1796 $2 1/2 Stars on Obverse, BD-3, High R.5, MS62 NGC. CAC. Ex: Ed Price Collection. When we offered this impressive...
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Description
1796 BD-3 With Stars Quarter Eagle, MS62
An Elusive Rarity; CAC Approved
Ex: Clapp-Eliasberg-Price
1796 $2 1/2 Stars on Obverse, BD-3, High R.5, MS62 NGC. CAC.
Ex: Ed Price Collection. When we offered this impressive piece in
our sale of the Ed Price Collection of early dimes and quarter
eagles, Mr. Price commented on his acquisition, following the
advice of Massachusetts dealer Stuart Levine:"I have owned several other examples of this variety. In 2005 I had a nice XF/AU example that I liked and was not looking to upgrade. I was at FUN and Stu urged me to look at this coin in lot viewing. I was skeptical but finally looked at it. For the dimes, I was interested in competing for the best known of any moderately rare variety. I had no such ambition for the quarter eagles--and I could not have funded such an ambition if I had it. Even so, when I saw this coin, I knew it would be a great upgrade for my collection--and that it would be very special to own a Choice Uncirculated gold rarity from the Eliasberg Collection. I understood that the 1796 With Stars is much rarer the 1796 No Stars (BD-2). Because of Stu's guidance, I looked at the coin and it became a high profile addition to the collection."
The obverse die has 16 stars arranged point to point. This unusual arrangement is similar to the orientation on 1794 silver dollars but on no other early U.S. coins. The serif of the 1 is close to the hair curl, the bottom of the 7 almost touches the right side of a dentil, and the top of the 6 overlaps the drapery. In LIBERTY, IBE are more closely spaced than other letters, the L is slightly low, and the Y is high and leans right. Eight stars are to the left and eight to the right. Stars 11-14 are more widely spaced than others. A long triangular dentil is positioned over the center of the T.
The reverse die shows several prominent die scratches that extend through the tops of TATE with one through the middle of that A. The legend is well-spaced with most letters distant from the border. The lower right curve of the D joins the fourth feather. AT are high, the final S touches a cloud, and the F touches a cloud. The final A is close to the claw and stem, touching neither. The branch has four berries, and the top berry merges with the upper edge of the leaf below R. The lowest of eight arrows is below the space between U and N, and the longest arrow is below the right foot of the left base of N. Sixteen stars appear to have been placed at random. A star at the right has two points merged with the top of the wing. A double dentil is found below the left side of the eagle's tail.
A faint die crack connects all stars on the left with LIBE. Short cracks or die lines join stars 3, 5, and 7 to the border. The reverse has a short die crack from the right arm of the first T in STATES to the right base of that letter. Parallel lines through TATE are constant in all die states.
While the 1796 No Stars is the higher-visibility coin with its one-year type design, the With Stars variant is actually considerably rarer. Less than half as many With Stars were struck as No Stars (432 vs. 963 pieces), and since the With Stars has the same design type as the successive years through 1807, it is an overlooked issue among early quarter eagles. The estimates of the number of survivors range from as few as 20 to 25 coins (Akers) to a high of 30 (Breen). Virtually all are in the VF-XF grade range. Most show central striking weakness, and adjustment marks are prevalent.
Today, most numismatists accept the January 14, 1797 delivery of 432 coins as the striking date for this variety. The current estimated surviving population of each of the first three quarter eagle varieties is almost exactly 10% of the first three deliveries. Either five or six examples of BD-1 are known, nearly 10% of the 66 coins delivered on September 21, 1796. Approximately 90 examples of BD-2 are known, almost exactly 10% of the 897 coins delivered on December 8, 1796. Finally, about 40 examples of this BD-3 die variety are known, about 10% of the 432 coins delivered on January 14, 1797.
This piece shows soft detailing in the center of each side and there are a few light adjustment marks in the center of the reverse. Struck from a slightly rough planchet; there are tiny planchet flecks out of each side, and pronounced die file marks occur above and through the tops of S(TATE)S. Rich reddish-orange patina covers each side of this attractive coin with bright, semiprooflike fields apparent (especially so on the reverse).
One of just a dozen or so known Mint State specimens, this MS62 piece was plated in all auction appearances since its publication in the 1982 Eliasberg catalog. We have compiled a roster of a dozen Mint State 1796 With Stars quarter eagles including this example that is tied for the sixth finest known to us:
MS65 PCGS. CAC. Byron Reed Collection; Durham Western Heritage Museum; Christie's and Spink America (10/1996), lot 41, $231,000; FUN Signature (Heritage, 1/2007), lot 3382, $862,500; Madison Collection/FUN Signature (Heritage, 1/2008), lot 3059, $1,006,250; Bob R. Simpson Collection/FUN Signature (Heritage, 1/2021), lot 3039, $1,380,000.
