Lot 1370
1839-C $2.50 Classic Head. PCGS graded AU-58. Well struck with lovely rich golden toning. We note a faint scratch near the last curl. Only 18.140 struck. Pop 8; 3 finer with 1 in 61, 2 in 62 (PCGS # 7699) .
To permit gold coins to circulate at par -- which had not happened since 1815 -- Congress reduced the authorized weight of the various denominations through the Act of June 28, 1834. On August 2, 1834, the new standard went into effect. For the quarter eagle the weight was reduced from 67 grains to 64 grains.
To readily differentiate the new coins from the old, the design was changed. Chief Engraver William Kneass created what is called the Classic Head today. The head of Liberty faces left, her hair secured by a band inscribed LIBERTY, stars circling her head, and with the date below.
The reverse depicts an eagle with a shield on its breast, perched on an olive branch and holding three arrows. UNITED STATES OF AMERICA and 2 1/2 D. surrounds. The motto E PLURIBUS UNUM, used on quarter eagles since 1796, was omitted. The diameter remained 18.2mm. This style remained in production from 1834 through 1839.
Estimated Value $16,000 - 17,000.
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