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Lot 1690
1796. No Stars BD-2 Rarity 4. BD-2, Rarity-4, 100-125 known. NGC graded AU-55. A very pleasing high grade of our first $2.50. The exposed fields are remarkably clean. Only 963 coins minted. This is a nicely struck example of the No Stars 1796, exhibiting fine detail to many design points, barring only the central part of the eagle’s breast and head where the shield overlaps and the scroll crosses the lower neck. However, most of E PLURIBUS UNUM is clear and readable. The claws on the right are separated and individually seen, which those on the left holding the arrow bunch merge.
Others have pointed out that the Quarter Eagle was of little use in early American commerce, too large for everyday transactions such as store purchases or in farmer’s markets, and too small for the international commerce that favored the gold Half Eagle. From 1796 through the end of the Capped Head to Left Quarter Eagle design in 1834, the coins encompassing "early tenor" gold coinage, the Mint produced approximately 64,262 quarter eagles. This in a quickly growing nation of 12,866,000 people (per the 1830 census)! Pop 2; 28 finer
It is believed -- based upon estimates published by Walter Breen—that only 963 examples were struck of the first quarter eagle. Interestingly, this was of a stand-alone design, a motif that would be discontinued after the 963 coins left the press. Yet there are two die varieties known -- two different reverse dies differing from each other only by minute details. BD-1 is noted for its extended arrows; BD-2 for having "normal" arrows.
Believed to have been designed by Robert Scot, the 1796 quarter eagle utilizes a capped head ("bust") of Liberty facing right. The field is plain, save for the date 1796 below the bust.
The reverse is of the Heraldic Eagle design similar to that used on gold and silver denominations of the period. Adapted from the Great Seal of the United States, the center motif depicts an eagle with a shield on its breast, holding an olive branch and arrows in its talons, while in its beak a ribbon inscribed E PLURIBUS UNUM. A galaxy of stars, with a group of clouds above in an curve extending from one wing to the other. The inscription UNITED STATES OF AMERICA surrounds. There is no mark indicating value, this being consistent with other United States gold denominations at the time.
Of the 963 pieces believed to have been minted, it has been estimated by David Akers, a student of the subject, that perhaps as many as 30 to 40 survive today, although other estimates have been lower, even in the range of 15 to 20 pieces, and recent research describes perhaps 100 to 125 known. Irrespective of which estimate is chosen, the 1796 quarter eagle is, always has been, and will likely continue to be famous as one of the most elusive and one of the most sought-after early American gold coins. Auction sales report that extant specimens tend to be in grades from Very Fine to Extremely Fine, although a few higher condition examples exist. Curiously, the starless obverse field and the cameo-like effect it furnished to the portrait of Liberty resulted in an inordinate number of these coins being used as jewelry. Today it is not uncommon to find examples that once had loops attached to the edge or which have been holed, later plugged, and burnished. Complicating the ease of evaluating and comparing listings of quarter eagles of this design was the general practice to grade these pieces liberally, and also the high rate of resubmissions to grading services. Under the latter procedure, a half dozen listings in population reports might actually represent only a single coin. The aspect of the unknown has always piqued the imagination of numismatists. It presents itself with the 1796 no-stars quarter eagle -- more than for any other design type in the denomination --there are unanswered questions as to how many exist and how the grades of extant pieces are distributed (PCGS # 7645) .
Die State: Obverse, state d, reverse, late state b with both lump break at upper tip of right wing and a second E -- M -- ribbon end.
Estimated Value $80,000 - 90,000.
The Del Valle Collection.
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| Realized $135,125 |
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