The Philadelphia Mint produced the first Quarter Eagles of Christian Gobrecht’s design in 1840. The Liberty Head design had previously been introduced on the ten dollar denomination in 1838, and the five dollar denomination in 1839, being the two other gold denominations in use at the time. When the first two and a half dollar pieces with the Liberty Head were released by the Philadelphia Mint all gold denominations now carried the same common design. During this first year of issue a total of 18,859 Quarter Eagles were released by the Philadelphia Mint. While this is a relatively high number compared to some later issues the 1840 Quarter Eagle saw heavy attrition and only about 75 survive in all grades.

An underrated issue, most focus on quarter eagles of this year goes toward the branch mint issues, which mostly had lower mintages but more pieces surviving (the only exception is the 1840-D). The Philadelphia quarter eagle of 1840 is rarely offered for sale but can still be found for a reasonable cost. The notable exception are the few remaining Proofs, of an estimated mintage of just five pieces, struck in a period that the mint did not yet produce Proof coins on a regular basis. While these usually are well struck the coins struck for circulation tend to come lightly struck with very few, if any, coins showing full detail. Most survivors are well circulated and any 1840 Philadelphia Quarter Eagle in AU condition or finer is of the greatest rarity.