Collectors Corner^SM: The Collectibles Marketplace

This painting by Edwin Lamasure depicts the early United States Mint of Philadelphia during the late 18th and early 19th centuries, when Early Quarters of the Draped Bust and Capped Bust types were being struck. Public domain image. Click image to enlarge.

The workhorse of the American economy, the quarter dollar has been with us since 1796. Over the past 23 decades, the United States quarter has undergone myriad design changes. The denomination has been perhaps more popular as a collectible than ever thanks to the multiple long-term circulating commemorative design programs that have been seen on the quarter since 1999, when the 50 State Quarters kicked off.

However, in looking further back on the denomination’s history, the collector will find many classic designs that offer their own intrigue, history, and appeal. For many, the greatest excitement and challenge comes from collecting the Early Quarters of 1796 through 1838.

The Early Quarters collectively refer to the Draped Bust and Capped Bust types whose origins reach back to the earliest days of the United States Mint, which was under authority of the Coinage Act of 1792. The law called for the production of many different denominations from the copper half cent through gold $10 eagle. While most of the denominations had already been struck by 1795, the quarter was late to the game when it entered the scene in 1796 by order of Mint Director Elias Boudinot.

The 1796 Draped Bust Quarter was the first U.S. quarter dollar coin ever struck. It’s a rare coin and a one-year-only type that many collectors desire yet few are able to own. Courtesy of PCGS TrueView. Click image to enlarge.

The 1796 Draped Bust Quarter is both a first-year issue and a one-year only type. Carrying Robert Scot’s Draped Bust design on the obverse and the Small Eagle reverse, it’s the only U.S. quarter dollar that was struck in the 18th century. All 1796 Draped Bust Quarters are rare, with PCGS estimating that only about 650 survive from a mintage of 6,146.

The 1823/2 Capped Bust Quarter is a highly rare overdate variety that adds a significant degree of challenge and expense for anyone building a complete set of this popular Early Quarters series. Courtesy of PCGS TrueView. Click image to enlarge.

The caveat is that a relatively high number of these coins were saved in uncirculated grades, with a hoard of perhaps 100 hailing from famous collector Col. E.H.R. Green. Prices have always been robust for the 1796 Draped Bust Quarter, with consistent collector demand and historic appeal.

The Draped Bust Quarter returned for a few years beginning in 1804, this time carrying a Herald Eagle reverse. The last of the Draped Bust Small Eagle Quarters is dated 1807. Courtesy of PCGS TrueView. Click image to enlarge.

After a hiatus lasting some eight years, the quarter was revived in 1804. Again carrying Scot’s Draped Bust obverse, the resurrected quarter dollar was now carrying the Heraldic Eagle design seen on other contemporary Draped Bust types of its era. This second type of Draped Bust Quarter usually constitutes a distinct type among diehard Early Quarter enthusiasts and at the very least is categorized as a subtype among this set of collectors.

However, the Draped Bust Heraldic Eagle Quarter doesn’t encompass very many issues; there are just five, one of which is a major variety (the 1806/5). The 1804 is the toughest date among these, with its numismatically serendipitous digits; it’s at least a four-figure coin in any grade. However, the 1805, 1806, and 1807 are potentially obtainable for less than $1,000, while even the rare 1806/5 overdate can be bought for around $800 to $1,000 and up.

The curtain dropped for yet another production intermission after 1807, with the next act beginning in 1815. John Reich’s Capped Bust entered the picture, with this distinct type offering collectors a range of opportunities, including more common dates, decidedly scarce dates, downright rare dates, and a multitude of tantalizing varieties. The rarest issue is the 1827, with the 1823/2 a highly rare variety.

Type collectors usually gravitate to the more common dates, like the 1818, 1819, 1820, 1821, 1825, and 1828. Many of these more-accessible dates can be purchased for less than $250 in well-circulated grades. Yet, each of these “common” issues offer numbers of survivors that are measured in only the high three figures to lower four figures. Most dates are tough in better grades, while all are conditionally rare in Mint State grades.

