1807 $2.50 PCGS EF40

BD-1, R-3. The Draped Bust Right variety of quarter eagle was produced from 1796 through 1807 and it is noted for being amongst the rarest of all early gold issues. The 1807 is by far the most available date of the type but even this issue is not easily found and when available, examples tend to be in the AU and lower Uncirculated grades. There is a high amount of demand for affordable middle grade quarter eagles of this design but they are seldom available as this issue just didn't circulate to wear down to the VF-EF grades. There has been just one PCGS EF40 example of the 1807 sold at auction since 2004 and this was recent (Heritage 9/11: 4201 at $13,800). The present coin is problem-free and while it shows wear, this is even and gentle. In fact, the surfaces of this coin are cleaner than usual for the type and date with nice medium green-gold and orange colors, in slightly different hues, seen on the obverse and reverse. I have handled a few reasonably priced 1807 quarter eagles this year and all of them have sold quickly.

1850-D $2.50 PCGS EF40 CAC

A beautiful, wholly original example of this scarcer issue with lovely deep green-gold color on the obverse and the reverse. I grade this coin at least EF45 if not finer but there is a small, old reverse scrape below the right foot of the A in STATES that can be seen with careful examination. The mintage for this issue was 12,148 but the survival rate is low and of the few hundred that exist, only a handful display the originality that this coin has in spades. The PCGS and NGC population figures for the 1850-D do not reflect the true rarity of the 1850-D quarter eagle with total originality; I doubt if more than a dozen comparable pieces are known.

CAC has approved just this one example in EF45 with eleven approved in grades higher than this.

From the RYK Collection.

1852-D $2.50 PCGS VF35 CAC

Old Green Label Holder. By today's standards I grade this coin at least EF40 and possibly as high as EF45. Beginning with this issue, the mintages for Dahlonega quarter eagles drop considerably from the numbers recorded in the 1840's. Only 4,078 were made in 1852 and the 1852-D, while not as rare as the trio of issues from 1854 through 1856, is very scarce in its own right. This piece is well struck at the central obverse but a bit weak at the central reverse. It is toned in a light to medium green-gold hue and there is a good deal of dirt in the lettering on the reverse. This is quite possibly the most affordable very nice example of this issue that I have ever seen (check auction records for VF35, EF40 and EF45 examples and you'll see what I mean...) and it is a great opportunity for the Dahlonega collector on a limited budget.

CAC has approved just four 1852-D quarter eagles in all grades: this one in VF35 and three finer.

From the RYK Collection.

1857-O $2.50 PCGS AU53 CAC

This coin was formerly in an NGC AU55 holder and it had a CAC sticker; it was "downcrossed" to a PCGS AU53 where it now looks pretty undergraded to me! The surfaces are very deeply toned in rich green-gold shades and this is one of the few circulated 1857-O quarter eagles that I can recall with such original surfaces. This is the final year of issue for quarter eagles from this mint and the 1857-O, while not really scarce, is extremely hard to find with this appearance.

This is the only CAC AU53 example of this date; thirteen graded higher have been apporved.

From the RYK Collection.

1842 $2.50 PCGS EF45

This unheralded issue is actually one of the rarest Liberty Head quarter eagles of any date. Only 2,823 were struck and just four dozen or so are known with most in the VF to EF range and characterized by extremely poor eye appeal. This fresh-to-the-market example is one of just a handful of 1842 quarter eagles that I have seen with natural color and choice surfaces. Both the obverse and the reverse show deep green-gold color and there is a considerable amount of dirt within the recesses of the reverse lettering. The surfaces are clean and choice while the level of eye appeal is as high as for any EF example of this date that I have seen or handled. There are only five auction records for EF45 1842 quarter eagles since 1991 (three PCGS coins and two NGC coins) and the last record is Heritage 1/08: 3826 that sold for $4,888. If this were a Charlotte or Dahlonega quarter eagle in this grade of comparable rarity it would be a five figure coin or close to it. An exceptional piece for the savvy collector.

1807 $2.50 NGC AU55

BD-1, R-3. Of the three denomination of early gold, the quarter eagle is the single hardest to locate with good eye appeal. When available, early quarter eagles tend to have been poorly struck and are often found with either mint-made defects or bright, liberally abraded surfaces. The present example is very choice for the grade with natural deep green-gold color on the obverse and reverse that strongly suggests that no dipping or "improvements" have befallen the surfaces. As is common for this date, the centers are not fully detailed and there are some mint-made vertical adjustment marks on the portrait that are well-concealed by the depth of the color. The 1807 is by far the most available date of this type with an original mintage of 6,812; nearly one-third the total of the 19,487 quarter eagles made between 1796 and 1807. As a result, it is the perfect date for the type collector as it carries no rarity premium. The last AU55 1807 quarter eagles to appear at auction, between April 2009 and August 2010, sold for $20,700, $20,700 and $21,850, respectively.

1856-S $2.50 NGC MS61, ex-Eliasberg

With the 1854-S being priced out of the reach of most collectors, the 1856-S is, for all intents and purposes, the earliest date quarter eagle that is available from this mint. The 1856-S is common in lower grades and only marginally scarce in the higher AU range but it is very scarce in Uncirculated and nearly unavailable higher than MS61 to MS62. This well struck example has nice frosty luster and an even, pale green-gold color. There are a few minor scuffs in the fields that are consistent with the grade but no trace of rub can be found on the high spots. My best guess is that there are around ten properly graded Uncirculated 1856-S and the PCGS/NGC populations are severely inflated by resubmissions. An interesting, numismatically significant coin made all the more desirable by its unbeatable pedigree.

Ex Scotsman 10/08: 801 ($4,600), Bowers and Ruddy 10/82: 179 ($550), Eliasberg collection.

1836 Block 8 $2.50 NGC MS63

Block 8 variety. As a date, the 1836 is much scarcer in high grades than the 1834 but it doesn't sell for the premium it deserves. That means the savvy collector can employ a condition rarity such as this 1836 Block 8 as his type coin when filling in the Classic Head quarter eagle series. As an example of this logic, look at the NGC population which shows just fifteen in this grade and three better for the 1836 Block 8 versus thirty-six with fifty-nine better for the 1834. This is, in addition, one of the prettier MS63 Classic Head quarter eagles of any date that I've seen in some time with lovely dusky orange-gold color with subtle underpinnings of green over clean, frosty surfaces. The strike is atypical for the issue with nearly no weakness at the centers and the obverse is very close to grading MS64 on its own with a lack of the scuffs generally found on Classic Head coins of any denomination. I recently handled the similarly-graded Heritage 4/12: 6362 coin and I think the present example is more choice.

1876-S $2.50 PCGS MS61

With the exception of the high mintage double eagle, all of the 1876-dated gold coinage from the San Francisco mint was produced in small numbers and is scarce. The 1876-S quarter eagle has a mintage of just 5,000 (exactly the same as the 1876-S eagle) but it is more available in high grades and overall than the rare, underrated half eagle and eagle from this year. This very lustrous example is unquestionably new with very bold luster and good overall detail. The raised bar on the throat of Liberty is diagnostic to the issue; some coppery toning at the central reverse is natural and, in my opinion, attractive. I feel that this coin could grade MS62 if resubmitted but with the price difference between an MS61 and MS62 so minimal, I've decided to leave this option to the new owner. Great value at just a spot over three thousand dollars and a lovely little coin.