Lot 1463
1808 $2.50 Capped Bust. NGC graded MS-63. Encapsulated in NGC holder 3047555-004. Highly important one year type coin with only 2710 minted. A well struck example and loaded with frosty mint luster. The rims, which are usually quite weak on this issue as the collars did not fit the planchet properly, are unusually nice. A resplendent, lustrous coin featuring the one-year design of 1808 that makes this an American rarity required to complete a U.S. gold type set. This sleek Mint State 63 example will be the centerpiece for the collection of its next owner.
Of the pieces made, we estimate that fewer than 20 remain today in Mint condition. Most gravitate around the MS-60 or 61 level, with a smattering in higher grades; others that proclaim themselves optimistically as Mint State are more often than not About Uncirculated pieces with visible wear. The condition of this lustrous MS63 example is very even, bright golden, and best of all, pleasing to the eye. The surfaces lack deep marks and even, for that matter, the usual light handling marks seen on gold coins from this decade; there are a few light hairlines near the date, and one or two small scuffs or grazes in the frost of Liberty's neck, the near absence of which accounts for the choice grade.
In the early part of the 19th century, it was not up to the Federal government or the U.S. Mint in Philadelphia to choose which coins to strike for circulation. Gold and silver were coined on demand since this was a period of "free coinage" as it was called. A bullion depositor deposited his metal in raw form or in the form of foreign coins to be made into U.S.-imprinted issues of his choosing. For gold, the most convenient size turned out to be the half eagle or $5 gold piece. Quarter eagles were virtually ignored, which explains their low mintage or gaps in the mintage for years at a time. (After 1808, there were no further requests for the denomination until 1821.) Of course, at the time this rare quarter eagle debuted, there was no thought given to saving even a single representative coin for numismatic purposes; so too, the Mint Cabinet did not yet exist. It is for this reason the few that were made were put into circulation. There they eventually wore and were eventually returned to the mint and melted. By the time numismatic interest cropped up in the 1850s, few 1808 quarter eagles were to be found anywhere. Pop 5; 1 in MS-64. Among the Finest Known (PCGS # 7660) .
Obverse die: Designs are by John Reich after his 1807 half eagles. A capped bust of Liberty faces right; stars 7 left, 6 right. Star 13 has a notch in the lower point, believed to have been Reich's secret "signature" and found on most gold pieces and silver pieces made by the die engraver. The reverse shows Reich's eagle with shield on its breast, large reverse letters around. It is holding a branch with six leaves and a split bud (or berry). The denomination has a large 2 in 2-½ with the top left curiously flattened or curved down, the ball of the 2 touching the diagonal.
Estimated Value $350,000 - 400,000.
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