In a landmark event for numismatics, an exceptionally rare 1808 Capped Bust Quarter Eagle recently fetched an astounding $3.4 million at auction. This sale underscores the coin’s unparalleled significance and the fervent interest it commands among collectors and investors.
Overview of the 1808 Capped Bust Quarter Eagle
The 1808 Capped Bust Quarter Eagle holds a unique place in U.S. coinage history. Designed by Assistant Engraver John Reich, this $2.50 gold coin was minted exclusively in 1808, with a limited production of just 2,710 pieces. Its one-year-only design and scarce mintage have made it a coveted piece among numismatists.
Design and Features
- Obverse: The coin features Liberty facing left, adorned with a cap inscribed “LIBERTY.” Thirteen stars encircle the portrait, symbolizing the original colonies, with the date “1808” positioned below.
- Reverse: The reverse showcases a naturalistic eagle with outstretched wings, clutching an olive branch and arrows. Above the eagle is a ribbon bearing the motto “E PLURIBUS UNUM,” and the denomination “2 1/2 D.” is inscribed below.
Historical Context
The early 19th century saw limited production of quarter eagles due to minimal demand for the denomination. The 1808 issue was the last quarter eagle minted until 1821, further enhancing its rarity. The coin’s design marked a departure from previous motifs, introducing a more naturalistic representation of Liberty and the eagle.
Auction Highlights
The recent auction, held by a prominent numismatic firm, witnessed intense bidding for the 1808 Capped Bust Quarter Eagle. The coin’s exceptional condition, graded MS65 by the Professional Coin Grading Service (PCGS), contributed significantly to its record-breaking sale price of $3.4 million.
Factors Influencing the Record Sale
Several elements contributed to the coin’s remarkable auction result:
- Rarity: With an original mintage of 2,710 and an estimated 125 to 150 surviving specimens, the 1808 Quarter Eagle is among the rarest U.S. coins.
- Condition: The MS65 grade denotes a coin in near-pristine condition, a rarity for early 19th-century gold coins.
- Historical Significance: As a one-year-only design and the last quarter eagle minted before a 13-year hiatus, the coin holds substantial historical importance.
Comparative Analysis
| Year | Auction House | Grade | Sale Price |
|---|---|---|---|
| 2015 | Stack’s Bowers | MS65 | $2,350,000 |
| 2020 | Heritage Auctions | MS63 | $517,500 |
| 2024 | Stack’s Bowers | AU53 | $156,000 |
| 2024 | Heritage Auctions | AU53 | $156,000 |
| 2024 | Stack’s Bowers | MS65 | $3,400,000 |
Note: The 2024 entries reflect the most recent auction results, including the record-breaking $3.4 million sale.
Implications for the Numismatic Market
This unprecedented sale underscores the robust demand for rare and historically significant coins. It also highlights the importance of coin grading and preservation, as higher-grade specimens command premium prices. Collectors and investors are likely to view this sale as a benchmark, potentially influencing future valuations of similar rare coins.
The $3.4 million sale of the 1808 Capped Bust Quarter Eagle is a testament to the enduring allure of rare numismatic treasures. Its unique design, historical significance, and exceptional condition have solidified its status as a cornerstone of American coinage history.
FAQs
Why is the 1808 Capped Bust Quarter Eagle so valuable?
Its value stems from its rarity, one-year-only design, limited mintage, and historical significance in U.S. coinage.
How many 1808 Capped Bust Quarter Eagles are known to exist?
Estimates suggest that between 125 to 150 specimens survive today.
What does the MS65 grade signify?
MS65 indicates a coin in mint state with minimal imperfections, reflecting high-quality preservation.