Production of the Capped Bust Quarter halted in 1829 and was resumed after a couple of years. But changes were afoot. When the quarter hit Mint presses again in 1831, the coin was noticeably smaller. Not lighter – the coin still weighed 6.74 grams – but slimmer. It was reduced in diameter from 27 millimeters to 24.3 millimeters, the latter representing the denomination’s modern-day diameter. Also changed? The design... The quarter maintained its Capped Bust motif, though the modified version that debuted on the sleeker quarters of 1831 was the brainchild of engraver William Kneass. Other design changes included the removal of the reverse inscription “E PLURIBUS UNUM” a Latin motto meaning “Out Of Many One.”

The Capped Bust Quarters that were first released in 1831 kicked off a subtype that continued until 1838. By and large, this lot of Capped Bust Quarters doesn't throw many major curveballs at collectors. The entire range of dates for the Capped Bust Quarters of 1831 through 1838 are more or less uniformly priced from date to date. The most common date is the 1835, which was struck to the tune of 1,952,000 pieces. The scarcest date? That title technically goes to the 1833, with a comparatively smaller mintage of 156,000. However, in the context of the series (not to mention the categorically scarce realm of all Early Quarters), the 1833 Capped Bust Quarter, with its six-figure mintage, is hardly a coin that screams “rarity.”

The Capped Bust Quarters of 1831 through 1838 saw a reduction in diameter from previous quarter-dollar emissions and are among the most affordable of all Early Quarters. Courtesy of PCGS TrueView. Click image to enlarge.

Does this mean that the 1830s Capped Bust Quarters are common? It’s hard to rightfully call any of these coins “common” in the sense that modern coins are. Most of the 1830s Capped Bust Quarters offer only relatively small numbers of survivors that mostly number in the four figures. However, of all Early Quarters, the Capped Bust Quarters of 1831 through 1838 are by far the most readily available to collectors. They are generally obtainable for less than $200 in grades up to F12. They are therefore the “go-to” Early Quarter of choice for type collectors who need just one representative coin for the entire body of quarters minted prior to the Liberty Seated type that was first seen on the quarter in 1838.

All told, Early Quarters have always enjoyed strong collector interest. The past few years have been especially kind to the Early Quarters. Choice PCGS-graded examples in virtually any grade often command stronger prices now than were seen before the collectibles boom that took off during the early days of the COVID pandemic in 2020. Among the highlights? We need not look any further than the 1796 Draped Bust Quarter, which achieved a record price of $1,740,000 when a PCGS MS66 specimen crossed the block in January 2022. A resplendent 1807 Draped Bust Quarter graded PCGS MS67 notched another record in November 2020 when it hammered at $630,000.

Early Quarters of outstanding quality, like this 1807 Draped Bust Quarter graded PCGS MS67, have performed extraordinarily well on the auction block over the last few years. Courtesy of PCGS TrueView. Click image to enlarge.

One of the best results of the last 18 months was seen with the transaction of an outstanding 1837 Capped Bust Quarter graded PCGS MS67PL, with iridescent shades of sky blue and russet on watery fields. This numismatic creampuff sold for an outstanding $282,000 in a November 2023 auction.

This 1837 Capped Bust Quarter stunned collectors with its iridescent hues and mirrorlike surfaces. It fetched nearly $300,000 in a November 2023 auction. Courtesy of PCGS TrueView. Click image to enlarge.

One of the best results of the last 18 months was seen with the transaction of an outstanding 1837 Capped Bust Quarter graded PCGS MS67PL, with iridescent shades of sky blue and russet on watery fields. This numismatic creampuff sold for an outstanding $282,000 in a November 2023 auction.

While Early Quarters are claiming some spectacular hammer prices in recent years, this exciting area of the United States coin catalog still offers something for everyone, even those on more modest budgets. Type collectors, date-by-date enthusiasts, variety specialists, and trophy coin aficionados all have something to enjoy among the Draped Bust and Capped Bust Quarters. The question to answer? That comes in determining which collecting strategy is best for you. There is no shortage of inspiration on the PCGS Set Registry, which offers nearly 20 categories catering to just Early Quarters – not even counting the multitudes of type-based sets that accommodate Draped Bust and Capped Bust Quarters among other types.

The options are many for collectors who already enjoy the Early Quarters. And for those who have yet to explore these classic U.S. coins, opportunity awaits!