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1823/2 Capped Bust Quarters: The Rarest Quarters Made for Circulation

NSPNSP Posts: 322 ✭✭✭✭✭
in U.S. Coin Forum

When asked to name the rarest date for US quarters, collectors may think of dates like the 1796 Draped Bust, the 1901-S Barber, or the 1916 Standing Liberty. In actuality, the two rarest quarters in terms of number of examples still in existence are the 1827/3/2 and 1823/2 Capped Bust quarters. While the 1827/3/2 is rarer than the 1823/2, it was a collector-only issue and was later restruck, and was never intended to circulate. Therefore, the 1823/2 is the rarest US quarter date that was intended to circulate, with the next closest dates probably being the 1870-CC and 1871-CC Seated Liberty quarters.

The 1823/2 quarters were struck with a die that was leftover from 1822 and then overdated prior to being hardened to strike coins. The reverse die is characterized by an incomplete upper arrow shaft and lower arrowhead, which were later repaired by hand prior to being used to strike more quarters in future years. In “Early United States Quarters, 1796-1838” by Steve Tompkins, it’s stated that it’s likely that only 1,800 quarters were struck bearing the date 1823/2, and after nearly two centuries of attrition, only around 30 still exist. In “Early Quarter Dollars of the United States Mint, 1797-1838” by Rory Rea et al., a wonderful photographic census of 30 1823/2 quarters is presented. I was curious to see if I could locate images of the coins presented in the book, and much to my surprise, I was actually able to find images of all 28 plated examples in the Rea book that have traded publicly in the last 150 years. The only two coins in the Rea et al. photographic census that I could not find images of online were the two coins currently impounded in museums (one is in the National Numismatic Collection in Washington, D.C. and one is in the Durham Museum in Omaha, Nebraska).

Below are the best images I could find of the 28 1823/2 quarters. It’s interesting to note that these 28 quarters are a microcosm of capped bust quarters overall, as many are heavily worn, many show evidence of cleaning, some are holed and plugged, and some have graffiti. Something interesting that I learned when searching for images was that nearly all 1823/2 quarters available up until the mid 1900s were lower grade, until some high grade examples in Europe found their way back to the US. I’ve read of high grade large cents and gold coins being repatriated from Europe, but this is the first time that I’ve heard of bust quarters being rediscovered in Europe, so that was interesting to come across.

Aside from the 28 examples pictured here and the two examples impounded in museums, there are two other unplated coins that are listed in the Tompkins book. According to Tompkins, these are an MS and an AG/FR that haven’t been publicly traded in awhile, and the fact that there are no images of the coins available makes it difficult to track them. It’s possible that they could be duplicates of other coins that have been plated, though there’s no way to know for certain. Perhaps these unplated examples will turn up sometime in the future.

Something that I wish existed is a book dedicated to this rare date, similar to how there are dedicated books for the 1794 dollar, 1796-1797 half dollars, 1802 half dime, and 1822 half eagle. Maybe someday someone will write that book, but in the meantime, here are the coins:

Rea #1 / Tompkins #1

  • Grade: PCGS PF64
  • Last public offering: 2014
  • Image credit: PCGS TrueView

Rea #2 / Tompkins #2

  • Grade: PCGS AU58+
  • Last public offering: 2014
  • Image credit: PCGS TrueView

Rea #3 / Tompkins #4

  • Grade: PCGS AU55
  • Last public offering: 2002
  • Image credit: NNP/Superior

Rea #4 / Tompkins #5

  • Grade: PCGS AU58
  • Last public offering: 2015
  • Image credit: PCGS TrueView

Rea #5 / Tompkins #6

  • Grade: NGC AU50
  • Last public offering: 2021
  • Image credit: NGC

Rea #6 / Tompkins #7

  • Grade: NGC AU50
  • Last public offering: 2004
  • Image credit: Stacks/Bowers

Rea #7 / Tompkins #9

  • Grade: PCGS XF40
  • Last public offering: 2000
  • Image credit: NNP/Stacks

Rea #8 / Tompkins #8

  • Grade: PCGS XF45
  • Last public offering: 2021
  • Image credit: Harry Laibstain Rare Coin

Rea #9 / Tompkins #10

  • Grade: ANACS VF35
  • Last public offering: 2004
  • Image credit: Heritage

Rea #10 / Tompkins #11

  • Grade: NGC VF30
  • Last public offering: 2009
  • Image credit: Heritage

Comments

  • GoBustGoBust Posts: 599 ✭✭✭✭✭
    edited October 2, 2021 6:34PM

    Nice review NSP. I agree completely that the 1823/2 and 1827/3 are the most important quarters in the American series. For their level of rarity for early American silver they have few rivals, especially for a date set. IMHO they are very undervalued. The 1823/2 PR64 CAC proof from Gardner is one of three unique proofs in the series the other two are the 1818 PCGS PR66+ gold CAC (although the Smithsonian has a lower grade 1818 proof example) and the 1824/2 NGC PR63 (recently re-emerged after last being auctioned in 1993). From a redbook standpoint the 1820 small letters PR64 CAC is also unique. PCGS lists 38 large sized proof quarters from 1818 to 1828. Of those 20 are 1827/3 with 8 originals and 12 restrikes. Otherwise the most common large sized proof quarter listed at PCGS is the 1828 with 6 listed. So these early proof quarters are few and far between.

