A Survey of the Quarter Dollar Type Coins, Part 1, 1796 - 1891

BillJones · June 19, 2018 6:11AM

I wrote this article for my local club's news letter. Rather than letting it just sit on my computer, I decided to post it here for those who might be interested.

Today the quarter dollar is the most important coin in the U.S. economy, although, like all forms of physical cash, it is becoming less significant. Today, many people are moving toward the cashless society. Credit and debit cards and on-line payments are becoming the most popular forms of imbursement. Yet, for what is left of the cash economy, the quarter is the most popular coin, but that was not always so.

In its earliest days, the first United States Mint produced quarters on a sporadic basis. The first quarters were issued three years after the mint opened. During the mint’s first 22 years of operations, the mint issued quarters for only five of those years. Why did that happen? The answer lies in the fact that those who supplied silver to the mint for coinage had a huge say in which denominations the U.S. Mint produced.

The Coinage Act of 1792 provided for ten denominations of U.S. Coins, which ranged from the half cent to the ten dollar gold piece. Among those was the quarter dollar. The quarter was inconsistent with the decimal system of coinage that the United States introduced to the world. A twenty cent piece would have been more in-line with the base ten system, but the quarter dollar or “two bits” had been established by the Spanish coinage. After a short debate, Congress decided to authorize a coin that was equal to what the public had become accustomed to using.

Bonding requirements for key mint officials who handed precious metals delayed the issuance of the first silver coins until 1794. In the fall of that year the mint issued first the silver dollars and half dollars. These coins reflected the orders of those who deposited silver for coinage at the first U.S. Mint. Their first choice was silver dollars, but when the mint could not issue those coins, because the largest available press was too small to strike them, the depositors asked for half dollars instead.

The mint also issued significant quantities of half dimes in 1795, which were dated 1794 and ’95. That may have been an extension of George Washington’s call for “small change” in his 1792 message to Congress. More likely it reflected the need for the mint to have low denomination coins on hand to reimburse silver depositors for the odd, less than one dollar amounts, that were left from their orders.

The 1796 Quarter

The mint introduced the quarter dollar in 1796. The first quarters featured a Bust of Ms. Liberty, facing right on the obverse surrounded by 15 stars (8 right, 7 left). The word “LIBERTY” appeared above her head and the date was at the bottom. The reverse featured a small eagle, perched on a bank of clouds, surrounded by a wreath and the legend, “United States of America.” There was no mark on the piece that defined its face value, not even on the edge, which was reeded. The mintage was only 6,146 pieces, and the mint would not issue another quarter for seven years. 

Today the 1796 Quarter is a prime type coin. Although about 10% of the mintage has survived, which high for a coin of that era, there never seems to be enough of these pieces to satisfy collector demand. Even low-grade examples (About Good and lower) attract high bids at auctions and hefty price quotes from dealers. The coin is available in every grade from Poor to MS-67. There are even a few pieces that numismatists have called “Proofs” in the past. Today those coins are viewed as “Specimen coins.”

Draped Bust, Heraldic Eagle Quarter, 1804 – 1807

In 1804 the mint initiated its second production cycle of quarters, which ran for four years. The 1804 quarter mintage was only 6,738 pieces, but it was followed by mintages of over hundred thousand for each of the next three years. The coin featured that same Draped Bust as the 1796 Quarter, this time surrounded by 13 stars, but the eagle on the reverse was a large majestic bird that was inspired by the Great Seal of the United States. A mark of value, “25 C.”, was split into the two parts by the eagle’s tail, at the bottom of the reverse. 

The resumption of the coinage of the quarter dollar might have been influenced by the suspension of silver dollar coinage that President Thomas Jefferson ordered in 1804. The end of silver dollar production freed a good deal of the mint’s resources for other denominations. 

These coins are much more available to the collectors than the 1796 Quarter. Pieces in Good to Fine condition are often offered for sale. Coins VF and EF show up less frequently; AU coins are scarce; and strictly Mint State coins are very scarce to rare.

Capped Bust, Large Diameter Quarter, 1815 – 1828

It would be another seven years until the mint resumed production of the quarter. Part this hiatus may have due the fact that the mint’s coin designer and main die maker, John Reich, was mostly engaged in producing dies for cents, half dollars and five dollar gold pieces. These were the coins that were most in demand. The new quarters bore Reich’s Capped Bust design which he had used for every other U.S. coin.  The reverse featured a standing eagle with its wings spread. The motto, “E. Pluribus Unum,” was on a scroll above the eagle’s head. The legend, “United States of America,” surrounded the eagle and the scroll, and the value “25 C.” was at the bottom. 

These coins were made in fairly large quantities, although the combined mintages were far lower than they were for the half dollar during the same period. Bankers demanded half dollars to back their paper currency, and the quarter was far less interesting to them.

Capped Bust, Reduced Diameter Quarter, 1831 – 1838

Beginning in 1828, the U.S. Mint began to phase in the “close collar” coinage. Previously coins had been struck with a lose collar, which is sometimes called an “open collar.” The new technology resulted in uniform diameters and added well defined reeding to the edge of the coin in one operation. The quarter’s turn to receive the benefits of the new technology came in 1831. 

