to the extent of many hundreds of thousands of coins.

Quarter eagles were betwixt and between. Too small for convenient use in the maritime and export trade, and not needed for everyday domestic transactions normally serviced by silver coins or paper obligations, the quarter eagle denomination was made intermittently and only in small quantities. Thus, we have coinage from 1796 to 1798 and again from 1803 to 1808, followed by a long hiatus until 1821. During the latter decade, coinage was continuous. Finally, in the 1829 the quarter eagle hit its stride. From that time until early in the 20th century, examples were struck each year. In some years the production was generous. In others it dropped to only a few thousand coins, or even less.

Finally, in 1929, quarter eagles were struck for the last time. By that year quarter eagles were not regularly seen in circulation, and all were considered to be somewhat scarce. In 1933-1934, when President Franklin Delano Roosevelt issued a mandate that the public turn in gold coins to banks and to the Treasury Department, all quarter eagles were exempt from the edict on the grounds that they all had numismatic value. Nevertheless, untold quantities went to the melting pot.

Numismatic Notes

Quarter eagles were made in several major design types. Front row center in numismatic interest are the 1796 without obverse stars and the 1808, as both are of designs that were produced only in their respective years. The formation of a complete type set of the seven major quarter eagle designs is do-able, but a challenge is mounted by the aforementioned pair of rarities.

Quarter eagles form a very pleasing denomination to collect. They are small enough to be "cute" and cameo-like, and yet large enough to study the interesting design details that many possess.

Moreover, the series has as many challenges as any in American numismatics. Many dates and mintmarks are plentiful enough if VF or EF in grade, but are world-class rarities if MS-60 or finer. Nearly all of the early issues 1796-1834 fit into this category. Later, for a whole string of dates in the 1860s and 1870s, choice and gem business strikes are harder to find than Proofs—and the Proofs themselves are great rarities.

Charlotte and Dahlonega coins, discussed at some length in our introduction to gold dollars, are all scarce, and some are major rarities. All C- and D-mint quarter eagles are exceedingly important if in a grade such as AU or Mint State. New Orleans coins are among those often made in fairly large quantities, but as few if any collectors bothered to save them, they are great rarities in high grades today. The same can be said for nearly all of the San Francisco Mint quarter eagles, first minted in 1854 and last in 1879.

No important collection of quarter eagles was ever formed in a short time. However, with patience—and some good fortune (such as the opportunities provided by our sale of the Bass Collection coins)—a beautiful cabinet can be gathered.

Type I
1796 Capped Bust Right, No Stars

It is believed—based upon estimates published by Walter Breen—that only 963 examples were struck of the first quarter eagle. Interestingly, these were of a stand-alone design, a motif that would be discontinued after these 963 coins left the press. Within these 983 there are two die varieties—two different reverse dies differing from each other only by minute details.

Believed to have been designed by Robert Scot, the 1796 quarter eagle features the capped head ("bust") of Miss Liberty facing right. The field is plain, save for the date 1796 below the bust.

The reverse is of the Heraldic Eagle design similar to that used on gold and silver denominations of the 1800 era. Adapted from the Great Seal of the United States, the center motif depicts an eagle with a shield on its breast, holding an olive branch and arrows in its talons, and in its beak a ribbon inscribed E PLURIBUS UNUM. A galaxy of stars is above, with a group of clouds in an arc extending from one wing to the other. The inscription UNITED STATES OF AMERICA surrounds. There is no mark indicating the denomination.

Of the 963 pieces believed to have been minted, it has been estimated by David Akers, a student of the subject, that perhaps as many as 30 to 40 survive today, although other estimates have been lower, even in the range of 15 to 20 pieces, and others have challenged the 100 mark. Irrespective of which estimate you choose, the 1796 quarter eagle is famous as one of the most elusive and one of the most sought-after early American gold coins. Most extant specimens are in grades from Very Fine to Extremely Fine, although a few higher condition examples exist. Curiously, the starless obverse field and the cameo-like effect it gave to the portrait of Miss Liberty resulted in an inordinate number of these pieces being used as jewelry. Thus, today it is not unusual to find examples that once had loops attached to the edge or which have been burnished. Complicating the ease of evaluating and comparing listings of quarter eagles of this design is the general practice to grade these pieces liberally, and also the high rate of resubmissions to grading services. Under the latter procedure, a half dozen listings in population reports might represent only one different coin. The aspect of the unknown has always piqued the imagination of numismatists. With the 1796 no-stars quarter eagle—more than for any other design type in the denomination—there are unanswered questions as to how many exist and how the grades of extant pieces are distributed.

