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Lot
3004

1796 $2 1/2 No Stars MS62 NGC. The 1796, one of 963 ...

2004 Orlando, FL (FUN) Signature Sale #336

 
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Auction Ended On: Jan 7, 2004
Item Activity: 9 Internet/mail/phone bidders
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Location: Orlando, FL
Description:
Rarely Seen MS62 1796 Quarter Eagle
1796 $2 1/2 No Stars MS62 NGC. The 1796, one of 963 pieces minted, is one of the few transcendent rarities in U.S. coinage that is well known outside the circle of gold specialists. The 1796 No Stars quarter eagle is a coin with many firsts. It is a well-known, one-year type coin that has a distinctive design unlike any subsequent quarter eagle (all of which stars), it is the first date of the denomination, it is the first issue to ever showcase a heraldic eagle on the reverse, and it is the first coin struck with sixteen reverse stars honoring Tennessee's admission to the Union. Quarter eagles were authorized by the Mint Act of April 2, 1792 which required a weight of 64.5 grains. While half eagle and eagle production commenced in 1795, the quarter eagle, a less favored denomination, had to wait until 1796. The first dies were hastily prepared by Robert Scot with some assistance from John Smith Gardner. The obverse design was similar to that of the 1795 half eagle and eagle, but the stars were omitted from the periphery. Possibly 80-100 pieces are extant today in all grades, but only half a dozen or so examples are believed known at the MS62 grade or higher, making this coin of the greatest rarity and desirability to gold specialists.
This is a pleasing orange-gold example that is a bit weakly defined in the centers but sharp at the peripheries. Subdued, satin-like luster covers each side with very few abrasions, none of any note, with just a few shallow adjustment marks in the center of the reverse. This is an exceptional opportunity to acquire this legendary rarity in Condition Census quality. Population: 3 in 62, 2 finer (11/03).(#7645) (Registry values: P10) (NGC ID# 25F2, PCGS# 7645)

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