Lot 4540
1796 $2.50 Capped Bust. No stars. . BD-2, Breen-6113. NGC graded MS-62. In NGC holder 3163612-017. Well struck with light gold toning. Popular first year type. It is with great pleasure that we present you with one of the finest known 1796 No Stars early Quarter Eagles. There are a number of desirable features we want to get to. The grade is the first one, for few of these were saved in Mint condition by the populace of the day. One or two may have gone into collections. The rest of the Uncirculated survivors could only have remained in their Mint condition by mere luck. The lords of creation rarely explain how they do it. We follow up by saying that this type was used for only a short while in 1796; with an estimated mintage of 963 pieces the coin's rarity was set in stone almost at once. Next, a word about the strike: the design is bold in the main areas of the hair and cap, the eagle and shield. Some minor adjustment marks are present in the center obverse, thereby affecting to some extent the detail in the hair at that area. Elsewhere, Liberty's hair cascades in full-formed waves. The fields are medium yellow gold and primarily frost-covered, not prooflike. What's more, meaningful luster remains, while the fields as well as the devices have avoided contact with sharp instruments, other coins, dropping on hard surfaces and the wayward male offspring of its former owners. In short, magnificent surface condition added to the high level of mint luster. This set of circumstances is rarely seen. As an aside, the 1796 quarter eagle represents the first appearance of the large-eagle with shield motif on our federal coinage.
Most gold coin collections have a space available for the 1796 No Stars quarter eagle. While lesser grade coins are offered with regularity, Mint States are not. Once this coin sells, it may have set a record. Surely it deserves one. Those in the live auction room who haven't the wherewithal to bid will at least all feel better and be more able to enjoy themselves now that the trained critical mind of the auctioneer has recorded a price level on this key numismatic masterpiece. Pop 3; 3 finer; 2 in 63; 1 in 65. (PCGS # 7645) .
Estimated Value $290,000 - 320,000.
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