1807 Draped Bust, Heraldic Eagle Quarter

[leeg]

Sealed the deal on this piece for the Type Set:

 

VF-25, B-1 Variety on Holder

 

 

 

A little history on the series:

 

In modern times, the quarter dollar has established itself as a workhorse in the United States coinage system. It plays a vital role in turning the wheels of commerce, and its annual production routinely tops one billion. By contrast, the quarter was all but invisible-during-the-early-years-of-federal-coinage. The United States Mint delayed its introduction until 1796, making it one of the last U. S. coins to debut. Then, after striking just 6,146 examples of that date, the Mint suspended production of 25-cent pieces for nearly a decade.

 

As numismatic researcher R.W. Julian has observed, quarter dollars were “orphans” in the new nation’s monetary system. “Few were struck and even fewer were seen in the marketplace actually being used by merchant or citizen.”

 

In large measure the early public indifference to this now-essential coin was attributable to the fact that Americans didn’t need it at that time. The Spanish two-reales piece, which circulated widely in the infant United States, had exactly the same purchasing power—25 cents. Then as now, people tended to favor things (including coins) with which they were more familiar. Under the circumstances, there was no particular urgency to strike quarter dollars at all, as evidenced by the fact that from 1796 to 1814, a period of nearly 20 years, the Mint produced quarters for only five dates and in quantities totaling barely half a million pieces. Indeed, the paltry output in 1796 seems to have been intended primarily to establish the denomination’s existence—just to show the flag, so to speak.

 

U.S. coin designs underwent frequent changes during the nation’s formative years and, because of its late introduction, the quarter dollar missed the very first cycle in this process: Unlike the dollar, half dollar and half dime, the 25-cent piece never appeared with the Flowing Hair portrait of Miss Liberty. By 1796, the Mint had already replaced that design with a new draped Bust likeness of Liberty. A small, naturalistic eagle, much like the one on the Flowing Hair coinage, continued to grace the reverses of the first draped Bust issues. This included the quarter dollar of 1796, which turned out to be a one-year type coin.

 

After completing the minuscule mintage of the first U.S. quarter, Mint officials seemingly forgot about the 25-cent denomination. It didn’t reappear in the nation’s coinage lineup until 1804, and by then the “small eagle” of the first silver coins had given way to a larger, heraldic eagle based on the Great Seal of the United States.

 

The draped Bust image of Liberty is essentially the same in both series and was fashioned by noted portraitist Gilbert Stuart, possibly at the urging of President George Washington himself. It’s said that Stuart’s model was Ann Willing Bingham of Philadelphia, a socialite regarded as one of the most beautiful women of her day. His sketch was converted to plaster by artist John Eckstein of Providence, Rhode Island, and coinage dies then were executed by Mint Chief Engraver Robert Scot. Stuart reportedly felt that the execution was more akin to the type performed by a hangman, killing off the artistry of his portrait. For that reason, he disavowed his connection with the design.

 

In his highly regarded book Numismatic Art in America, Boston museum curator Cornelius Vermeule likened the draped Bust figure to “a buxom Roman matron.” Her long, elegant tresses are tied back with a ribbon, and ample cleavage is visible above a fold of drapery in her gown. This right-facing portrait is encircled by LIBERTY above, the date below and stars along the left and right borders. On the Small Eagle quarter of 1796, the obverse displays fifteen stars, one for each state in the union at that time. By 1804, the Mint had settled on thirteen stars representing the original states; the notion of adding a star every time a state joined the union had been scrapped as an impractical indulgence.

 

Thirteen stars appear on the reverse of the Heraldic Eagle quarter, as well, tucked into the space above the eagle’s head. There are clouds above the eagle, while UNITED STATES OF AMERICA and 25 C. are inscribed around the periphery. A shield is superimposed upon the eagle’s breast, a banner in its beak proclaims E PLURIBUS UNUM, and it grasps symbolic items: a sheaf of arrows and an olive branch. In designing the coin, Chief Engraver Scot chose to place the warlike arrows in the right (or “dexter”) claw and the olive branch of peace in the left (or “sinister”) claw. This reverses the traditional American priorities, since the right claw is dominant in heraldry and thus more properly suited for a symbol of peace, not war.

