The 1796 Draped Bust Quarter, Small Eagle, is a cornerstone of American numismatics and a highly coveted coin among collectors. As the first quarter dollar ever issued by the United States Mint, its historical significance and rarity make it one of the most sought-after coins in U.S. history. With an intriguing design and a limited mintage, the 1796 Draped Bust Quarter captures a snapshot of early American coinage.
Historical Context
The quarter dollar denomination was authorized by the Coinage Act of 1792, which established the U.S. Mint and standardized American coinage. However, it wasn’t until 1796 that the first quarter dollars were struck. Before then, the half dollar and silver dollar fulfilled much of the country’s need for higher-denomination silver coins.
In 1796, the U.S. Mint in Philadelphia produced the Draped Bust Quarter with a Small Eagle reverse. This design was short-lived, as it was replaced by the Heraldic Eagle reverse in 1804. This limited run of Small Eagle quarters has made them particularly rare and valuable to collectors today.
Design Features
The 1796 Draped Bust Quarter was designed by Robert Scot, the U.S. Mint’s first chief engraver. Both the obverse and reverse showcase intricate details reflective of the neoclassical style of the era:
- Obverse: The obverse features a right-facing portrait of Liberty, her hair flowing and tied with a ribbon. Surrounding the portrait are 15 stars, representing the 15 states in the Union at the time, along with the word “LIBERTY” above and the date “1796” below.
- Reverse: The reverse displays a small eagle perched on a cloud, encircled by an olive wreath. Surrounding the design are the inscriptions “UNITED STATES OF AMERICA.” This Small Eagle reverse was soon replaced in later designs, making this version unique to the 1796 quarter.
The coin has a diameter of 27.5 mm and a weight of 6.74 grams. It is composed of 89.24% silver and 10.76% copper, adhering to the silver standard of the time.
Mintage and Rarity
The 1796 Draped Bust Quarter had a mintage of just 6,146 coins, a remarkably low number by modern standards. All were struck at the Philadelphia Mint, the only U.S. Mint in operation at the time. This small mintage, combined with the coin’s historical significance, makes it one of the rarest and most valuable U.S. coins.
Due to its age and limited production, the 1796 Draped Bust Quarter is extremely difficult to find in high grades. Many surviving specimens show significant wear, as they were heavily circulated.
Value and Collectibility
The value of a 1796 Draped Bust Quarter varies greatly depending on its condition. Even heavily worn examples are worth a substantial amount due to their rarity. Here’s a general breakdown of values:
- Good (G-4): $10,000–$15,000
- Fine (F-12): $25,000–$40,000
- Extremely Fine (EF-40): $60,000–$100,000
- Mint State (MS-60+): $150,000 or more
High-grade examples, particularly those with strong details and minimal wear, can command prices exceeding $200,000 at auction. Collectors often seek out certified examples graded by organizations such as PCGS or NGC to ensure authenticity and quality.
Conclusion
For numismatists, owning a 1796 Draped Bust Quarter is akin to owning a piece of American history. As the first quarter dollar ever minted, it represents the early days of the U.S. Mint and the challenges of establishing a national coinage system. Its rarity and striking design only add to its appeal.
This coin is a key piece for those building a type set of early U.S. silver coinage or focusing on the Draped Bust series. Its value and historical significance ensure its status as a prized possession in any collection.
FAQs
Why is the 1796 Draped Bust Quarter so valuable?
Its low mintage of just 6,146 coins and its status as the first U.S. quarter make it exceptionally rare and highly collectible.
What is the Small Eagle reverse on the 1796 quarter?
The Small Eagle reverse features an eagle perched on a cloud surrounded by an olive wreath. This design was used only in 1796, adding to its uniqueness.
How much is a 1796 Draped Bust Quarter worth?
Depending on condition, its value ranges from $10,000 for heavily worn examples to over $200,000 for high-grade specimens.