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A Collector's Guide to Early Quarter Eagles, 1821-1834: Part One

Part One: Capped Head, 1821-1827

The quarter eagle design was introduced in 1796. During the early years of this denomination, mintage figures were very small and the importance of this denomination paled in comparison to the half eagle and eagle. The figures ranged from a high of 6,812 in 1807 to a low of just 427 in 1797.

In 1808 the design was completely changed but demand remained low. With the majority of the demand coming from banks, it made more sense economically to produced half eagles. As a result, coinage of quarter eagles was abandoned until 1821.

Demand for the quarter eagle must have become strong enough that the Mint finally had Robert Scot create a design based on his Capped Head half eagles that had been produced since 1813. This design was clearly influenced by the earlier John Reich's Capped Bust Left half eagle that began service in 1807.

The 1821-1834 quarter eagles can be neatly split into two distinct types: Scot's Capped Head issues of 1821-1827 and William Kneass' new version of the Capped Head that was made from 1829 until 1834. Generally most collectors approach these two series from a type focus, meaning that they will acquire one example of each. However, we have noted an increased number of collectors who now focus on these two series on a date-by-date basis. There are even a small number of specialists who collect these early quarter eagles by die variety. At the end of the first part of this two part article, we'll discuss in greater detail some of these collecting strategies.

1821

Mintage:6,448
Total Known: 30-40
By Grade:

The mintage figure for this first year issue is considerably higher than any other date of this type. Unlike many first-year issues, the 1821 was not saved as a souvenir and it is actually much rarer than people generally acknowledge. According to PCGS and NGC population data, it is the second rarest issue in the Capped Head series, trailing only the ultra low-mintage 1826. I actually have seen more examples of the 1821 than the 1824/1 but it seems that the two dates are of almost similar rarity. The 1821 is virtually never seen in grades below AU55, suggesting that it did not see wide circulation. It is a rare coin in Uncirculated with probably no more than six to eight properly graded examples known. There is a single superb Gem that has been graded MS66 by both PCGS and NGC; a well-known early gold specialist owns it.

The quality of strike for the 1821 quarter eagle varies widely. I have seen a few on which the stars were extremely weak and the centers showed little detail; these may represent a very late die state. The typical piece has some weakness at the central obverse and on the obverse denticles from 12:00 to 4:00. The surfaces are often riddled with abrasions while the luster is mostly prooflike and quite reflective. A few early strikes are reflective enough to be confused with Proofs but they do not show a sharp enough strike to be convincing. Some have a small mint-made mark on the cheek of Liberty that was caused by a piece of foreign matter adhering to the die. The natural coloration is a deep coppery-gold and pieces that have not been cleaned or dipped tend to be very attractive. That said locating an original piece is exceptionally difficult. When available, an 1821 quarter eagle will tend to be a bright, bagmarked AU55 to MS60 coin with some weakness of strike. The ideal grade for most collectors will be in the AU58 to MS62 range.

An estimated five or six Proofs are known making this the most "common" date of this type in Proof.

1824/1

Mintage:2,600
Total Known: 35-45
By Grade:

The 1824/1 appears to be similar to the 1821 in terms of its overall and high grade rarity although I have personally seen or sold more of the 1821 than the 1824/1. It is an issue that, when available, tends to come in the AU50 to AU55 range. It is very rare in Uncirculated and examples that grade MS63 or better are exceptionally rare. The best I have personally seen is the example in the Bass collection (now in the ANA Museum in Colorado Springs) that is a superb Gem. The finest graded by either of the two major services are a pair of MS64's; one each at PCGS and NGC.

The quality of strike seen on this issue is very distinctive. The obverse center is often quite weakly detailed; enough so to make accurate grading difficult. On the reverse, the area at the shield and the adjacent right wing and leg are very weak. The borders are sharper with full denticles seen on most pieces. The surfaces typically are heavily abraded and most show scratches or detracting marks. The luster is frostier in texture than on the 1821 but pieces exist that are fully reflective and appear similar to Proofs. The natural coloration is medium to deep yellow and green-gold. Only a handful exists that have not been dipped or cleaned. An interesting fact about this variety is that while it is an overdate it does not use the same obverse as seen on the 1821. The 1824/1 shows different spacing between the 824 and the 41.

