In a landmark event for numismatics, a 1796 Draped Bust Quarter Eagle gold coin has shattered previous records by fetching an astounding $7.3 million at a recent auction.
This unprecedented sale underscores the coin’s exceptional rarity, profound historical significance, and the enduring allure of early American currency among collectors.
A Glimpse into the 1796 Draped Bust Quarter Eagle
The 1796 Draped Bust Quarter Eagle holds a pivotal place in American numismatic history as the first $2.50 gold coin minted by the United States. Designed by Chief Engraver Robert Scot, the obverse features the Draped Bust of Liberty, while the reverse showcases a heraldic eagle, symbolizing the nation’s sovereignty.
| Feature | Description |
|---|---|
| Year of Issue | 1796 |
| Denomination | $2.50 (Quarter Eagle) |
| Design | Obverse: Draped Bust of Liberty; Reverse: Heraldic Eagle |
| Designer | Robert Scot |
| Composition | 91.67% Gold, 8.33% Copper |
| Diameter | Approximately 20 mm |
| Weight | 4.37 grams |
| Mintage | Estimated between 897 and 963 coins |
Rarity and Historical Significance
With an original mintage estimated between 897 and 963 coins, the 1796 Draped Bust Quarter Eagle is among the rarest U.S. coins. Its status as the inaugural $2.50 gold coin issued by the United States enhances its desirability. The limited number of surviving specimens, particularly those in pristine condition, makes it a highly sought-after piece among numismatists.
Record-Breaking Auction
The recent auction saw the 1796 Draped Bust Quarter Eagle achieve a staggering $7.3 million, solidifying its position as one of the most valuable U.S. coins ever sold.
While specific details about the auction house and the buyer remain confidential, this sale highlights the coin’s extraordinary rarity and the robust demand for early American gold coins in the collector market.
Factors Contributing to the Coin’s Value
Several elements contribute to the coin’s impressive valuation:
- Rarity: The limited original mintage and the few surviving examples make it exceptionally scarce.
- Historical Significance: As the first $2.50 gold coin minted by the U.S., it holds a unique place in the nation’s monetary history.
- Condition: Specimens in excellent or near-mint condition command significantly higher prices. The $7.3 million example was likely in exceptional condition.
- Provenance: A well-documented ownership history can further elevate the coin’s desirability and value.
Comparison with Other Rare Coins
The $7.3 million sale places the 1796 Draped Bust Quarter Eagle among the highest-priced American coins ever auctioned. For perspective, a 1913 Liberty Head nickel sold for $3.7 million in 2010, and another example fetched $4.2 million in 2022.
Additionally, an 1804 Draped Bust dime achieved $632,000 at auction. These figures illustrate the escalating market for rare and historically significant coins.
The record-breaking sale of the 1796 Draped Bust Quarter Eagle for $7.3 million underscores the enduring fascination with early American coinage. Its rarity, historical importance, and exquisite design ensure its status as a cornerstone of numismatic history, continuing to captivate collectors and investors alike.
Why is the 1796 Draped Bust Quarter Eagle so rare?
The coin had a limited original mintage of fewer than 1,000 pieces, and only a small number have survived to the present day, especially in high-grade condition.
What makes this coin historically significant?
It was the first $2.50 gold coin minted by the United States, marking a significant development in the nation’s early monetary system.
How does the coin’s condition affect its value?
Coins in exceptional or near-mint condition are more valuable due to their scarcity and appeal to collectors seeking well-preserved specimens.