 

The draped Bust/Heraldic Eagle quarter remained in production for only four years, and during that time its annual mintage never reached a quarter of a million. Only 6,738 examples were struck in 1804, making that the key date of the series. Thereafter, the output topped 100,000 every year, reaching a high of 220,643 in 1807. Combined production for all four years totaled only 554,899. Mint records make no mention of proofs.

 

Heraldic Eagle quarters are exceedingly scarce in mint condition and all but unheard of in grade levels above Mint State-65. Areas on this design to first show wear are Liberty’s bust and shoulder and her hair above the forehead. On the reverse, check the eagle’s head and the tops of the wings.

 

A complete date-and-mint set actually includes five coins, since 1806 quarters come with both a normal date and a 6-over-5 overdate. Although it wouldn’t be an impossible task to assemble a set of all five issues, many prefer to treat this as a type coin and acquire just one high-grade example to represent the series as a whole. For those quarter devotees who prefer complexity to simplicity, Ard W. Browning published the first variety study of these coins in 1925. His pioneering book has been superseded by a much better researched and illustrated 2008 volume by Steve Tompkins, though the Browning numbering system is still employed today.

 

After completing production of quarters for 1807, the Mint put this underused denomination back on the shelf for another long hiatus. People still preferred the Spanish and Mexican two-reales coins. As a further disincentive to production, the few quarters already issued were being widely hoarded, rather than spent, because they contained more silver than the two-reales pieces. Despite being lighter in weight, the Spanish coins were still legal tender at par, so it made more sense to spend those and save the quarters. The Mint wouldn’t issue quarters again until 1815, and when it did, they would come in a new version: John Reich’s Capped Bust design.

 

From NGC Coin Encyclopedia

 

 

Please share your examples also.

[zrlevin]

I own one very similar:

 

[Bugmann1974]

Here is my type coin, it is a little worn

 

[WoodenJefferson]

This is purely an objectionable post and in no way am I knocking this coin...it is a tremendous acquisition and I'm certain you are most proud of obtaining this historic record of our past and would love to own a coin of this era in that denomination, perhaps one day.

 

The only thing that bothers me upon immediately opening the post was the rim ding at 11 O'clock. Apparently it did not influence the graders but it is rather eye catching. I was wondering how you looked past this and decided to go ahead and purchase this Draped Bust?

 

[michael]

as said rim ding at 11pm obverse that will only magnify and get worse with months of ownership

 

has been cleaned and with unnatural coloration especially so on the obverse

 

coin is overgraded in my opinion

 

 

[World Colonial]

I consider it a decent looking specimen for a moderately scarce issue but I alos think it is overgraded. I'm surprised that with so little hair detail it would grade VF-25. The reverse looks much better though.

[dorkdog-migration]

Funny how things you settle for become nagging worries later on, but hey, I am still on my first wife . The scratches bother me as much as the ding. But then again, I have zero bust quarters so who am I to talk?

 

LJ

[leeg]

Appreciate the thoughts and opinions so far. I don't have the coin in hand yet but once I do, I'll discuss this piece in more detail. Here is an image of a PCGS VF25 that just sold out of the B&M L.A. ANA sale:

 

 

 

 

and an ANACS VF25 from Heritage Archives:

 

 

[James_OldeTowne]

I have to admit that F-15 was my gut reaction to the subject coin. Two things, however: first grading these coins is difficult - more difficult than bust halves, in my opinion. Second is that I simply do not trust PCGS true-view images, although usually they seem most misleading for BU coins. Is this image accurate?

 

That said, I like the surfaces and think they are vintage original. And I suspect that rim ding is very tiny in hand.

[EZ_E]

Sorry, Lee, I agree with the majority. The adjustment marks and especially the rim ding is distracting and it does appear to have retoned from a cleaning. Not crusty enough for me. There is a deep scratch at 3:00 on the reverse and I think it is overgraded as well. I'd send it back if you could.

 

p.s. I don't care much for the other two examples that you showed, either.

[ldhair]

This one is part of my type set. Not much but I like it.