For most collectors, an example of this date in the AU55 to MS62 range will satisfactory.

Proofs are exceedingly rare and none has been offered for sale in many years.

1825

Mintage:4,434
Total Known: 80-90
By Grade:

The 1825 is the most common of the 1821-1827 Capped Bust quarter eagles. The percentage of surviving examples is far higher than for other issues of this denomination and era. This suggests that a small hoard of a few dozen may have existed at one time. This date is almost never seen in lower grades and most are in the AU50 to MS61 range. There are probably around a half dozen known in MS63 to MS64. The finest known is a remarkable superb Gem that has been graded MS67 by PCGS and is possibly the single finest known Capped Head quarter eagle of this type

The 1825 is the Capped Head Left quarter eagle for which distinct die varieties are known. These are easy to distinguish and are very popular with collectors. The following varieties are currently accounted for:

Distant Fraction: Neither the numerator nor the denominator touches the fraction bar. The fraction bar points to the top of the larger 2. This is the same style reverse as seen on the 1821 and 1824 quarter eagles. The reverse die cracked sometime during the production run (see Bass II: 268) and had to be replaced. Examples with this crack are very rare. According to Breen, a total of 3,324 examples of this variety were produced. Breen-6128; Br-1
Distant Fraction: The obverse is different than that seen on the first variety of the year. On this, the 2 is somewhat lower than the 5 and these two digits are more widely spaced than on the other variety. In addition, the 5 shows no recutting as on the other variety. There appear to be only two examples known. The first, which is also double struck (!), is in the Bass collection at the ANA Museum in Colorado Springs. The second was found in a January 2000 Bowers and Merena auction. The extreme rarity of this variety ensures that if another were to turn up it would bring a very strong premium to one of the small but avid core group of collectors who specialize in die varieties of early US coinage. Unlisted in Breen; plated in the Bass Sylloge; Bass 3020
Close Fraction: The numerator and the denominator are both very close to the fraction bar. The fraction bar points to the middle of the larger 2. This is the same style reverse as seen on the issues of 1826 and 1827 quarter eagles. According to Breen, a total of 1,110 examples of this variety were struck. It is extremely rare with fewer than ten known to exist. Breen-6129; Br-2

Most 1825 quarter eagles show weakness of strike at the centers. The obverse is weakest on the curls in front of and behind the ear. On the reverse, the horizontal lines in the shield are always weak and often little individual definition. The luster is often reflective and the natural coloration is a light green-gold hue. The surfaces are always abraded and many have scratches or detracting marks. A number have been mounted and show traces of solder on their edges. This is the easiest date of this type to locate with good eye appeal but it is becoming more and more difficult to find pieces with original color and nice surfaces. A patient collector should be able to locate a coin in the AU58 to MS62 range without a great amount of effort.

Proofs are extremely rare with just a few known. Interestingly, the Proof in the Smithsonian is the rare Close Fraction reverse variety (#3 above).

1826

Mintage:760
Total Known: 20-30
By Grade:

The mintage figure for this date is lower than for any other issue of this type. As one might expect, the 1826 is very scarce in all grades and very rare in AU or above. PCGS has graded just two in Uncirculated (an MS60 and an MS61) while NGC has not graded a single coin in Mint State. The best two that I have personally seen are the one in the Bass collection and one in the Smithsonian.

For many years this variety has been known as the "1826/5." It is now felt that this is not an overdate and, in fact, the outside of the 6 shows light recutting. The reverse is the same as that seen on the 1825 Close Fraction. It shows clashmarks including a noticeable one from the eagle's right wing up to the UR in PLURIBUS.

The strike seen on 1826 quarter eagles is generally sharp. On the obverse the stars show nearly full radial lines and there is just a slight bit of weakness on the curls below BE in LIBERTY. The reverse tends to be a bit less well struck with some weakness generally found at the juncture of the eagle's right wing and the shield as well as on the inner portion of the eagle's left wing. On both sides the denticles appear sharp and well-formed. The surfaces on nearly all examples that I have seen are heavily abraded and many show bad scratches or abrasions. The luster is frosty in texture; a surprising circumstance given that issues with such low mintages are often found with prooflike fields. The natural coloration is a medium to deep orange-gold and reddish shade. Very few 1826 quarter eagles exist that have not been dipped or brightened. This is a truly rare issue that tends to come with inferior eye appeal and most collectors will take nearly whatever becomes available when considering the addition of an 1826 quarter eagle to their set.

