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Exceptional Choice Mint State 1827 Capped Bust Quarter Eagle

1827 $2 1/2 MS64 PCGS. Breen-1, R.5. One of the very finest known of this date and a very rare issue indeed. The strike is quite sharp, with each star full to the center and the only weakness found resides at the center of Liberty's head on her uppermost curl, and similarly on the reverse where slight softness is found on the eagle's body near the shield and thigh below. Toned with coppery-gold around the devices which produces a halo effect, and ample luster adheres in the fields. Of the combined NGC and PCGS population reports an illustrious group of six examples have been graded this high, with a single coin seen finer of this date.
The original mintage of 2,800 pieces was greatly reduced by the various meltings during the ensuing years as the price of gold rose and fell, at times these quarter eagles commanded more than face value, a fact which did not go unnoticed. Profiteers decimated the original mintage, often times selling the quarter eagles melted back into gold ingots back the Philadelphia Mint and pocketing the profit, repeating the process as quickly as possible. The floating supply of coins in circulation dropped and commerce was slowed because of the inability to make change. Numerous solutions to solve this problem were attempted, but the only one that finally worked was to reduce the gold content of the denominations by a small amount to make them no longer worth melting. This adjustment to the gold content was enacted in 1834. As a date, the 1827 quarter eagle is probably represented by 50 to 75 examples in all grades. Survival was a matter of chance, pure and simple, and very few specimens have come down through the decades to collectors today. A very rare coin to find in this lofty state of preservation, and certainly one worthy of the finest collection. This particular coin is identifiable by a tiny nick on the truncation over the 8 in the date, and a tick on the top of the E of STATES just behind the serif. A faint die line extends from close to the tip of the lower beak on the eagle to the leading edge of the wing below, and beyond, but fainter.
From The Gold Rush Collection.(#7666) (Registry values: P5) (NGC ID# BFW6, PCGS# 7666)

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Auction Dates
January, 2005
Internet/Mail/Phone Bidders: 8
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