1825 $2 1/2 BD-2, High R.4, MS66 NGC....

Description

1825 BD-2 Quarter Eagle, MS66
Second Finest Available to Collectors
Scintillating White-Gold and Green-Gold Color

1825 $2 1/2 BD-2, High R.4, MS66 NGC. White-gold devices are complemented with rich green-gold fields. There is not a single toning spot to interrupt this stunning coloration. Hairlines are minimal and each and every detail is sharply defined. This combination of incredible characteristics combine to create superb eye appeal.

The quarter eagles of the 1821-1834 era are dominated by low mintage issues, as the denomination was not popular in commerce at that time. They were not used among everyday Americans, as the average daily wages were well below $2.50. Banks also did not favor them, as it was more convenient to use half eagles since they were double the face value, thereby requiring half the number of coins. The result was that quarter eagles were usually produced only when specifically requested by depositors, limiting production to single, small runs. Indeed, the numbers were so small that two reverse dies were used to produce the entirety of the 1821-1827 Large Diameter Type.

The 1825 issue, however, is an outlier to this rule. This date comprises three die marriages, spanning both of this type's reverse dies as well as two obverses. The reverse die used for the 1821 and 1824 quarter eagles was used on BD-1 and BD-2, where the 1826 and 1827 reverse first appeared on BD-3. The first obverse is unique to BD-1, where the second was used on the remaining two die marriages.

The changeover from BD-2 to BD-3 is easily explained by the bisecting crack that extends from the first T in STATES through the eagle to the right side of 2, and BD-3's production likely concluded when the order for quarter eagles was fulfilled. However, there is no terminal die state known for the BD-1 obverse, so the reason for the switch-up is unclear. In the 1802 quarter eagle section, one of the two other dates of Early quarter eagles that boasts three die marriages, Bass-Dannreuther speculate that frequent die switching in an era with more widespread distribution of the denomination, coupled with the availability of many dies due to the interdenominational usage of dime and quarter eagle reverses, led to the three die marriages for that year. However, neither of these factors are still true in 1825. No other dates of the 1821-1834 era have multiple die marriages, and the denomination was added to the reverse starting in 1808, prevented die sharing with dimes. This makes this scenario much less likely. However, given that the 1825's mintage of 4,434 coins is almost 50% greater than the 1802's mintage of 3,035, it is still possible, as is a terminal die state of Obverse 1 that either has not yet been discovered or has not survived to the present day.

Regardless of the reason for the existence of three die marriages, the BD-2 is the most available of these die marriages, with Bass-Dannreuther estimating a surviving population of 80-100 coins. BD-1 and BD-3 trail far behind, with about 12-15 coins each, according to the same reference. Among these survivors, the present offering is the second finest available to collectors behind the Pogue specimen, and third overall when including the proof permanently impounded in the Smithsonian. There may not be another opportunity to obtain such a stunning Gem in the near future, so the specialist should take advantage of this prime opportunity while they can.

Roster of 1825 Quarter Eagles
1. MS67 PCGS. BD-2. Abe Kosoff, sold privately; Mike Kliman and Robert Emmer; Auction '88 (RARCOA, 7/1988), lot 1872, $137,500; Great Lakes Collection (sold privately via Larry Hanks in 8/2000); D. Brent Pogue Collection, Part II (Stack's Bowers & Sotheby's, 9/2015), lot 2050, $499,375.
2. PR66 Cameo (grade per John Dannreuther). BD-2. Mint Cabinet, acquired in the year of issue; National Numismatic Collection at the Smithsonian Institution (ID #1988.0063.0066).
3. MS66 NGC. BD-2. March Sale (Stack's, 3/1985), lot 756, $55,000; Auction '89 (David W. Akers, 7/1989), lot 1363; 73rd Anniversary Sale (Stack's, 10/2008), lot 1149; Entlich, White Oak, Gross & St. Andre Collections (Stack's, 3/2009), lot 5743; New York Americana Sale (Stack's, 1/2010), lot 3452, $115,000; Pittsburgh Signature (Heritage, 10/2011), lot 4632, $115,000. The present coin.
4. MS65 NGC CAC. BD-2. Eric P. Newman Numismatic Education Society, Part V (Heritage, 11/2014), lot 3197, $141,000.
5. Gem Brilliant Uncirculated Uncertified. BD-2. Lemus et al Collections (Stack's, 6/2001), lot 353, $18,400.
6. MS64 PCGS. BD-2. 55th Anniversary Sale (Stack's, 10/1990), lot 1309, $20,900; Early Spring ANA (Heritage, 2/1991), lot 1259, $27,500; Craig M. Morgan, M.D. Collection (Bowers and Merena, 11/1998), lot 2152, $34,500; Springdale Collection (Superior, 5/2006), lot 994, $63,250; Donald E. Bently Collection (Heritage, 3/2014), lot 30213, $105,750; McCoy Family Collection (Heritage, 1/2016), lot 5538, $94,000.
7. MS64★ NGC. BD-2. Las Vegas ANA (Bowers and Merena, 10/2005), lot 7464, $64,400.
8. MS63+ Prooflike NGC. BD-2. Central States Signature (Heritage, 4/2015), lot 5249, $64,625.
9. MS63 OGH PCGS. BD-2. Bruce Sherman Collection, Part I (Heritage, 1/2025), lot 4346, $78,000.
10. MS63 PCGS. BD-2. New York ANA (Heritage, 7/1997), lot 7464, $18,400.
Eight additional examples have appeared at auction from 1984 to 2005 with grades ranging from Brilliant Uncirculated to Choice Brilliant Uncirculated. They do not match any of the coins listed above.
From The Colorado Collection.

Coin Index Numbers: (Variety PCGS# 45519, Base PCGS# 7664, Greysheet# 198916)

Metal: 91.67% Gold, 8.33% Copper
Weight: 4.37 grams
AGW: 0.14oz
Mintage: 4,434

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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