Lot 485
1796 Draped Bust Quarter Dollar. PCGS graded EF-45 PQ. Browning-2. Only 6,146 pieces struck. A bold, fully struck example including all the denticles on both sides. The planchet is smooth and defect-free. Only some faint mint caused adjustment marks slightly noticeable under the eagle's talons. Attractive uniform light greyish-violet toning graces the surfaces on both sides.
The design of the 1796 Draped Bust, Small Eagle quarter dollar had its origin in the almost universal aversion for the previous coin designs. Earlier copper coinage, such as the Chain cent and Wreath cent, had not been well received by the public, and the Flowing Hair design of the silver coins was widely criticized (even though today's collectors admire them in their quiet understated style). To avoid public censure with the new motifs, Mint Director Henry DeSaussure engaged renowned portraitist Gilbert Stuart, who, it is said, used as his model the prominent Philadelphia socialite Mrs. William Bingham (née Ann Willing). The likeness of Mrs. Bingham first appeared on the Draped Bust dollar issued late in 1795.
The task in transferring Stuart's sketch into coinage went to the mint's die engraver Robert Scot. Scot was a banknote plate artist who the Mint had hired. It was later found out he could neither sink a die nor make a device punch. Given Scot's inexperience it is a wonder he produced such an attractive coin as this 1796 Draped Bust quarter!
The obverse features Stuart's portrait of madam Bingham, encircled by 15 stars, with the inscription LIBERTY above the head and the date below. The reverse depicts a small eagle on cushion-like clouds, within a wreath of olive and palm branches. The inscription UNITED STATES OF AMERICA encircles the wreath. Pop 10; 85 finer (PCGS # 5310) .
Die Characteristics: The "High 6" variety of the issue, one of just two known die pairings for this low mintage single year type. This is the more common variety of 1796. Middle state: The obverse of this example has fine die cracks through LIBERTY. On the rarer late-state examples, several heavy die cracks are seen through ERTY and star 9.
Estimated Value $40,000 - 45,000.
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