Classic Head Gold Collection, Part 12, 1838-C Quarter Eagle
BillJones
Posts: 34,824 ✭✭✭✭✭
Mintage 7,880
Estimated Number of Survivors 150
The 1838-C quarter eagle was the second denomination to be produced by the recently opened Charlotte Mint. Unlike the half eagles, which are noted for their less than perfect strikes, a significant number of these quarter eagles are very well struck with sharper details than their Philadelphia Mint counterparts. Later in the production run, a foreign substance adhered to the obverse die, and some pieces show a depression on Ms. Liberty’s cheek. These coins are less desirable than their unimpaired counterparts.
With a mintage of only 7,880, the 1838-C quarter is a scarce coin that has long been in demand. Still a quick search of the Internet reveals that this piece is almost always available, but at a substantial price.
The coin displayed above is accurately graded as an AU-55. It’s surfaces and luster suggest the AU-58 grade, but is a small mark on the reverse rim probably reduces the grade by three points.
I bought this coin in the late 1980s from Steve Fichier (sp) at an Early American Coppers Club convention. It was my "representative Charlotte Mint coin" for many years.
I have seen too many of these pieces on the Internet to believe that the survival estimate of 150 pieces is accurate. They are either turning over very quickly, or there are more than 150 examples. What say the experts?
Some of these coins were made with a struck through on the obverse. Here is a photo of one of those pieces. I grabbed this photo form the Heritage site.
Comments
The reverse denticles seem to show a very slight off center strike... likely not uncommon though... Cheers, RickO
I didn't know that about that foreign substance on the Obverse die...interesting...thanks!
You are the expert but IMHO the estimate of 150 survivors is a little low...but what I typically see is a lot of lower graded and details 38-C quarter eagles...I haven't seen one of those 14 with CAC approval in the two years or so that I have been looking for one!!!
I've completed a population study of over 100 instances of 1838-C quarter eagle sales, representing about 70 coins. Although I agree with OP that CoinFacts tends to be a bit low in their estimates, I think their estimate of 150 survivors for the 1838-C QE is pretty good.
The finest known is a PCGS MS64 CAC pop 1/0. Although I wouldn't wait to find one of the CAC coins. You might run into the 1838-C NGC AU55 CAC coin that was cracked out of an ANACS 53-Cleaned holder.
We are told that the coins we see available in the market are only the tip of the iceberg. There are said to be multiple coins in addition to the few pieces that are appearing on the market. When I see so many 1838-C quarter eagles available on a consistent basis on the Internet, it makes me wonder if the coin is as rare as it is said to be.
I spent a year and a half looking for an 1838-P quarter eagle. Over that time there were not that many pieces offered on the Internet compared to the 1838-C. I know that high prices bring items out of the woodwork, but is that all of the answer for what I've seen? That's why I question the 150 survivors estimate.