Type II
1796-1807 Capped Bust Right, With Stars

Following the abbreviated production of only an estimated 963 1796 quarter eagles without obverse stars, the motif was modified to add stars in the field to the left and the right of the head. New dies were used (rather than adding stars to the obverse die already employed). The reverse continued the Heraldic Eagle design adopted from the Great Seal.

While it is popular to assign all With Stars quarter eagles minted from 1796 to 1807 under the heading of a single type, it would be more accurate to have multiple designations within this range. The number of stars and their placement vary from issue to issue. 1796 quarter eagles with stars have eight stars to the left and eight to the right, for a total of 16, while quarter eagles of the years 1797 through 1807 have 13 stars arranged in various ways. 1797 quarter eagles have seven stars to the left and six to the right, while 1798 quarter eagles have six to the left and seven to the right. 1802/1 quarter eagles have eight left and five right. The year 1806 comes in two varieties, eight left and five right as well as seven left and six right.

Relevant to the subject of types the reverse has not been considered thus far in this narrative, but, for starters, there are varieties with 13 reverse stars as well as varieties with 14. Doubtless it is the case that the 14-star reverse, well known for its use in 1804, was a diecutting anomaly or oversight, not an intended design revision.

However, increasing the number of 1706-1807 starred obverse types from one to at least six would have the unfortunate effect that a type set of American gold coins would be more difficult than ever to finish! As it is, the numismatic community seems satisfied with the status quo.

Taking all of the quarter eagles with obverse stars, 1796-1807, as a whole, the mintage amounted to 18,524, a paltry amount when it is considered that this includes different years and varieties. Thus, it is no wonder that each and every one of these coins is considered a rarity today, with the 1807 being the least difficult to locate, but still worthy of the rarity designation.

While a few Uncirculated examples are known of scattered dates, most quarter eagles known within this span grade from Very Fine to Extremely Fine, with Very Fine being the norm. In keeping with other gold coins, mint-caused planchet adjustment marks are often seen as are areas of light striking.

Type III
1808 Capped Bust Left

In 1808 John Reich redesigned the quarter eagle. In the previous year he had restyled the motif for the half dollar, creating what numismatists of a later generation would call the Capped Bust design. Now it was the quarter eagle’s turn.

The diameter remained the same as earlier, 20mm, but the obverse and reverse motifs were changed. Miss Liberty now faces left, wearing a loose cloth cap secured by a band inscribed LIBERTY. Seven stars are to the left and six are to the right, and the date 1808 appears below.

The reverse depicts an eagle perched on an olive branch and holding three arrows. The motto E PLURIBUS UNUM is on a band or ribbon above. The inscription UNITED STATES OF AMERICA and the denomination 2 1/2 D are around the border. The denomination is stated for the first time on a quarter eagle.

The mintage figure of 2,710 on its own would suggest an item of great numismatic desire, but the demand for the coin as the only year of its design type has projected it into the first rank of popular rarities among American gold coins. It is believed that perhaps a few dozen exist, nearly all of which are in the grades of Very Fine or Extremely Fine, although at least two Uncirculated coins can be accounted for.

After 1808, quarter eagle mintage was suspended. It was not until many years later, in 1821, that the denomination was again struck, at which time a modified design was used.

Type III
1821-1827 Capped Head to Left

18.5mm Diameter

In 1821 quarter eagles were again struck. The diameter was reduced from the 20mm standard used 1796-1808 to just 18.5mm. The design features the Capped Head by John Reich, but now in smaller size, with modifications to the cap, Miss Liberty’s neckline, and other features. Stars encircle the portrait except for the date area.

The reverse is similar to that of 1808 by John Reich, with a perched eagle, the motto E PLURIBUS UNUM above, and UNITED STATES OF AMERICA and 2 1/2 D. at the border.

Both types have a motif similar to that used in 1808, except that the portrait of Miss Liberty appears smaller and is circled by stars. This general style was continued in use through 1834. Mintages in all instances were low, with the production of one variety, the 1826, estimated at just 760 pieces. The business strike mintage 1821-1834 totaled 42,065, and perhaps 100 to 150 Proofs were struck. During the entire production period of this design, such coins did not circulate at par, but traded at a slight premium. While many coins were exported and melted abroad, it is thought that most were melted domestically.

