The 1796 Draped Bust Quarter is a rare and significant coin in American numismatic history. It represents the first quarter dollar issued by the United States Mint, making it a highly sought-after item among collectors. This coin features an elegant design by Robert Scot and stands out due to its historical value and limited mintage. In this guide, we will explore the history, design, market data, and notable specimens of the 1796 Draped Bust Quarter to help you understand its importance and value.
Historical Background
In 1793, the United States Mint began producing its first copper coins. The following years saw the introduction of silver and gold coins. By 1796, the Mint had introduced the quarter dollar, alongside the dime and quarter eagle. This year marked the debut of the Draped Bust design by engraver Robert Scot, which was used on the obverse of the quarter. The reverse featured a Small Eagle design, which was replaced by the Heraldic Eagle in 1798.
The 1796 Draped Bust Quarter is particularly notable because it was the only quarter dollar struck in the 18th century and was the sole issue to feature the Small Eagle reverse. This makes it a unique one-year type coin, adding to its appeal among collectors.
Production and Delivery
The production of the 1796 Draped Bust Quarter began on April 9, 1796. The total number of coins delivered during that year and early 1797 is shown in the table below:
| Date | Quantity Delivered |
|---|---|
| April 9, 1796 | 1,800 |
| May 27, 1796 | 2,530 |
| June 14, 1796 | 1,564 |
| February 28, 1797 | 252 |
| Total | 6,146 |
Production was limited and sporadic, with only 5,894 coins delivered by the end of 1796. After a brief continuation in early 1797, no quarter dollars were produced again until 1804.
Design Details
Obverse:
- Features Liberty with flowing hair, draped bust, and ribbon.
- Stars: Eight to the left and seven to the right of LIBERTY.
- Date at the bottom.
- Denticulated rim surrounds the design.
Reverse:
- Displays a right-facing eagle perched on clouds.
- Surrounded by laurel and palm branches, tied with a bow.
- Inscription: UNITED STATES OF AMERICA, forming a near-complete circle.
Edge:
- Reeded
Specifications:
| Attribute | Description |
|---|---|
| Country | United States of America |
| Year | 1796 |
| Denomination | Quarter Dollar (25 Cents USD) |
| Mintmark | None (Philadelphia) |
| Mintage | 6,146 |
| Alloy | .892 Silver, .108 Copper |
| Weight | 6.74 g |
| Diameter | 27.50 mm |
| Edge | Reeded |
| OBV Designer | Robert Scot |
| REV Designer | Robert Scot |
| Quality | Business Strike |
Market Data and Noteworthy Specimens
Over time, the estimated survival rate for the 1796 Draped Bust Quarter has been refined. Walter Breen’s 1964 estimate of 125 to 150 surviving examples was later revised. Steve M. Tompkins suggested that up to 10% of the total mintage might still exist, estimating a higher total of around 615 coins.
Grading and Population:
| Grading Service | Total Population (as of March 2024) |
|---|---|
| CAC | 0 |
| NGC | 39 |
| PCGS | 39 |
Notable Specimens:
| Coin Type | Description | Sale Price |
|---|---|---|
| PCGS MS67 | Highest grade, one example | $1,740,000 (2022) |
| NGC MS67+* | Top grade with star designation | $1,527,700 (2013) |
| PCGS MS66 | Well-preserved with iridescent toning | $1,527,500 (2015) |
| NGC MS64 | Notable for its dark toning | $210,000 (2021) |
Conclusion
The 1796 Draped Bust Quarter is a key piece in early American numismatics. Its historical significance as the first quarter dollar and its unique design make it a valuable item for collectors. Despite its limited production, the surviving examples remain highly sought after, with notable specimens fetching significant sums at auction. This coin’s legacy is preserved in its rarity, design, and the stories of the notable pieces that have passed through the hands of collectors and historians.
FAQ’s
Why is the 1796 Draped Bust Quarter considered so rare?
The 1796 Draped Bust Quarter is rare due to its limited mintage and unique status as the first quarter dollar issued by the U.S. Mint. With only 6,146 coins produced, it represents the sole issue with the Small Eagle reverse, making it a one-year type coin that is highly sought after by collectors.
What are the key design features of the 1796 Draped Bust Quarter?
The 1796 Draped Bust Quarter features an obverse design with Liberty’s draped bust, stars around her, and the date below. The reverse showcases a Small Eagle perched on clouds, surrounded by branches and the inscription “UNITED STATES OF AMERICA.” The coin has a reeded edge and was struck from a silver-copper alloy.
What is the current market value of a 1796 Draped Bust Quarter?
The market value of a 1796 Draped Bust Quarter varies based on its condition and grading. Well-preserved examples in high grades can fetch over $1 million, while lower-grade specimens may be valued between $200,000 and $500,000. Prices are influenced by factors such as rarity, historical significance, and collector demand.