    Interestingly, the #2 1823/2 coin above, also from Gardner, was crossed from NGC MS61 TO PCGS AU58+ Gold CAC. The 58+ Gold CAC certainly has the bells and whistles! I've compared it to the Pogue AU58 and most experts agree (and I as an amateur) with the above rankings for the two AU58s.

  • jdimmickjdimmick Posts: 9,729 ✭✭✭✭✭

    I also love Chuck Link's Au-58+ Gold CAC. that was crossed from gardners holdings. I like it better than the pogue coin, although pogue's was darn nice and probably struck a tad better on reverse claw area that is usually weak. Right after he had it crossed, I was sitting at Sheridans table where it was on display , Harry Laibstain just happen to be standing in the area and introduced me to Link at the time. I told Him I absolutely loved it . Said I trade everything I had to get a chance at that at the time.

    I believe the R9/T10 coin, used to be owned by a local ex Railroad guy from central NC. He had bought it in a complete collection and sold it thru auction around 2004.

    The NGC 50 and the PCGS 45 just recently came up in the ana auctions, I watched both but did not bid this time. I thought they were lacking intial bidding action at first , then caught on. I was underbidder the prior time on the PCGS 45, but have sold most all my stuff since then, so i am not chasing any higher dollar stuff currently. Although I do like the rarity of the date!

  • scubafuelscubafuel Posts: 1,901 ✭✭✭✭✭

    NSP, excellent writeup! I eagerly await a chance at one of the VF examples.

  • RichieURichRichieURich Posts: 8,514 ✭✭✭✭✭

    Nice writeup, NSP! I've always loved this date, I'm proud to have bought and sold 5 of them.

    An authorized PCGS dealer, and a contributor to the Red Book.

  • savitalesavitale Posts: 1,409 ✭✭✭✭✭

    Thanks! That was a lot of work.

    LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album

  • sellitstoresellitstore Posts: 3,003 ✭✭✭✭✭

    Thanks for the interesting and educational post.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • pursuitoflibertypursuitofliberty Posts: 7,115 ✭✭✭✭✭

    Great post and write-up! Interesting to see the entire known remaining population with images.


    “We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”

    Todd - BHNC #242
  • tradedollarnuttradedollarnut Posts: 20,162 ✭✭✭✭✭
    edited October 3, 2021 9:09AM

    Very nice

    Early Dollar Set
  • MrEurekaMrEureka Posts: 24,333 ✭✭✭✭✭

    Great post, but what about the 73-CC No Arrows? 5 known.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • jayPemjayPem Posts: 4,081 ✭✭✭✭✭

    Epic.

  • logger7logger7 Posts: 8,710 ✭✭✭✭✭

    Several of the Uncs are spectacular.

  • yosclimberyosclimber Posts: 4,862 ✭✭✭✭✭

    @MrEureka said:
    Great post, but what about the 73-CC No Arrows? 5 known.

    It can be thought of as a die variety, rather than a rare date-mintmark.

  • goldengolden Posts: 9,857 ✭✭✭✭✭

    Thanks for the super write up.

  • koynekwestkoynekwest Posts: 10,048 ✭✭✭✭✭

    That's an excellent write up!

  • CurrinCurrin Posts: 1,520 ✭✭✭✭✭

    I enjoy the research. Thanks for sharing.

    My 20th Century Type Set, With Type Variations---started : 9/22/1997 ---- completed : 1/7/2004

    My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
  • scubafuelscubafuel Posts: 1,901 ✭✭✭✭✭

    Hansen’s example needs an upgrade…

  • EddiEddi Posts: 509 ✭✭✭✭✭

    Very interesting and informative. Thank you very much for posting this.

  • jdimmickjdimmick Posts: 9,729 ✭✭✭✭✭

    Don't want to speak for somebody else, but Rumour has it, Hansen was offered one of the xf's the past year directly, but passed.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @NSP... Thanks for the great - and informative - history and pictures. Perhaps YOU should write that book. Cheers, RickO

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