1838 Classic Head $2.50 in PCGS MS63+ CAC

The 1838 is the second-to-last of just six issues of this design type to be produced at the Philadelphia mint between 1834 and 1838; it was replaced in 1840 by the long-lived Liberty Head type which would continue through 1907.

The 1838 has a unique appearance among the Philadelphia issues of this design, and it is most notable by the width of the collar on the obverse and the configuration of the denticles. It is common in grades through MS61, slightly tough in MS62, and scarce in properly graded MS63. Beginning with the MS64 grade, this is a truly rare date and the single finest known is the remarkable PCGS MS67 which sold for a record-setting $235,000 in September 2015; that coin is pedigreed to the Bass and Pogue collections.

This example clearly deserves its plus grade as it is extremely frosty and shows just some light marks in the left obverse field, as well as on the reverse above the eagle’s head. Both sides show attractive rich yellow-gold coloration and a tiny speck inside of the right of the U in UNITED is mentioned for accuracy.

This is the sole PCGS/CAC MS63+ 1838 quarter eagle to sell at auction, and, in my opinion it is significantly nicer than the PCGS/CAC which brought $12,600 as Heritage 5/2022: 4681. PCGS has graded 10 coins in MS63 (as well as two in 63+) with 7 finer (four in MS64 and three finer; one each in MS65, MS66+, and MS67).

In my opinion, this coin would be an excellent choice to represent this short-lived numismatically significant type in a high quality set.

CAC has approved six in MS63 (including this sole coin in 63+) with just one finer (PCGS MS66).

Ex Stack's Bowers Rarities Sale (3/2024): 4234. where I purchased it directly for $15,600; earlier sold as Legend 5/2019: 390 ($11,750), Heritage 11/2018: 3199 ($10,200). and Heritage 6/2018: 4100 ($9,000).

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