The new coins were the same weight as the previous issues but were slightly thicker and had a smaller diameter. The basic design was similar with a bust of Ms. Liberty, 13 stars and the date on the obverse. The reverse featured a similar eagle with the required statutory wording. The main difference was that the motto, “E Pluribus Unum” was omitted from its previous spot above the eagle’s head.

These pieces are fairly common as type coins. They are available in all grades from VG to AU. Mint State pieces are always for sale for a price.

Liberty Seated Quarter, 1838 – 1891

In 1838 Christian Gobrecht adopted his Liberty Seated design to the quarter. Gobrecht had introduced the design on the 1836 silver dollars that bear his name. The reverse of the coin would have a similar design to the previous type with a different artistic treatment. The Liberty Seated Quarter design had a 54 year run. Over that time there would be several minor changes, which reflected die maker’s interpretations, the tenor of the times or the financial realities of changing precious metal prices. 

The generalist collector might opt to have just one Liberty Seated Quarter to cover the type. More advanced collectors might collect some or all of the following subtypes.

No Drapery, No Motto 1838-1840

The No Drapery design represented Gobrecht’s original design concept. The most obvious difference between this type and the design that follows it is the lack of a fold of cloth from Ms. Liberty’s right elbow which she uses to hold up the pole and cap. Many type collectors choose not differentiate this design from the one that follows.

With Drapery, No Motto, 1840 – 1865

During Gobrecht’s tenure as Chief Mint Engraver, Robert Ball Hughes modified the Gobrecht’s original designs. Hughes, who was born in England, immigrated to the United States in 1829. He is best known for sculpting statues that were part of public works projects. The reasons for these design modifications are not clear. Perhaps it was thought that the Hughes dies would have a longer useful life. 

To my eye, the Hughes design is not as attractive at the work Gobrecht did. The design is similar, but the execution is not as artful. The ribbon, which bears the word “Liberty” on the shield is straight, not curved, and her overall posture is not as appealing. Most obvious is that there is now a large fold of cloth coming down from her right elbow, which gives this design its name. This type coin is fairly common although the number of survivors was reduced by the economic issues that necessitated the following two subtypes.

1853 Arrows and Rays

The discovery of gold in California resulted in a huge increase in the supply of that precious metal. Since the United States was on the bi-metallic system, the resulting decrease in the price of gold made the melting of the silver coins then in circulation an attractive option. The solution was to reduce the weight of all the silver coins from the tiny half dime to the half dollar. In a misguided attempt to “maintain the integrity of the dollar,” Congress opted not reduce the weight of the silver dollar. That move made it even more unlikely that the silver dollar, which was already unpopular, would appear regularly in circulation.

In 1853 lower weight quarters and half dollars were marked with an arrow on each side of the date and rays surrounding the eagle on the reverse. The message was that it would be a waste of time to melt these coins for their silver content.

The 1853 Arrows and Rays Quarter is a one year type coin. It was issued by the Philadelphia and New Orleans Mints. Type collector pressure has driven up the prices for these coins in AU and Mint State. Coins in EF or less are much more affordable. That is a reflection of the goal of most type collectors which is to acquire the highest grade coin for each design that they can afford.

Mint State Arrows and Rays Quarters are a bit scarce and always in demand. Given the high mintages the dies were not always in the best condition when these coins were struck. In the words, of David Bowers, “These coins were struck with ‘tired dies.’” The coins tend to be a bit dull with subdued luster. Bright coins with original surfaces or lustrous toning are the premium pieces that attract a lot of attention when they are available.

With Arrows Quarter, 1854 - 5

In 1854, the mint removed the rays from the reverse design, creating the “With Arrows” type coins. Type collectors usually opt to buy both the 1853 Arrows and Rays Quarter and an example of the With Arrows Quarter which the mint issued for only two years. The removal of the rays on the reverse simplified die preparation and probably lengthened their useful life. 

Mint State examples of the “With Arrows” quarters are generally more attractive than their 1853 “Arrows and Rays” counterparts. They are still expensive and in demand although the type collector pressure is not high as it is for the Arrows and Rays type. Circulated coins in less than AU condition are moderately priced.

With Motto, 1866 – 1891

The Civil War brought major changes to America. The most momentous of those changes was the end of slavery and a renewed sense of national unity among many Americans. Previously people had referred to the country as “The United States are ...” After the war that phrase became “The United States is …” which implied one country, not a collection of independent states. 

The horrors of the war prompted a wave of religious fervor throughout the country. People turned to religion to try to make sense of the death and destruction that had marked the war. The motto, “In God we trust” was introduced on the Two Cent Piece in 1864. In 1866, the mint decided to add the motto to any U.S. coin design that could easily accommodate the additional words. Small coins, like the cent, half dime, dime, gold dollar and the quarter eagle were exempt from the change, but the motto was added to all of the coins that were larger than those pieces. 

