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Lot
7443

1807 $2 1/2 MS63 PCGS. Breen-6124, BD-1, R.3....

2011 August Chicago Signature US Coin & Platinum Night Auction #1158

 
Sold for: Not Sold
Auction Ended On: Aug 12, 2011
Item Activity: 5 Internet/mail/phone bidders
775 page views
Location: Marriott - Chicago O Hare
8535 W. Higgins Road
Chicago, IL 60631

Description:

1807 Capped Bust Right Quarter Eagle
BD-1, MS63
, Rarely Found So Fine
1807 $2 1/2 MS63 PCGS. Breen-6124, BD-1, R.3. The 1807 was the final issue in the Capped Bust facing right series, and with a mintage of 6,812 pieces it is the most available. This mintage, however, is minuscule compared to the half eagle of the same date. In the early 18th century the five dollar gold piece was the preferred size for international commerce and was stored by European banks in their cash reserves. This was probably a result of the similar sizes of the half eagle and the British guinea, another popular reserve currency. The larger-sized eagle gained popularity in the 1840s, and following the California Gold Rush the even larger double eagle became dominant.
The quarter eagle was too small to be used by banks but too valuable for the typical American to use in day-to-day transactions. Consequently, the mintages of quarter eagles remained quite small until the introduction of the Capped Head design in 1834. It is unsurprising that the certified population of early quarter eagles reveals that most are in the upper circulated grades, namely Very Fine to About Uncirculated. These coins were used, if at all, by only a handful of wealthy citizens.
John Dannreuther (2006) estimates the population of the 1807 quarter eagle to be between 250 and 350 examples. PCGS and NGC report 249 specimens, a figure that undoubtedly includes some resubmissions, so it seems likely that the total number of survivors is closer to the lower end of Dannreuther's estimate. Mint State examples are very scarce, but MS61 and MS62 representatives are not unobtainable. At the MS63 level, however, this issue becomes very rare. PCGS and NGC each report four examples in 63, and only three specimens at both services combined have been graded finer (7/11). This is a remarkably clean example of this popular and much-needed type coin. The fields are bright and the surfaces overall are green-gold with a slight yellow tinge. The devices are sharply struck throughout.
From The Oliver Collection.(Registry values: P5) (NGC ID# 25FC, PCGS# 7656)

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