All quarter eagles of the 1821-1834 years are rare today. Most examples seen are in grades from Very Fine through AU, although scattered Uncirculated pieces have appeared at auction, as have a few Proofs. It is not unusual for an Uncirculated piece to have a prooflike surface.

Type IV
1829-1834 Capped Head to Left

18.2mm Diameter

The design of 1829-1834 is similar to that of 1821-1827 except that the date numerals, stars, and letters are slightly smaller. The rim appears more prominent. The entire effect is less delicate than that of the 1821-1827 years.

The design is properly attributed to John Reich, but with modifications by Chief Engraver William Kneass. A discussion of the rarity of the Type IV is included under Type III.

Type V
1834-1839 Classic Head

To permit gold coins to circulate at par—which had not happened since 1815—Congress reduced the authorized weight of the various denominations through the Act of June 28, 1834. On August 2, 1834, the new standard went into effect. For the quarter eagle the weight was reduced from 67m grains to 64m grains.

To readily differentiate the new coins from the old, the design was changed. Chief Engraver William Kneass created what is called the Classic Head today. The head of Miss Liberty faces left, her hair secured by a band inscribed LIBERTY, stars circling her head, and with the date below.

The reverse depicts an eagle with a shield on its breast, perched on an olive branch and holding three arrows. UNITED STATES OF AMERICA and 2 1/2 D. surrounds. The motto E PLURIBUS UNUM, used on quarter eagles since 1796, was omitted. The diameter remained 18.2mm.

Mintage quantities were large in the first several years of the coinage span, with the high-water mark being 1836, when 547,986 were struck. In 1838, quarter eagles were struck at Charlotte for the first time, followed the next year by supplementary coinage at Charlotte, Dahlonega, and New Orleans. By far, the greatest number of 1834-1839 Classic Head quarter eagles were produced at Philadelphia.

The total business strike mintage for 1834-1839 Classic Head quarter eagles amounted to 968,228 pieces. Probably fewer than 50 Proofs were struck. Interestingly, the presentation coin sets made in 1834 for the Sultan of Muscat and the King of Siam each contained two Proof quarter eagles, one of the old style and one of the new.

After August 2, 1834, earlier gold coins continued to trade at a premium at specie and bullion dealers. The earlier, heavier issues were referred to as "old tenor" in financial journals.

Examples of the Classic Head can be obtained readily in grades from Fine through Extremely Fine. AU pieces are scarce, and Uncirculated pieces are scarcer yet. Superb Uncirculated coins are very rare. Uncirculated pieces of the first year of issue, 1834, often display prooflike surfaces.

The lowest mintage of the type was registered by the first mintmark issue, the 1838-C, of which only 7,880 were struck. Today, this variety is very scarce in any grade and very rare at the AU level. The mintmarked issues of the next year, 1839-C, 1839-D, and 1839-O, are all scarce, with the typically encountered grade being VF or, occasionally, EF. Any coin in AU or finer grade is a rarity. At the time, the numismatic community—consisting of no more than a couple hundred widely scattered enthusiasts—took no note of mintmarks, and not even the Mint Cabinet saved specimens.

Type VI
1840-1907 Coronet or Liberty Head

The Coronet (Guide Book preference) or Liberty Head or Braided Hair style, by Christian Gobrecht, appeared on the quarter eagle in 1840 and was continued uninterruptedly through 1907, the longest span in American coinage history of a design in use without major change or alterations. The motif was a latecomer to the quarter eagle denomination, a related motif had been used on the $5 beginning in 1839 and the $10 in 1838.

The obverse depicts Miss Liberty, her hair in a bun secured with a string of beads, wearing a coronet inscribed LIBERTY, facing left, her head circled by stars, and with the date below.

The reverse depicts an eagle with a shield on its breast, perched on an olive branch and holding three arrows. The inscription UNITED STATES OF AMERICA, 2 1/2 D. surrounds. The diameter was further reduced and now was set at 18mm.

Throughout the coinage span 1840-1907 the Philadelphia Mint produced pieces each year. In general, early examples are fairly scarce, with the 1841 in particular being a prime rarity. The denomination was fairly popular in American commerce until the end of December, 1861, when banks and the Treasury stopped paying out gold coins at par. After that time, until December 1879, gold coins were available only at a premium in terms of paper money.

