1807 Quarter Eagle - 1807 Quarter Eagle $2.5 NGC MS63

1807 Quarter Eagle (1807 $2.5) NGC MS63. B-6124, BD-1, R-3. Also identified as B-6124 in Breens Encyclopedia, Adams 1, Clapp 1, Newcomer 685. The only variety for the year, with a total mintage of 6,812 pieces. Certainly a low-mintage date, although this date is usually considered to be the most available issue for this type.

This does not mean, as can be seen with most early gold coins, that this issue is easily found in any grade. Only about 300 examples are known in all grades according to most researchers (the true number of individual examples might be somewhat lower, in our opinion). These include impaired, cleaned and damaged examples, and only a couple of dozen coins will correctly be graded as uncirculated. As even most of these coins will show heavy bag marks and other signs from handling, the present MS-63 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.

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. A few minor marks are noted on either side, most likely affecting the grade, but none are sever and overall the coin appears to be of premium quality. In all, this offering represents a rare opportunity, certified by NGC in a new holder, last year of the design with an NGC census of 5 and none better!