The 1796 Draped Bust Quarter, with the Small Eagle design, is an iconic coin in United States history. It was the first quarter issued by the U.S. Mint, marking a significant milestone in the nation’s coinage system. Its rarity and historical importance make it a prized item for collectors, especially since it was only produced in 1796. The design features a bust of Lady Liberty on the obverse, while the reverse features a small eagle, which was later replaced by a larger, more detailed eagle design starting in 1798. This article takes a closer look at the 1796 Draped Bust Quarter, its production history, market data, and the most notable specimens that are coveted by numismatists.
Introduction to the 1796 Draped Bust Quarter
The 1796 Draped Bust Quarter holds a special place in the history of American coinage. Minted only for a single year, it was the first quarter dollar to be produced by the U.S. Mint, making it one of the most sought-after coins in the world today. Engraver Robert Scot designed the Draped Bust, which became the official portrait of Lady Liberty. This coin also featured the Small Eagle reverse, which was unique to the 1796 quarter and remained a part of U.S. currency for only a short time.
The Historical Context of the 1796 Draped Bust Quarter
The U.S. Mint, established in 1792, began producing copper, silver, and gold coins in the early years of its operation. However, it wasn’t until 1796 that the quarter dollar, a coin valued at 25 cents, was struck for circulation. This coin was part of a larger initiative to standardize U.S. coinage and make it more recognizable across the country.
The Draped Bust design replaced an earlier design and was used on various denominations, including the quarter, dime, and half dollar. The quarter’s reverse featured a Small Eagle, a symbol of the young United States. In 1798, the Small Eagle was replaced with a more detailed Heraldic Eagle, which became the standard design for U.S. coins for many years.
Minting of the 1796 Draped Bust Quarter
The minting process of the 1796 Draped Bust Quarter was a small-scale operation. The first delivery occurred on April 9, 1796, with only 1,800 coins produced. Over the next two months, additional deliveries were made, bringing the total to 5,894 coins by the end of the year. Production continued into early 1797, with an additional 252 coins struck before production was halted until 1804. The low mintage of the 1796 Draped Bust Quarter adds to its rarity and desirability among collectors.
Die Varieties of the 1796 Draped Bust Quarter
Numismatists have identified two major die varieties for the 1796 Draped Bust Quarter: Browning-1 and Browning-2. These varieties are based on subtle differences in the design, particularly the eagle’s head, which is often weakly struck on both varieties. The Browning-1 variety is considered rarer than Browning-2, making it more valuable in the market.
- Browning-1: This variety is known for its weaker strike, especially around the eagle’s head. It is the rarer of the two varieties.
- Browning-2: This variety, though slightly more common, also features a weakly struck eagle’s head, but is still a significant find for collectors.
Market Data and Surviving Examples
Despite its low mintage, many examples of the 1796 Draped Bust Quarter have survived to this day. While early estimates suggested that only 125 to 150 examples remained, more recent studies indicate that as many as 615 examples are still in existence, with some in near-perfect condition.
In March 2024, reports from NGC and PCGS reveal that there are only 78 coins in Mint State—the highest grade a coin can achieve. This makes the 1796 Draped Bust Quarter one of the most sought-after coins among collectors, particularly in high-quality grades.
Notable Specimens of the 1796 Draped Bust Quarter
Several 1796 Draped Bust Quarters have made headlines for their high auction prices, especially those in higher grades. Some of the most notable specimens include:
- PCGS MS67: One of the top examples of the 1796 Draped Bust Quarter, fetching $881,250 at a Heritage Auctions event in 2014.
- NGC MS64+ CAC: This coin, part of the Eric P. Newman collection, was sold for $264,000 in 2017 at Heritage Auctions.
- PCGS MS66: A high-grade example that has changed hands several times, with recent auctions fetching over $1.7 million.
Collecting the 1796 Draped Bust Quarter
Collectors are drawn to the 1796 Draped Bust Quarter not only for its rarity but also for its historical significance. As the first quarter produced by the U.S. Mint, it represents a key moment in the development of American coinage. Collectors often seek out well-preserved examples in high grades, but even lower-grade coins can command significant prices, especially if they feature rare die varieties like Browning-1.
Conclusion: The Legacy of the 1796 Draped Bust Quarter
The 1796 Draped Bust Quarter remains one of the most important coins in U.S. numismatic history. Its rarity, coupled with its status as the first quarter issued by the U.S. Mint, makes it a prized item for collectors. Whether you are a seasoned numismatist or a beginner just starting your collection, owning a 1796 Draped Bust Quarter is a significant accomplishment. As the only quarter to feature the Small Eagle reverse, this coin is a one-year type coin that will forever hold a special place in the history of American coinage. an exciting glimpse into early American minting. Its variations, rarity, and beauty make it a must-have for anyone passionate about numismatics.
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FAQs
What makes the 1796 Draped Bust Quarter unique?
The 1796 Draped Bust Quarter is special because it was the first quarter dollar issued by the United States Mint. It features a Small Eagle reverse design, which was only used for this particular coin. This makes it a one-year type coin, adding to its rarity and historical significance.
How many 1796 Draped Bust Quarters were minted?
A total of 6,146 coins were delivered in 1796, with a small batch of 252 coins produced in early 1797. The relatively low mintage and limited production make this coin a rare find among collectors.
What is the significance of the Small Eagle reverse design?
The Small Eagle reverse design, used on the 1796 Draped Bust Quarter, was replaced by the more elaborate Heraldic Eagle design starting in 1798. This makes the Small Eagle version even more valuable, as it was only used for a brief period.
Why is the 1796 Draped Bust Quarter considered rare?
The 1796 Draped Bust Quarter is considered rare due to its low mintage, the limited number of surviving examples, and its status as the only quarter produced in the 18th century. Additionally, the weak strike often seen on the eagle’s head adds to its uniqueness and challenge for collectors.
What is the current value of a 1796 Draped Bust Quarter?
The value of a 1796 Draped Bust Quarter depends on its grade and condition. In higher grades, especially Mint State examples, these coins can fetch significant amounts at auctions, with certain specimens selling for hundreds of thousands of dollars, particularly those with better toning and stronger strikes.