A small production run saw a total of 2,364 examples produced of the 1857-D—a coin that is notable as the second-to-last quarter eagle from Dahlonega.

The grade distribution for this date is unlike any other Dahlonega quarter eagle as evidenced by the PCGS population figures. These show that of the 79 grading events recorded at this service, 52 (or 65.82%) of the total were high grade coins by the standards of the 1857-D quarter eagle. Even if we factor in regrades, it is clear that an abnormally high percentage of all 1857-D quarter eagles are well-preserved; in this case grading AU55 or finer.

Let’s compare this to three other comparable dates of this type.

These numbers suggest that the pre-1850 Dahlonega quarter eagles saw more extensive circulation than the coins from the final decade of coinage at the Dahlonega mint.

How do we then explain that nearly 2/3rds of the 1857-D quarter eagles grade AU55 or finer?

My speculation is that there was a very under-the-radar hoard of 1857-D quarter eagles. I believe that the hoard numbered between 20 and 30+ coins, with the grades mostly in the AU55 to MS62 range. From the look that these coins have, I’m guessing that the coins were found in the ground. They are characterized by soft, satiny luster over medium green-gold color. Hairlines are always seen on examples from this hoard and they are likely the result of improper handling by the person(s) who found them.

The most recent APR for a PCGS MS62 1857-D quarter eagle that sold cheaply as Stack's Bowers 11/2020: 9167 ($16,800). In March 2010, this same coin brought $21,850. This coin is very low-end with artificial color over waxy surfaces.

With just two graded MS64 by PCGS, as well as a single coin in MS64+ which is an upgrade from a “regular” MS64, the example I am offering is comfortably within the Condition Census for the date.

An important early date Liberty head quarter eagle.

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