After 1861, the coinage scene changed. The Charlotte and Dahlonega mints, now under the control of the Confederate States of America, lapsed into inactivity. The New Orleans Mint no longer struck coins, and would remain dormant until 1879, at which time certain silver and gold coins were again struck—but not quarter eagles. The Carson City Mint, opened for business in 1870, struck gold and silver coins, but no quarter eagles.

Thus, of the Liberty Head quarter eagles, only the Philadelphia and San Francisco mints struck pieces after 1861. Curiously, the West Coast operated under a different monetary policy during the period 1862-1879, and gold coins were extensively used in circulation. It was a "hard money" society until the 1870s, and Legal Tender, National Bank, and other federal notes, including Fractional Currency, were not used.

Liberty Head quarter eagles were minted at San Francisco until 1879, after which time production was limited to Philadelphia. For the remainder of the 19th century, mintages tended to be small. Early in the 20th century, a demand arose for the denomination, and over 100,000 were made of each year 1902-1907.

During the years 1840-1907 the total business strike mintage of the Coronet Head quarter eagle totaled 11,921,171. Production hit a high point in 1853, a year in which gold from California was particularly abundant, and registered 1,404,668 pieces at the Philadelphia Mint. Three other years accounted for production of more than a million coins at Philadelphia: 1851, 1852, and 1861.

Several other issues are remarkable for their extraordinarily low mintages, these being 1854-S (246), 1856-D (874), 1863 (30, all Proofs), 1875 (420, of which 20 were Proofs), 1881 (691, of which 51 were Proofs), and 1885 (887, of which 87 were Proofs).

Proof mintage for quarter eagles 1840-1907 totaled an estimated 4,200 to 4,350 coins.

The type set collector will encounter no difficulty in acquiring a representative specimen in any grade desired from Very Fine through AU. Uncirculated pieces are encountered with frequency, particularly those of the final years of the type. Superb Uncirculated pieces are available but are very scarce in relation to lower grades. Proofs were minted continuously, with the mintages crossing the 100 mark in later years, although in most instances it seems that half or more of the Proofs have disappeared or cannot be accounted for, this figure including coins that were struck, but not sold, and were subsequently melted at the Mint or put into circulation. All Proofs are rare today, this being particularly true of pieces grading Proof-64 or finer.

Type VII
1908-1929 Indian Head

In 1908 numismatists were surprised by the advent of the new quarter eagle and half eagle designed by sculptor Bela Lyon Pratt, for no advance notice had been released concerning them. A departure from the procedure used earlier in United States coinage, the new design features were recessed or incuse in the coins, with the field of the pieces, normally the lowest part, being the highest part.

The obverse of the Pratt quarter eagle, known as the Indian Head type, features an Indian chief facing left, with LIBERTY above, six stars to the left and seven to the right, and the date below.

The reverse shows an eagle perched on a branch or log, with UNITED STATES OF AMERICA above, E PLURIBUS UNUM to the left, IN GOD WE TRUST to the right, and the denomination expressed as 2 1/2 DOLLARS below. The design copies certain features employed on Saint-Gaudens $10 gold coins of 1907.

Examples were produced at the Philadelphia Mint from 1908 through 1915 and again from 1925 through 1929. Denver Mint pieces were produced in 1911, 1914, and 1925, with the 1911-D considered to be the rarity of the series. In 1929 quarter eagle coinage was suspended. Coins of the last several years did not circulate actively but remained in Treasury vaults. Most were melted during the 1930s.

Dies were very stereotyped, with nothing in the way of die differences except for the placement of the mintmark. Harry Bass found the Indian Head quarter eagles to be less than fascinating to study and collect, and, remarkably, did not acquire even some of the commoner issues. However, he did acquire one of the finest known specimens of the centerpoint to the series, a gem 1911-D.

Business strike mintage of the Indian Head quarter eagle totaled 7,250,261 pieces. Proofs were produced to the extent of 1,827 coins, during the years 1908-1915, all with a granular or satiny Matte Proof or Roman Finish Proof finish, depending upon the year.

The type set collector can easily find examples of the Indian Head quarter eagle in grades from Very Fine to AU. Uncirculated pieces are scarce, and superb Uncirculated pieces are very scarce. The scarcity of higher grade pieces is explained not by the mintages, which in most instances were generous, but by the format of the coin. The field of a typical coin, exposed to wear and other effects, acquired marks quickly, and even storage in a mint bag was apt to reduce the grade of a piece below the Uncirculated level.

