1796 $2 1/2 No Stars on Obverse, BD-2, R.4, AU55 PCGS....

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1796 BD-2 Quarter Eagle, AU55
No Stars Obverse

1796 $2 1/2 No Stars on Obverse, BD-2, R.4, AU55 PCGS. Bass-Dannreuther Die State c/b. The obverse is cracked from the border at 9 o'clock into the field, and down from the lower right corner of the E in LIBERTY to the cap. The lower hair curls are intact on this early die state piece, while later state examples have mere strands of hair due to die lapping. The reverse has a die defect at the tip of the right (facing) wing. In Early U.S. Gold Coin Varieties, A Study of Die States, 1795-1834, John W. Dannreuther suggests that the lapped die state is seen more often than the early die state, although our observations suggest otherwise.

Dannreuther's BD-2 is the usual variety of the 1796 No Stars quarter eagles with an estimated survival in the range of 100 to 125 examples. His BD-1 die pair is rare with only five or six known, and his BD-3 With Stars variety survives to the extent of 40 to 50 coins.

Ron Guth mentions the challenge of the 1796 No Stars quarter eagle population at PCGS CoinFacts:

"The mintage is a mere 963 pieces, which is exceedingly small by any standard. Estimates of the number of surviving examples has ranged all over the place. David Akers claimed 30 to 40, refuting earlier claims of 15 to 20 known. The cataloger at Heritage estimated 80 to 100 in their January 2007 sale. PCGS experts estimate a surviving population of 100 to 125 pieces."

We are unaware of any attempts to create a comprehensive record of known 1796 quarter eagles, although such a project would be highly instructive. Our Permanent Auction Archives that we started in 1993 lists 90 appearances of 1796 No Stars quarter eagles including 52 different examples. The present piece appears different from any of those. The data supports our estimate of 80 to 100 surviving examples.

The Mint's first delivery of quarter eagles was just 66 coins on September 21, 1796, with an additional production of 897 coins that were delivered nearly three months later on December 8. Further coinage of quarter eagles occurred in 1797 on January 14 (432), February 28 (98), March 14 (128), and June 29 (201). Our challenge today is deciding what coins were included in those deliveries. The Guide Book reports mintage figures of 963 coins for the 1796 No Stars quarter eagles, 432 examples of the 1796 With Stars coins, and 427 quarter eagles dated 1797. The combined PCGS and NGC population totals are 115 1796 No Stars, 50 1796 With Stars, and 37 1797. Those totals correlate reasonably well with the estimated mintage.

Demand for this one-year coin design remains strong for coins in all grades. The population of about 100 coins is inadequate for the number of collectors seeking an example. Dannreuther writes:

"This popular one-year type coin trades, no matter what the die state, mainly on eye appeal and the absence of problems, whether Mint-caused, circulation related, or jewelry related. Many of these first-year-of-issue coins were used as jewelry, thus saving them for posterity."

This Choice AU example has lustrous light yellow-gold surfaces with hints of coppery-orange on Liberty's cheek and other design high points. Minor adjustment marks are intermingled with faint hairlines at the central reverse. The surfaces are exceptional for the grade, lacking the oft-seen problems that Dannreuther describes. We recommend seeking an attractive, numerically graded example rather than a "details" graded piece. The present Choice AU 1796 No Stars quarter eagle meets our recommendation. Population: 19 in 55, 22 finer (3/25).
From The Texas Republic Ranch Collection.

Coin Index Numbers: (NGC ID# 25F2, Variety PCGS# 45501, Base PCGS# 7645, Greysheet# 213446)

Weight: 4.37 grams

Metal: 91.67% Gold, 8.33% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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