Lot 1223
1802/1 $2.50 Capped Bust. PCGS graded MS-63. A very choice Mint State example loaded with frosty mint luster. Struck on a problem-free planchet with a touch of softness in the centers as made. Light golden-orange hues deepening about the devices. The Capped Bust Right series of quarter eagles consists of all dates but perhaps one being rarities. Especially is this true when we are discussing Mint State grades. The series features one rarity after another, the result of extremely low mintage and subsequent melting due an intrinsic mismatch in the gold to silver ratio at the time that valued gold more highly. Only the final year 1807 with a mintage that of 6,812 coins readily found. Of the scant 3,035 pieces struck dated 1802, it is supposed fewer survive than there are potential collectors, hence the continued upward pressure on prices. Many were circulated; others used in jewelry and today are in an odious impaired state of preservation.
The frosty surfaces on this choice MS63 display freedom from handling marks in the fields and on the devices, furthermore there are no faint scuff marks marring the luster. Striking details are fairly well executed, in line with most where the very centers of each side show characteristic softness. Taken by altogether, the glittering luster and fresh surfaces place this squarely within its choice grade class. Certainly one of the most attractive 1802 quarter eagle examples of this early Capped Bust gold issue. Only 3035 minted with an estimate of 60-75 known in all grades. Pop 7; none finer at PCGS (PCGS # 7650) .
Die note: BD3 reverse paired with 1802 JR-1 and 1803 JR-1 dimes. Current opinion believes the 1802 quarter eagle should no longer be considered an overdate. See Dannreuther pp.68-73 for further discussion.
Estimated Value $50,000 - 55,000.
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| Realized $63,250 |
