Bust quarters - an undervalued series?

[Hoot]

I was recently looking over my collection and spied my one and only draped bust quarter. This prompted me to look at the Red Book and peruse the mintages of bust quarters (both draped and capped) and compare them with their big sisters, the very popular dollars and halves. The mintage figures alone are surprisingly small compared with the popular bust halves, and on a par with dollars, not to mention that they were likely melted with the same fervour during times of economic duress when the value of specie exceeded face. Thus, these beautiful pieces are fairly rare.

 

I was reminded that the first quarter dollars were minted in 1796, even though there had been some experimentation in 1792 and Congress had authorized the denomination's coinage in that year. The draped bust, small eagle reverse is a one-year type, and is therefore under significant collecting pressure. Add to that fact that only 6,146 were recorded as minted, and it's not surprisingly an expensive piece.

 

Draped bust quarters with heraldic eagle reverse appeared after a seven year hiatus, and were minted only 1804-1807. The 1804 pieces were minted on par with the 1796 quarters, and yet they are under less type collection pressure and therefore cheaper - 1/3 as much. But move on to 1805-1807, and the prices plummet. These coins, though sparsely minted, are cheap as all get-out compared with key date Lincoln cents, and vastly more rare. They are even quite a bit cheaper than their big sisters, though more rare than the halves and at least on par with the dollars. Indeed, I would bet that their survival rate in middle circulated grades is quite a bit less than that of contemporary dollars, simply due to the novelty factor that had to influence the preservation of coins of their era, and also the fact that larger denominations were hoarded in trade for their precious metal content. Astonishing pieces, really, the draped bust quarters.

 

Then there comes the Reich capped bust quarters (1815, 1818-1828). These coins are every bit the matronly presence as their big sisters, the half dollars. And their mintages are dinky compared with the halves, yet they are relatively cheap, cheap, cheap.

 

On to the small-flan capped bust of Kneass's modified design... another cheap quarter (1831-1838). A person could put together a F-VF collection of these quarters for a song. Finding those that have not been abused may be more challenging, but doable from what I can tell.

 

Looking at auction records, it's clear that finding these early quarters without significant past abuses is a little tough. But what's surprising is that it appears many of the "unabused" pieces in the middle circulated grades seem to go for little more than those that net the same and are clearly de-flowered. Peculiar, but I think it must speak of the inconsistency of collecting pressure in this thinly garnished market. Too few collectors to put the kind of pressure on the few available pieces to really drive up the prices.

 

Here's my contribution to the preservation of antiquity and the value of originality in this arena. Add more if you have them and tell us all a story... Hoot

 

[Bruceswar]

sweet coin... and a great story!

[EZ_E]

An outstanding and inspiring post, Mark! Thanks.

 

If I didn't know that you knew martial arts then I'd kiss ya!

 

j/k

 

But you have inspired me to look for a fine example. Do me the favor and send a link my way if you run across an example that is Hoot-worthy. Thanks, Hoot.

[CTcollector]

I would think that any 200 year old bust coin looking like yours is undervalued. Great Coin

[HaydenTubbs]

Dang you Mark,I'm trying to not catch the fatal Bust fever,this post did not help!

 

 

 

I really love that piece you posted,it's always nice to see such original beauties

 

 

 

 

Hayden

[TomB]

Grossly overvalued!!! Stay away!!!

 

 

 

 

 

 

 

 

 

 

 

 

 

You didn't believe me, did you.

[TomB]

Seriously, Hoot is correct in that these things when original, mid-grade and attractive, are scarce as all heck!

 

I believe that the quarters are so much more difficult than the larger denominations because this was the denomination of commerce much more so than the half dollar or dollar. One thing you will also learn, if you go deeper into this niche, is that the 1804 quarter is actually more scarce above G4 than the 1796, which is saying a lot.

 

Here are two nice type examples. The 1796 is F12 while the 1805 is VF20 and has a terrific and severe die clash primarily on the reverse. An interesting thing to note is that I bought the 1796 quarter in a PCGS VG holder and immediately had it regraded by PCGS whereby they agreed that it was truly F.

[Hoot]

Oh dear, oh me-oh-my, those are some very lovely pieces you have Tom. I will never tire of seeing such originality. It's also amazing to see what high sulfur motor oil will do to the surface of an old silver piece - great toning!

 

Hoot

[TomB]

High sulfur motor oil? Heck, I use dirty coal.

[MikeKing]

Grossly overvalued!!! Stay away!!!

 

 

 

 

 

 

 

 

 

 

 

 

 

You didn't believe me, did you.

 

you know, all it takes is TWO to drive up the prices!!!

[goose3]

I like the bust quarters.....I have 3. Here are 3 pretty bad pictures of them. All 3 are PCGS G4's.

 

[HaydenTubbs]

 

 

Would you take $1000 for that 1804?

[goose3]

Sorry, I'm holding out for 1001.00

[MunkyMan95]

Sorry, I'm holding out for 1001.00

I'm sure that Hayden would be quick to offer $1001

[TomB]

How about I give you $1,000 and you give me the coin and $700 back?

[IGWT]

How about I give you $1,000 and you give me the coin and $700 back?

 

Are you criminally insane?

[goose3]

TomB...

 

I would have to believe that you are (choose one)

 

a. You are joking

b. You are insane

c. You are a criminal

d. Both b and c are correct

 

 

 

You bunch of troublemakers!!!

[TomB]

e. Both a and b are correct.

[Hoot]

This thread is a perfect example of how the boards across the street and this one are ONE. Sad, but true.

 

Now, I'm gonna give goose his $700 back when he gives me my $1000 plus the 1804 quarter. I might even throw in some parking money for him, but only because his kids have to eat. I think he should dip his other quarters and give them to TomB.

 

Hoot

[TomB]

 

How about goose just sends me his other quarters and the $700, then buys dipping sauce for his kids to eat?

[ldhair]

I can't get the color right but this is close. 6/5:)

[chinook]

I love early bust quarters. I have a few of them one time but sold them all.

 

I prefer them to bust halves.

[goose3]

Tom, you and Hoot throw in a bag of Chicken Nuggets and we might be close to a done deal.

[Hoot]

I can't get the color right but this is close. 6/5:)

 

Great 6/5!

 

Goose - you got it! A bag of 12 or 20?

 

Hoot

[Morgannut]

One day David Hall will get a giant hoard of 1804-07 quarters together. Then PCGS will make a new a short Registry Set of 1804-07 that we can afford to put together (for awhileat least). NGC registry will follow. Then prices will triple, and the 1796 will be super desireable only to a few Type Set Collectors. David will get richer. I'll get enough $ to buy 1 really nice Early Dollar!! OK I'm dreaming---good post Hoot!!!

[goose3]

Hoot.

 

I'm going to have to insist on one of those econo size bags like from Sam's Club.

 

I've got 3 young kids man.

 

geesh.