“In God we trust” was added to the reverse of the quarter dollar on a ribbon that was above the eagle’s head. It would remain there for the rest of the series until the design was replaced in 1892.

With Arrows, 1873 – 1874

In the 1870s there were moves to create coinages that could be used on an international basis, thus reducing the need to exchange coins as one moved from one country to another. The concept never became a reality, but it did spawn some interesting patterns. The most famous of these was the Four Dollar Gold Piece or “Stella.”

There were also some minor modifications to the weights of the U.S. silver coins so that they would have more even numbers under the Metric Weight. The result was minor increases in the weights for the dime, quarter and half dollar. For example, the weight of the quarter was increased from 6.22 to 6.25 grams.

For the first two years, these increases were marked by the addition of an arrow at either side of the date. The change in weight was only noted for two years, and in 1875 the mint removed the arrows from the design. The weight of the silver quarter would remain the same until it was replaced by the copper – nickel clad coinage in 1965.

This second group of “With Arrows” type coins were issued during the Panic 1873, an economic recession that resulted in lower economic activity. The demand for new coins was less, and therefore the mintages were relatively low. Today these coins are somewhat scarce, especially in the Mint State grades. Type collector demand has made these coins expensive for their respective grades from EF to Mint State. The prices for VF and lower examples are only a little higher than values for the common date quarters from this era. These prices reflect the goals of most type collectors who are looking for one higher quality example for each design. The lower grade pieces are not nice enough for most serious type collectors, and their market values are more modest.

SimpleCollector · June 19, 2018 7:00AM

Thanks for putting this together, I had never focused on the progression seated quarters and this explained it clearly.

cameonut2011 · June 19, 2018 11:50AM

What are the real differences between "proof" and "specimen" coins in the early federal period? Is it all a semantic game by marketers?

cameonut2011 · June 19, 2018 11:58AM

What prompted Jefferson's suspension of Draped Bust silver dollars?

BillJones · June 19, 2018 11:59AM

@cameonut2011 said:
What are the real differences between "proof" and "specimen" coins in the early federal period? Is it all a semantic game by marketers?

I can't really answer that one. If an early coin has unusual sharpness in the details and bright surfaces, it might be called a "specimen." I don't think that the early mint personnel said anything about making Proofs with that terminology. The British were making “master coins” or “Proofs” in the early 19th century, but from what I have read the early U.S. mint was mum on the subject. I believe that the earliest official U.S. Proof coin was an 1817 large cent.

cameonut2011 · June 19, 2018 12:09PM

I had always suspected that some of these were simply early business strikes and perhaps even fully PL.

Thanks for taking the time to write this up and post it. I also like the examples you chose.

CoinPhysicist · June 19, 2018 12:18PM

Useful information here, thanks! Any thoughts/knowledge/short write up you also have on the 1870's CC quarters?

Smudge · June 19, 2018 12:19PM

Great info. Thanks for the quarter lesson.

BillJones · June 19, 2018 12:29PM

@CoinPhysicist said:
Useful information here, thanks! Any thoughts/knowledge/short write up you also have on the 1870's CC quarters?

I am more of type collector that a "dated coin" guy. I have a good reference book for the Carson City Mint which should yield some good information about the 1870-CC quarter, i'll have to do some research.

BillJones · June 19, 2018 12:42PM

@cameonut2011 said:
What prompted Jefferson's suspension of Draped Bust silver dollars?

Jefferson wanted to stem the export of gold and silver from the United States. He thought that the silver dollar and the ten dollar gold pieces facilitated that outflow. Jefferson was right about Silver Dollar. For domestic purposes, the half dollar took the silver dollar’s place and provided the banks with a hard asset back-up currency for the paper money they issued. The half dollars most stayed in the United States. That’s part of the reason why the Bust Half Dollars are fairly common today.

Gold was another story. The exporters turned to five dollar gold pieces and sent them out of the country in large numbers. Despite some fairly high mintages, most five dollar gold coins from 1815 until August 1834 are rarities. Most of the coins were shipped to Europe where they were promptly melted. The coins had a melt value that exceeded their face value, so their commercial applications were limited.

In August of 1834, the mint introduced the Classic Head gold coins. Those pieces had melt values that were slightly below their face values, and they stayed in circulation. Say what you will about Andrew Jackson. In this case his policies were “on the money.”

MikeInFL · June 19, 2018 1:33PM

Thanks for sharing this, Bill.

Love those three proofs as well.

CoinPhysicist · June 19, 2018 1:55PM

@BillJones said:

@CoinPhysicist said:
Useful information here, thanks! Any thoughts/knowledge/short write up you also have on the 1870's CC quarters?

I am more of type collector that a "dated coin" guy. I have a good reference book for the Carson City Mint which should yield some good information about the 1870-CC quarter, i'll have to do some research.

Awesome! Sorry if it wasn't clear, I don't mean only 1870-CC. I mean the run of extremely rare key dates during the 1870's at the Carson City mint.