1807 Draped Bust Quarter Eagle $2.50 NGC AU58

The only variety for the year. Certainly a low-mintage date, although this date is usually considered to be the most available issue for this type. A further confirmation of the early strike this particular coin received from these dies are the moderate prooflike fields. While prooflike characteristics are not uncommon on early gold coinage, it adds a vibrant twist to the present coin. Together with the light yellow color and vibrant luster it gives the surfaces the look of a coin which was minted recently, and not 200+ years ago.

This is a very difficult early rare gold coin to find in this condition as you can well imagine. As even most of these coins will show heavy bag marks and other signs from handling, the present AU58 coin is a major opportunity for the specialist of early American gold coinage, the collector of a high grade type set, or the conscious investor with a keen eye for numismatic history.

The present coin is also important for its status as the final issue of the first major quarter eagle type struck at the Philadelphia Mint. Introduced in 1796, the first years mintage was split into two different subtypes, either with obverse stars (the first type and extremely rare) or with the addition of stars to both sides of Liberty.

The latter continued, with a few minor alterations, to be struck until 1807. The next year it was replaced by the equally rare Large Capped Bust, a one-year type coin with only 2,710 coins struck. No quarter eagles would be struck until 1821, when the old draped bust design (as seen here) was replaced by yet another design. All these types and issues are rare, especially so in uncirculated condition and are often included in listings for stoppers in complete type sets.

Only a single die pair was used for quarter eagle production in 1807. The obverse, obviously, was a new die, but the reverse had been used in 1805 and 1806 as well. By the time it was used for coinage in 1807 it had been extensively lapped, and not every detail was as clear on the die as it had been in 1805.

This is a genuine characteristic of this variety, and while it does not affect its value it does provide a valuable tool for research. On this coin, the effect of lapping is especially visible in the center. The obverse is in its earliest die states, with no visible signs of clashing, lapping or die cracks.