Collecting Considerations

Quarter eagles were casually collected by numismatists in the 19th century, with most serious activity limited to the issues 1796-1834, which were recognized as being scarce and desirable. By the 1880s, when coin collecting became very popular, perhaps two or three dozen collectors ordered Proofs from the Philadelphia Mint each year, the number rising slightly by the end of the century.

Although occasional mention was made of Charlotte and Dahlonega branch mint coins in auction catalogues, by and large few people cared whether a given quarter eagle had a C, D, O, or S mintmark, or none at all. In 1893, when Augustus G. Heaton published his treatise, Mint Marks, interest was still at a low ebb. In time, more collectors took note, especially during the period 1905-1915 when both Edgar H. Adams and William H. Woodin wrote extensively about gold coins. Before long, the hitherto overlooked 1854-S and the earlier unrecorded 1845-O attracted attention. The 1854-S remained a prime rarity, while dozens of additional specimens of the 1845-O came to light.

Gold coin collecting in America came of age in the 1930s. The calling-in of larger denomination gold by the government in 1933-4 increased interest in them, and many numismatists who had been acquiring other series turned their attention to gold. Louis E. Eliasberg, Sr., a talented Baltimore banker with a keen sense of finance and economics, found gold to be especially interesting, and was soon determined to build his collection to include one of each date and mint, a journey that was finally completed years later in 1950. In New York City, Frederick C.C. Boyd sharpened his interest in gold coins and set about filling in the blank spaces in his cabinet. Several dozen other collectors did likewise, soon leading to the realization that certain gold coins simply were not available, or at least could not be located without great effort.

Meanwhile, the inauguration in 1934 of the Standard Catalogue of United States Coins, by Wayte Raymond, and the launching in 1946 by Whitman Publishing Company of Richard S. Yeoman’s Guide Book of United States Coins, broadened the appeal of gold coins to a wide audience. By the 1950s, gold coins had a wide, enthusiastic following. Today in 1999, gold coins are a foundation stone in the numismatic hobby. The neglect of the series by our coin collecting forebears in the last century has created the curious situation in which many gold coins with high mintages are extreme rarities if in high grades such as AU or Mint State.

Quarter eagles are most popularly collected by design types, with the later issues from the Classic Head onward being readily available. Collecting by dates and mints is an elite challenge, and one that has been completed by perhaps a dozen collectors in the past century, the limiting factor being the 1854-S and, to a lesser extent (but only slightly), the Proof-only 1863.

Appreciation of quarter eagles can be obvious—such as in the pride of ownership of pieces that are at once beautiful, in high quality, and rare. Or, it can be subtle, as in the study under magnification of the vast panorama of interesting die varieties, and in the learning about the role coins of this denomination played in American history.

Cataloguing the Bass Collection quarter eagles has been a fascinating, extensive process. Along the way we have included many notes concerning history, die characteristics (many taken or adapted from Harry Bass’ unpublished notes), and other aspects, yielding what we hope will be a catalogue that will be of continuing value and interest to the numismatic community.

Desirable 1796 No Stars $2.50

A Numismatic Classic

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261     1796 Breen-6113, Breen-1. Rarity-4. No Stars. AU-58 (PCGS). Very light greenish gold obverse with nearly complete lustre and very few abrasions or imperfections, except those present on the coin when minted. Faint vertical adjustment marks cross the center and a planchet lamination extends diagonally across the surface, most prominent at Liberty’s eye. The reverse is bright green-gold and fully reflective with a small lint mark below AM of AMERICA. The central reverse shows weakness opposite the obverse adjustment marks. This is, by a small margin, the finest example we have handled, slightly nicer than the AU-55 we offered in our Rarities Sale last August or the similarly graded Garrett Collection coin.

These were the first quarter eagles produced. The mintage for the 1796 No Stars is estimated at only 963 coins, this figure including two different die variety combinations without obverse stars—creating a very elite pair!

Moreover the 1796 Without Stars is a major design type without any counterpart either in the quarter eagle or other gold series, a unique design. Thus, by definition one of these is needed to complete a type set. Further, the issue is the first year of denomination and, to reiterate, is of exceedingly low mintage. Still further, the present specimen is of superb quality. Seldom in a single coin do so many elements of numismatic desirability come together!

For the serious specialist and connoisseur, this lovely quarter eagle represents outstanding quality, certainly among the finest examples in existence. It is our estimation that from the 963 pieces coined, only about 10% survive today, many of which are in lower grades, or are impaired, or even were once used as jewelry.

