Lot 1228
1796 $2.50 Capped Bust. No stars on obverse. NGC graded AU-58. Here is a classic rarity in high grade, this is the Miles coin from the Stack's sale in 1968, and prior to that in the Grant Pierce sale. This particular coin is exceptionally well struck, including the E of LIBERTY which is almost always found weakly struck (being behind the eagle's tail feathers). The reverse stars are exceptional too, each boldly executed and preserved. The Philadelphia Mint struck only 963 of these, and most entered circulation or were eventually lost or remelted. The no stars obverse design lasted less than a year, and stars were added late in 1796, making this one of the rarest and shortest lived type coins produced at the Philadelphia Mint. NGC has graded 18 this high with just 11 graded higher. As to the surfaces, they show minimal handling marks and this coin is clean for the grade. In the color department it is untoned, no sign of the copper shades frequently seen these days, just rich yellow gold. We note some trivial adjustment marks on the upper right side of the shield, but they are not deep or problematic. If you have been looking for a truly superb example of this date, and one of the only ones known this well struck, then take a look and study this one during lot viewing. You will see a splendid example of our first Quarter Eagle, wonderfully preserved and worthy of an aggressive bid.
Estimated Value $75,000-UP.
Ex: Stack's Grant Pierce Sale and later Stack's R. L. Miles, Jr. Sale 10-1968:79 at $7,000.
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