MS63+ PCGS. Fred Sweeney (privately, 10/24/1972); Harry W. Bass, Jr. Core Collection/Central States Signature (Heritage, 5/2023), lot 4502, $480,000; Stack's Bowers (11/2025), lot 3102, $576,000.
MS63 PCGS. Superior (5/1992), lot 2470, $44,000; Purchased privately by John Whitney Walter, March 1995; John Whitney Walter Collection (Stack's, 5/1999), lot 1790, $115,000; Pre-Long Beach Auction (Goldbergs, 9/2010), lot 2758; Philadelphia Signature (Heritage, 8/2012), lot 5282, $329,000.
MS63 Estimated grade. Josiah K. Lilly Collection; Smithsonian Institution.
MS62+ PCGS. John Whitney Walter Collection (Stack's, 5/1999), lot 1791, $115,000; Bowers and Merena (8/2009), lot 4310, $163,875; Chicago ANA (Stack's Bowers, 8/2011), lot 7593, $287,500; Rarities Night (Stack's Bowers, 11/2017), lot 10115, $324,000.
MS62 PCGS. George H. Earle, Jr. (Henry Chapman, 6/1912), lot 2496; Col. E.H.R. Green; Dr. J. Hewitt Judd; Winter Collection (Stack's, 2/1974), lot 495; Dr. Herbert Ketterman; Jimmy Hayes; Auction '84 (Stack's, 7/1984), lot 1365; Auction '89 (David Akers, 7/1989), lot 1356; D. Brent Pogue Collection (Stack's Bowers and Sotheby's, 5/2015), lot 1117, $440,625.
MS62 PCGS. Elmer Sears (sold privately in August 1926); unknown; Herman Engelhardt (Montrose Coin Galleries); unknown California doctor (sold in the 1970s); later, Stack's Bowers (8/2021), lot 4165, $456,000.
MS62 NGC. Charles T. Steigerwalt (5/1907); J.H. Clapp; Clapp Estate (1942); Louis E. Eliasberg, Sr. (Bowers and Ruddy, 10/1982), lot 80, $26,400; Long Beach Connoisseur Collection; Bowers and Merena (8/1999), lot 337, $74,750; Cincinnati Collection/FUN Signature (Heritage, 1/2005), lot 8761, $207,000; Ed Price Collection (Heritage, 7-8/2008), lot 1452, $207,000; Heritage Internet (9/2008), lot 61496, passed; Heritage Internet (9/2008), lot 26697, passed; Heritage Internet (11/2008), lot 62553, passed; FUN Signature (Heritage, 1/2009), lot 3994, passed; Heritage Internet (2/2009), lot 62343, passed; Baltimore Signature (Heritage, 3/2009), lot 2568, $172,500; Los Angeles Signature (Heritage, 7/2009), lot 1205, $172,500. The present example.
MS62 NGC. Dallas Signature (Heritage, 11/2005), lot 2363, $219,650; Rarities Night (Stack's Bowers, 8/2020), lot 1248, passed.
MS62 NGC. FUN Signature (Heritage, 1/2007), lot 3381, $218,500; FUN Signature (Heritage, 1/2012), lot 4722, passed. Between 2007 and 2012, the NGC grade increased from MS61 to MS62, although the certification ID number remained the same.
MS62 NGC. Bowers and Merena (8/2007), lot 1718, $230,000. Possibly one of those listed above.
MS61 NGC. Goldberg Auctions (2/2012), lot 1143, $155,250; Central States Signature (Heritage, 4/2013), lot 4458, passed.
From The Presidio Collection.
Coin Index Numbers: (NGC ID# BFVN, Variety PCGS# 45502, Base PCGS# 7647, Greysheet# 213447)
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.
Auction Info
2026 January 14 - 17 FUN US Coins Signature® Auction #1390 (go to Auction Home page)
Bidding Begins Approx.
December
26th
Friday
Auction Dates
January
14th-17th
Wednesday-Saturday
Proxy Bidding Begins Approx.
3 Days
Bids + Registered Phone Bidders: N/A
Lot Tracking Activity: N/A
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Auction Type
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Proxy bidding ends ten minutes prior to the session start time. Live Proxy bidding on Heritage Live now starts within 2 hours of when the auction opens for proxy bidding and continues through the live session. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.
Signature®: Heritage Live®:After Internet bidding closes, live bidding will take place through www.HA.com/Live. Your secret maximum bid placed prior to the live event will compete against the live bids. To maximize your chances of winning, enter realistic secret maximum bids on our site. Many of our proxy bidders are successful at winning lots in these auctions, and usually below their secret maximum. You can also place last minute bids directly with us by e-mailing Bid@HA.com or calling 1-866-835-3243. (Important note: Due to software and Internet latency, live bids may not register in time, so enter realistic proxy bids.)
Signature® Floor Sessions
Proxy bidding ends ten minutes prior to the session start time. Live Proxy bidding on Heritage Live now starts within 2 hours of when the auction opens for proxy bidding and continues through the live session. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.
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