Late die state with a faint obverse crack from the border at 9:00 curving up in the left obverse field. This die has been lapped with the lower curls lacking considerable detail.

A survey of early gold coins appearing in our public auctions since 1972 includes 740 quarter eagles of which 24 are 1796 No Stars coins; this figure includes some multiple listings of identical specimens.

Purchased from Colonial Coins, August 27, 1973.

Another 1796 No Stars Quarter Eagle

Outstanding Rarity and Quality

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262     1796 Breen-6113, B-1. Rarity-4. No Stars. AU-53 (PCGS). Light yellow gold with a hint of green, accented by traces of orange toning. A few minor surface imperfections are visible, most notably a scrape across the eagle’s breast. Considerable lustre remains, especially on the reverse. This is a very pleasing example of overall high quality, certainly in the top 20% of fewer than 100 pieces estimated to survive.

When considering purchasing an example of this issue, the published literature must be taken with a great grain of salt, as it has been numismatic practice for many years to overlook problems or even major defects. On an absolute basis, the present coin is outstanding, as examination will reveal. For the connoisseur this represents another opportunity of great importance.

Obverse lapped with low curls lacking detail. Lightly cracked from the border at 9:00.

Purchased from Rowe & Brownlee, November 2, 1970. Earlier from Glendining’s sale of October 1970, Lot 884.

Lovely 1802 Quarter Eagle

So-Called Overdate

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263     1802/1 Breen-6118, B-1, 3. Rarity-4. Overdate. AU-55 (PCGS). A lovely, highly lustrous example in greenish gold. A few very minor surface marks are present. Very sharply struck although slightly weak at the center of obverse and reverse. This is clearly the most available variety among three 1802 quarter eagle die marriages. We estimate about 150 survivors are known from this die pair. Originally, 3,035 quarter eagles dated 1802 were struck with fewer than 10% still in existence.

When Walter Breen wrote his series of pamphlets describing early gold coinage, published in the 1960s, he assigned two different varieties and provided two different descriptions, for this die marriage. His references were based largely on earlier notes by Edgar H. Adams, Waldo C. Newcomer, and John H. Clapp, the latter of Eliasberg Collection fame. All three of these gentlemen also described two different varieties. Breen-1 was described as "Rare" while Breen-3 was described as the commonest variety of 1802.

A short die crack or scratch joins the second feather on the right with the left side of first A in AMERICA.

For his variety Breen-1, Walter Breen described a "die scratch or break from second feather pointing to top of A" which is clearly seen on this example. He further noted that "E [in STATES] is centered above space between two clouds" which is not the case. As illustrated above, the upright of E is over this space between two clouds.

1802 quarter eagles have historically been catalogued as 1802/1 overdates. We are of the opinion that minor damage to the die or punch caused the artifacts that led past numismatists to attribute these as overdates. When the sylloge featuring the Harry W. Bass Research Foundation coins is published, additional details will be included regarding early die varieties.

From Superior’s sale of the Gilhousen Collection, February 1973, Lot 100.

Important 1802 Quarter Eagle Variety

Breen-2, Rarity-6

Reverse Die Used in 1804

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264     1802/1 Breen-6118, B-2. Rarity-6. Overdate. VF-25. Light yellow gold with a trace of orange toning. The surfaces have been very lightly brushed, providing a matte appearance. Light abrasions and scratches are consistent with the assigned grade. A very rare variety; this is only the fourth example we have offered at public auction since 1972. Probably fewer than 20 examples of this die marriage are known, thus this represents an important opportunity. The reverse die is that later used to strike the extremely rare 1804 13 Stars Reverse quarter eagles.

Perfect dies.

From our sale of the Dr. D.C. Montgomery, Jr. Collection, February 1976, Lot 1534.

Attractive 1804 Quarter Eagle

14 Reverse Stars

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265     1804 Breen-6119, B-1. Rarity-4. 14 Reverse Stars. MS-61 (PCGS). Very pale greenish gold lustre with attractive light orange toning. A pleasing example of this 1804 quarter eagle variety.

Perfect dies.

Two varieties of 1804 quarter eagle are known, this the more available variety with 14 reverse stars, the other having 13 reverse stars and being rarer by a quantum leap.