It is believed that two or three Proofs are known. None has appeared for sale in many years.

1827

Mintage:2,800
Total Known:45-55
By Grade:

The 1827 is the second most available date of this design in terms of overall rarity as well as in higher grades. It is most often seen in the AU55 to MS62 range. IN MS63 to MS64 it is very rare but it is more available than any other date from this decade except for the 1825. There are two Gems known with both NGC and PCGS having graded a single coin in MS65. I have personally never seen an example graded better than MS64 and only two or three at this level.

This is among the best produced dates of this type. The strike is generally well struck on the obverse with boldly detailed hair and full radial lines in the stars. Some pieces show slight weakness on the hair below BE in LIBERTY but the rest of the curls are full. The reverse is also sharp although not as much so as the obverse. There is sometimes weakness on the innermost portion of the wings close to the outlines of the shield. The surfaces are usually abraded and I have seen a number of pieces with deep digs. The luster is always frosty in texture while the natural coloration tends to be orange-gold or reddish-gold in hue.

There is a single die variety known. It employs the reverse of 1825 with the close fraction but was struck after the dies had been lapped when they clashed in 1826. It is likely that there are one or two Proofs known but none of these have been seen outside of a museum or institutional collection in many years.

In the introduction of this article we briefly touched on collecting strategies for Capped Head quarter eagles. This is an interesting topic that is worth some further exploration. There are essentially three ways by which to collect these coins: by type, by date and by die variety. A type collector seeks to obtain one example of this type, to represent the design. As a rule, collectors select a common date as a type coin. As there are really no common dates in this series, the collector is more likely to choose a Capped Head quarter eagles that is in his price range and which has a "look" that appeals to him. I would suggest choosing any example with pleasing original coloration and a good strike.

A date collecting includes, obviously, one example of each date struck. With an appropriate budget and some patience, the collector should be able to assemble a d ate set of Capped Bust quarter eagles. Unlike the half eagles of this era, there are no great rarities that will prove impossible to locate. For the 1821-1827 issues, it is likely that a suitable example will appear at auction (or in a specialist's inventory) at least once or twice per year.

A die variety collection of Capped Bust quarter eagles would have to include all three varieties of 1825 to be complete. Given the extreme rarity of one of these, such a set would be very hard to finish. This is a type that does not really lend itself to die variety collecting due to the fact that most issues have just one variety per year.

In my opinion, this type is much undervalued when compared to early half eagles and eagles. The price structure of these early gold coins is directly related to size. Simply put, the bigger the coin, the more expensive it is. As this article is being written, common date Capped Bust Right, Heraldic Eagle ten dollar gold pieces (issues such s the 1799, 1801 and 1803) trade for around $20,000 in AU58. The PCGS population for these three dates in AU58 is a combined 162 coins with numerous examples graded higher. The PCGS population for the entire five year of this type (1821-1827) is just seventeen with fifty nine better. Despite this discrepancy in rarity, an AU58 example of the 1825 or 1827 quarter eagle has a current market value of $13,000-16,000. As I stated above, there is no real explanation for this other than size. People like big coins and the impressive appearance of an early eagle seems to translate to a much higher current market value than for a quarter eagle.

Rarity Chart: Capped Head Quarter Eagles 1821-1827

Date	By Grade/PCGS				By Grade/NGC
	VF	XF	AU	MS	VF	XF	AU	MS	Total
1821	0	1	8	9	0	1	8	9	36
1824/1	0	1	13	7	0	4	6	8	39
1825	0	0	20	19	5	4	22	22	92
1826	0	0	9	0	1	0	12	2	24
1827	1	0	5	18	0	0	10	15	48
Totals	0	2	55	53	6	9	58	56	239
PCGS: 110 Coins					NGC: 129 Coins

Original Mintage Figures: Capped Head Quarter Eagles 1821-1827

Date	Mintage
1821	6,448
1824/1	2,600
1825	4,434
1826	760
1827	2,800
Total:	17,042

Stay tuned for our upcoming installment where we will discuss Early Quarter Eagles 1829-1834.