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Sale 53
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Lot 488
1807 Draped Bust Quarter Dollar. . B-1. PCGS graded MS-64 PQ. Lovely light toning on both sides. Well struck for this date. One of the more outstanding examples known of this date and type, this satiny silver-gray specimen will entice all collectors with its delicate gold toning so delicate the booming luster shines right through, and lovely exceedingly choice surfaces. Fully struck by the dies, the obverse with only faint traces of the clash marks that would develop later, while the reverse die is more noticeably clashed, leaving behind curved lines from the tip of the bust as an "echo" through S-OF in the legend. We note no adjustment marks, but a small toned spot below UM of UNUM on the reverse. Also, there is a short mark from the reverse rim through the last A in AMERICA diagonally through this area. Early bust coinage is, to say the least, elusive in Mint condition, and very rare in certified MS64 grade as seen here. If you demand top-of-the-line eye-appeal your type or date set, then here is an opportunity to purchase the Draped Bust quarter, Large Eagle reverse design in full Mint State 64 condition. Pop 10; 4 finer; 3 in 65; 1 in 67. (PCGS # 5316) .
Of historical interest: In large measure the early public indifference to this now-essential denomination was attributable to the fact that Americans didn't need it at that time. The Spanish two-reales piece, which circulated widely in the post-revolution United States, had exactly the same purchasing power -- 25 cents. Then as now, people tended to favor things (including coins) with which they were most familiar. Under the circumstances, there was no particular urgency to strike quarter dollars at all, as evidenced by the fact that from 1796 to 1814, a period of nearly 20 years, the Mint produced quarters for only five dates and in quantities totaling barely half a million pieces. Indeed, the trivial output seems to have been intended primarily to establish the denomination's existence -- just to show the flag, so to speak.
Students of history have heard about the trials and tribulations of the early days at the Philadelphia Mint. Congress nearly voted to close the facility in 1801, and only renewed the law authorizing its existence every five years through 1828, when its continuance was finally set in concrete.
Holding a Draped Bust quarter in your hand brings to mind an era when the Ohio Valley was a distant land with trappers and Indians dominating the landscape west of the Appalachians; Jefferson had only recently completed the Louisiana Purchase which brought Emperor Napoleon (the seller) much needed gold to fight his endless wars back home. Somehow, through wars and inflation and the fickle finger of Fate, this lovely Mint State 1807 has come down to us, virtually as struck, a bright fresh reminder of days of yore. It will not be forgotten by today's loving collector.
Estimated Value $28,000 - 30,000.
The Mark Gordon Collection.
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| Realized $28,175 |
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