Interestingly, both reverse dies are also known on 1804-dated dimes with either 13 stars or 14 stars. It is curious to note that, among dimes, the rarity of the two varieties is reversed, with those from the 14 stars reverse being rarer. Among quarter eagles, this variety is common in relation to most others of this design type. As a date, 1804 has the third highest total PCGS population. Mintage of the two varieties of 1804 quarter eagle totaled 3,327 coins, perhaps approximately divided as 3,000 with the 14-star reverse and 327 with 13 stars on the reverse.

Purchased from Fred Sweeney, September 18, 1972.

Lustrous 1804 Quarter Eagle

14 Reverse Stars

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266     1804 Breen-6119, B-2. Rarity-4. 14 Reverse Stars. AU-58 (PCGS). Light yellow gold with a hint of green, slightly prooflike lustre. Very light diagonal adjustment marks cross the reverse. Few very minor obverse and reverse abrasions are visible. A very attractive example which certainly rates among the finer specimens known.

Perfect dies.

The use of the same reverse die on two different denominations is unusual in regular American coinage, but common enough among pattern coins—particularly among mulings and curiosity. In the regular federal series we have often wondered if there might be a silver half dollar that employed a gold $10 die of the Heraldic Eagle reverse style, but thus far no matching has been made. However, we keep a weather alert for such.

From Stack’s sale of the Bartle Collection, October 1984, Lot 1102.

Rare 1824/1 Quarter Eagle

Important Mint State Offering

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267     1824/1 Breen-6127, B-1. Rarity-4. Overdate. MS-60. A wonderful bright yellow gold example of this important issue. Brilliant, frosty lustre with a hint of reflective prooflike surface. Very light obverse marks and moderately abraded reverse. Very slightly bent, almost imperceptibly so.

Each and every quarter eagle of the early (1796-1834) range is a rarity in an absolute sense, and yet with patience it is possible to put together a complete set of dates and overdates. The present Bass Collection offering, representing some of the finest pieces to have come on the market during Harry Bass’ 30-year period of acquisition, offer many opportunities for the connoisseur and specialist.

Purchased from Julian Leidman, September 25, 1970.

Lovely Mint State 1825 Quarter Eagle

Reverse of 1821 and 1824

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268     1825 Breen-6128, B-1. Rarity-4. MS-61 (PCGS). Light greenish gold with reflective, prooflike surfaces. Some minor abrasions and hairlines are noted. This reverse die was used for quarter eagles beginning in 1821, with this example representing the latest die state seen, an indication of the reason this die was replaced in 1825.

The reverse has a bisecting die crack from the border between TA to the scroll, eagle’s wing and body left of the shield, and right side of large digit 2, to the border below. This is the first example we have seen with this die crack.

From Stack’s sale of the Ullmer Collection, May 1974, Lot 358.

Very Rare 1826 Quarter Eagle

So-Called Overdate

A Formidable Rarity

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269     1826/5 Breen-6130, B-1. Rarity-5. Overdate. AU-58 (PCGS). Deep greenish yellow gold lustre with considerable reflective prooflike character. Minor hairlines and other abrasions are noted, including minor scuff marks on the cheek. This variety historically has been described as an 1826 over 5 overdate. In our opinion a better description would be repunched date with 1826 over 6.

As a date, this is probably the rarest quarter eagle minted from 1796 to 1834, other contenders include only 1797 and 1834 With Motto. In a survey of our auction sales from 1972 to August 1999, we have handled nine examples of 1797, six 1834 With Motto, and seven 1826. This example is one of the seven, earlier appearing in our September 1984 sale of the Arnold and Romisa Collections. The only finer example (and marginally finer at that) is the MS-60 example we sold as part of the Garrett Collection on behalf of The Johns Hopkins University.

The true rarity of this issue is not widely known. Accordingly, the present offering represents the opportunity to acquire a great American classic, a truly formidable rarity, at a price that is substantially less than one that has been bestowed with an aura of fame. In time, the numismatic hobby recognizes its classics, and often pieces overlooked in one era are recognized in another. Someday the 1826 quarter eagle will receive its due.

PCGS Population: 4; 1 finer (MS-60).

From our sale of the Arnold and Romisa Collections, September 1974, Lot 84.

Delightful 1829 Quarter Eagle

High Condition Census

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270     1829 Breen-6132, B-1. Rarity-4. MS-64 (PCGS). A wonderful Capped Head quarter eagle with frosty, brilliant greenish yellow gold lustre. Sharply struck and with considerable aesthetic appeal. This is only the second MS-64 grade coin we have offered, the other example appearing in our January 1997 Rarities Sale.