[coinman1794]

Sealed the deal on this piece for the Type Set:

 

VF-25, B-1 Variety on Holder

 

 

 

A little history on the series:

 

In modern times, the quarter dollar has established itself as a workhorse in the United States coinage system. It plays a vital role in turning the wheels of commerce, and its annual production routinely tops one billion. By contrast, the quarter was all but invisible-during-the-early-years-of-federal-coinage. The United States Mint delayed its introduction until 1796, making it one of the last U. S. coins to debut. Then, after striking just 6,146 examples of that date, the Mint suspended production of 25-cent pieces for nearly a decade.

 

As numismatic researcher R.W. Julian has observed, quarter dollars were “orphans” in the new nation’s monetary system. “Few were struck and even fewer were seen in the marketplace actually being used by merchant or citizen.”

 

In large measure the early public indifference to this now-essential coin was attributable to the fact that Americans didn’t need it at that time. The Spanish two-reales piece, which circulated widely in the infant United States, had exactly the same purchasing power—25 cents. Then as now, people tended to favor things (including coins) with which they were more familiar. Under the circumstances, there was no particular urgency to strike quarter dollars at all, as evidenced by the fact that from 1796 to 1814, a period of nearly 20 years, the Mint produced quarters for only five dates and in quantities totaling barely half a million pieces. Indeed, the paltry output in 1796 seems to have been intended primarily to establish the denomination’s existence—just to show the flag, so to speak.

 

U.S. coin designs underwent frequent changes during the nation’s formative years and, because of its late introduction, the quarter dollar missed the very first cycle in this process: Unlike the dollar, half dollar and half dime, the 25-cent piece never appeared with the Flowing Hair portrait of Miss Liberty. By 1796, the Mint had already replaced that design with a new draped Bust likeness of Liberty. A small, naturalistic eagle, much like the one on the Flowing Hair coinage, continued to grace the reverses of the first draped Bust issues. This included the quarter dollar of 1796, which turned out to be a one-year type coin.

 

After completing the minuscule mintage of the first U.S. quarter, Mint officials seemingly forgot about the 25-cent denomination. It didn’t reappear in the nation’s coinage lineup until 1804, and by then the “small eagle” of the first silver coins had given way to a larger, heraldic eagle based on the Great Seal of the United States.

 

The draped Bust image of Liberty is essentially the same in both series and was fashioned by noted portraitist Gilbert Stuart, possibly at the urging of President George Washington himself. It’s said that Stuart’s model was Ann Willing Bingham of Philadelphia, a socialite regarded as one of the most beautiful women of her day. His sketch was converted to plaster by artist John Eckstein of Providence, Rhode Island, and coinage dies then were executed by Mint Chief Engraver Robert Scot. Stuart reportedly felt that the execution was more akin to the type performed by a hangman, killing off the artistry of his portrait. For that reason, he disavowed his connection with the design.

 

In his highly regarded book Numismatic Art in America, Boston museum curator Cornelius Vermeule likened the draped Bust figure to “a buxom Roman matron.” Her long, elegant tresses are tied back with a ribbon, and ample cleavage is visible above a fold of drapery in her gown. This right-facing portrait is encircled by LIBERTY above, the date below and stars along the left and right borders. On the Small Eagle quarter of 1796, the obverse displays fifteen stars, one for each state in the union at that time. By 1804, the Mint had settled on thirteen stars representing the original states; the notion of adding a star every time a state joined the union had been scrapped as an impractical indulgence.

 

Thirteen stars appear on the reverse of the Heraldic Eagle quarter, as well, tucked into the space above the eagle’s head. There are clouds above the eagle, while UNITED STATES OF AMERICA and 25 C. are inscribed around the periphery. A shield is superimposed upon the eagle’s breast, a banner in its beak proclaims E PLURIBUS UNUM, and it grasps symbolic items: a sheaf of arrows and an olive branch. In designing the coin, Chief Engraver Scot chose to place the warlike arrows in the right (or “dexter”) claw and the olive branch of peace in the left (or “sinister”) claw. This reverses the traditional American priorities, since the right claw is dominant in heraldry and thus more properly suited for a symbol of peace, not war.

