HBCC-3001        1796 $2.50. No Stars. Breen's Complete Encyclopedia (1988)-6113; Breen, Major Varieties of U.S. Quarter Eagles (1964), not listed; Hilt-2A. Rarity-7+. Circulation Strike. Discovered by Harry W. Bass, Jr.
Physical Description: Attractive light yellow gold with traces of orange toning on the reverse. A small depression is just inside the obverse border at 9:00.
Die Notes and Comments: The obverse has the portrait Miss Liberty in a plain field. Digits 79 lean slightly right while 1 and 6 are upright, with the top of 6 overlapping the drapery. Tip of the lowest arrowhead on the reverse is almost exactly under the center of N. This was the very first variety of 1796 quarter eagle minted. Available die state evidence confirms that this variety was produced prior to the more common 1796 No Stars quarter eagle listed below.
Harry W. Bass, Jr. is generally credited with the discovery, although Bass himself called it a "rediscovery." In any event, knowledge of it had not been disseminated until Bass revealed his findings
In his commentary printed in Stack's 1999 sale of his collection of 1796-dated coins of all denominations, John Whitney Walter stated that of the dozens of die varieties and combinations known of 1796 issues from half cents to $10 gold, the only one he was not able to obtain in two decades of searching was this particular quarter eagle. Indeed, this is the Holy Grail variety among early quarter eagles.
Die State: The obverse die has the lowest curls fully defined, prior to this die being lapped during its use with a second reverse. The reverse has a bisecting die crack from the border at 12:00 through E in STATES and clouds, into the stars, through the eagle, ribbon, shield, and tail feathers to the border at 6:30. Another crack from the border passes between ST, joining the left arm of T, continuing through cloud 1 to star 1.
Provenance: Purchased from the Goliad Corporation, December 13, 1971. This would be the Brownlee "surprise" coin mentioned in the Bass article reprinted below.
Narrative: The very first delivery of 1796 quarter eagles from the chief coiner to the Mint treasurer consisted of 66 coins in September 1796. It is almost a certainty that those coins were from this die pair. With a survival rate of approximately 10%, such a figure would suggest that only six or seven examples of this variety should be known today. In fact, we are aware of four confirmed pieces (two of which were acquired by Harry Bass, the duplicate being deaccessioned by the Foundation).
The United States Mint was busy with several projects including production of copper coinage and gold half eagles. Other projects of the time included continuing refinement of operations and dodging attempts by some to abolish the establishment. Elias Boudinot, a gentleman from New Jersey who was prominent in the Revolutionary war and also in politics, served as Mint Director.
Harry W. Bass, Jr. Commentary: "Obverse 1, state (a), not lapped. Reverse A. Cracks. First reverse die used. Very rare, 4-5 known." Inventory number 15609.
In addition to the foregoing, Harry Bass prepared an article, "Rediscovery of the First 1796 Quarter Eagle," concerning this coin. The following is his narrative from a paper titled "First Draft" and dated May 24, 1973.

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