This issue represents the first of William Kneass’ modified design, very similar to previous issues but with improvements. In his Complete Encyclopedia, Walter Breen noted: "Kneass’ modified designs were notable for smaller stars and letters (from punches by Christian Gobrecht), redrawn heads and eagles (with a more professionally finished look than Scot’s frequently crude conceptions), but most of all for beaded borders surrounded by high, plain raised rims produced by a ‘close collar.’ This new invention consisted of a heavy block of steel containing a hole the same diameter as the finished coin, grooved to impart the reeded edge; this resisted edgewise expansion of planchets at the moment of striking, furnishing ‘a mathematical equality to their diameters,’ according to Mint Director Samuel Moore."

PCGS Population: 5; 1 finer (MS-65).

From our sale of the Fairfield Collection, October 1977, Lot 1455.

Prooflike 1830 Quarter Eagle

A Desirable Example

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271     1830 Breen-6133, B-1. Rarity-4. MS-62 (PCGS). Sharply struck in light greenish yellow gold with reflective prooflike fields and moderate cameo contrast. This is a lovely example which should generate considerable interest. This is only the sixth Mint State example of this issue we have handled over a long span of years, the only finer coin being the gem specimen from the Garrett Collection that we sold for The Johns Hopkins University.

A new reverse die was introduced this year—differing in minute technical details from earlier dies—and remained in service through the 1834 With Motto issue. An identifying feature is broad recutting of U in UNITED.

From Stack’s sale of the DiBello Collection, May 1970, Lot 597.

Mint State 1831 Quarter Eagle

Amazing Gem

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272     1831 Breen-6134, B-1. Rarity-4. MS-65 (PCGS). This fabulous example has prooflike bright yellow gold lustre with very few scattered contact marks. Superb aesthetic appeal. Although we have handled a number of choice and gem Mint State examples of this issue over the years, very few if any exceed this with regard to attractiveness.

PCGS Population: 3; 1 finer (MS-66).

Perfect dies.

The quarter eagles of Kneass’ modified design, 1829-1834, represent one of the very rare type coins among all American coin motifs. From 1829 to 1834, just over 25,000 coins were struck. Many if not most were melted, some in the very year of issue, as their bullion value was higher than their face value. It is a little known fact that gold coins were available only at a premium beginning after the War of 1812 (effectively 1815) and continuing until implementation of the Act of June 28, 1834.

Of the modified design production of 25,000 coins, we estimate that under 3% of this mintage, or fewer than 750 coins, survive today, this quantity distributed among six different issues. Prior to the current sale, we have offered coins of this design just 100 times in our public auctions. This probably represents less than 60 or 70 different coins. It is interesting to note that just 25 of the 100 appearances were coins grading less than AU-50, illustrating the relatively high quality of survivors of this design type.

It would seem that from the viewpoint of foundational value, quarter eagles of this design are similar to the proverbial "acres of diamonds" just waiting to be identified and picked up—treasures at your fingertips, but not widely recognized as such.

Purchased from the Goliad Corporation, September 14, 1967.

Amazing Gem 1833 Quarter Eagle

PCGS MS-65

Only Three Finer of Design Type

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273     1833 Breen-6136, B-1. Rarity-4. MS-65 (PCGS). This wonderful gem is sharply struck with just a trace of weakness at the center of obverse and reverse. Brilliant, frosty yellow gold lustre is highlighted by just a slight trace of orange toning. Aesthetic appeal is virtually unlimited. Just the slightest impairment to the surface is noted, and only with magnification. This is clearly the finest business strike 1833 quarter eagle we have ever offered for sale, the Garrett Collection MS-60 being next in line. When offered as part of our Fairfield Collection in 1977, we offered this as "Choice Brilliant Uncirculated, prooflike. With some Proof characteristics within the shield stripes, indicating that this coin may have been issued as a presentation piece. A splendid coin." In addition, we offered a gem Proof as part of our offering of the Eliasberg Collection in 1982.

PCGS Population: 1; 2 finer (MS-66 finest).

A third example of this design type has also been graded MS-66. We have no clue as to how other pieces compare to the present, but it would be difficult to envision any 1833 business strike quarter eagle with a better combination of high technical number plus the all important (in our opinion) aesthetic appeal.

From our sale of the Fairfield Collection, October 1977, Lot 1460. May have been a presentation piece.