 

The draped Bust/Heraldic Eagle quarter remained in production for only four years, and during that time its annual mintage never reached a quarter of a million. Only 6,738 examples were struck in 1804, making that the key date of the series. Thereafter, the output topped 100,000 every year, reaching a high of 220,643 in 1807. Combined production for all four years totaled only 554,899. Mint records make no mention of proofs.

 

Heraldic Eagle quarters are exceedingly scarce in mint condition and all but unheard of in grade levels above Mint State-65. Areas on this design to first show wear are Liberty’s bust and shoulder and her hair above the forehead. On the reverse, check the eagle’s head and the tops of the wings.

 

A complete date-and-mint set actually includes five coins, since 1806 quarters come with both a normal date and a 6-over-5 overdate. Although it wouldn’t be an impossible task to assemble a set of all five issues, many prefer to treat this as a type coin and acquire just one high-grade example to represent the series as a whole. For those quarter devotees who prefer complexity to simplicity, Ard W. Browning published the first variety study of these coins in 1925. His pioneering book has been superseded by a much better researched and illustrated 2008 volume by Steve Tompkins, though the Browning numbering system is still employed today.

 

After completing production of quarters for 1807, the Mint put this underused denomination back on the shelf for another long hiatus. People still preferred the Spanish and Mexican two-reales coins. As a further disincentive to production, the few quarters already issued were being widely hoarded, rather than spent, because they contained more silver than the two-reales pieces. Despite being lighter in weight, the Spanish coins were still legal tender at par, so it made more sense to spend those and save the quarters. The Mint wouldn’t issue quarters again until 1815, and when it did, they would come in a new version: John Reich’s Capped Bust design.

 

From NGC Coin Encyclopedia

 

 

Please share your examples also.

 

As a specialist in Early US, my thoughts are that I would not personally buy this particular piece. However, I dont necessarily see anything wrong with it, considering how much worse it could be and still reside in a PCGS-25 slab. It's an average coin, not below aveage, not above. It's not a bad coin overall.

[michael]

It's an average coin, not below aveage, not above. It's not a bad coin overall.

 

(thumbs u

[zrlevin]

It's an average coin, not below aveage, not above. It's not a bad coin overall.

 

(thumbs u

 

[michael]

This one is part of my type set. Not much but I like it.

 

for what it is above average to my minds eye (thumbs u

[michael]

SEND IT TO ME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[coinman1794]

This one is part of my type set. Not much but I like it.

 

for what it is above average to my minds eye (thumbs u

 

Yes, and WAY above!

[James_OldeTowne]

This one is part of my type set. Not much but I like it.

Pshaw! That's an outstanding coin.

[leeg]

Here is an ANACS F-15 from Heritage Archives:

 

 

[leeg]

Coin arrived today and looks to be a nice original example that has a minor rim bruise. Slate Grey in color with dirt here and there. Not bad in my opinion for a coin that's 202 years old. As far as the grade goes, we all know grading is subjective, and why we're all anxious as we await our grade results from the TPG's. Three graders and a finalizer liked this one as a VF-25 and based on PCGS's grade terminology below, it fits:

 

 

PO-1 Identifiable date and type

 

FR-2 Mostly worn, though some detail is visible

 

AG-3 Worn rims but most lettering is readable though worn

 

G-4 Slightly worn rims, flat detail, peripheral lettering nearly full

 

G-6 Rims complete with flat detail, peripheral lettering full

 

VG-8 Design worn with slight detail

 

VG-10 Design worn with slight detail, slightly clearer

 

F-12 Some deeply recessed areas with detail, all lettering sharp

 

F-15 Slightly more detail in the recessed areas, all lettering sharp

 

VF-20 Some definition of detail, all lettering full and sharp

 

VF-25 Slightly more definition in the detail and lettering

 

VF-30 Almost complete detail with flat areas

 

VF-35 Detail is complete but worn with high points flat

 

 

 

 

 

[michael]

coin looks way better in your photo then the original photo you posted

[leeg]

coin looks way better in your photo then the original photo you posted

Thanks Michael.

[michael]

(thumbs u

[coinman1794]

coin looks way better in your photo then the original photo you posted

 

Perhaps because the PCGS holder hides the rim nicks in the second picture?