Quarter eagle
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The quarter eagle is a gold coin that was issued by the United States with a value of two hundred and fifty cents, or two dollars and fifty cents. It was given its name in the Coinage Act of 1792, as a derivation from the US ten-dollar eagle coin.
History
[edit] | This section needs more citations. (November 2022) |
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The quarter eagle, worth $2.50, was authorized by the Coinage Act of 1792, and denominated at one-fourth of an eagle.[1] The Philadelphia Mint could not begin striking gold coins until 1795, as the chief coiner and assayer each had to pay a $10,000 surety bond required by law, which neither could pay. An act of Congress in 1794 lowered the bond requirement to $5,000 for the chief coiner and $1,000 for the assayer.[2] Striking of gold coinage began in 1795, though the first quarter eagles were struck in 1796.[3]
The earliest quarter eagles were designed by Robert Scot. The obverse design was copied from that of the 1795 gold coinage,[4] which depict Liberty facing right wearing a liberty cap, with the word LIBERTY above; this design is referred to as the Capped Bust, though it is sometimes called the Turban Head as due to the cap being mistaken for a turban.[5] The reverse depicts a heraldic eagle based on the Great Seal of the United States with the words UNITED STATES OF AMERICA.[4] Unusually, the first 1796 quarter eagles did not have stars on the obverse, with no reason being known.[6] Later 1796 issues had 16 stars, 8 on each side of the obverse, representing the 16 states at the time. In 1797, Mint director Elias Boudinot ordered Scot to limit the number of stars on the obverse of coins to 13.[7] Quarter eagles were struck with the Capped Bust design until 1798, then again in 1802, and lastly from 1804 to 1807.[8]
John Reich was asked by Mint director Robert Patterson to provide new designs for all denominations of coinage. Reich's design for the quarter eagle was only struck in 1808.[9]
The quarter eagle denomination was struck at the main mint at Philadelphia (1796–1929), and branch mints in Charlotte (1838–1860), New Orleans (1839–1857 only), Dahlonega (1839–1859), San Francisco (1854–1879), and Denver (1911–1925). Years were skipped at the various mints, with no coins at all made from 1809–1820 and 1916–1924. The first issues weighed 67.5 grains (0.154 oz; 4.37 g) at .9167 fineness. This was modified to 64.5 grains (0.147 oz; 4.18 g) and at .8992 fineness by the Coinage Act of 1834. The soon-to-follow Coinage Act of 1837 established a fineness of .900,[10] meaning that 1837 and later quarter eagles contain 0.121 troy ounces (0.133 oz; 3.8 g) of gold content.
Relatively few coins were struck prior to 1834, owing to their higher gold content (promoting melting for their bullion content). The first issues were struck in 1796.[11] The quarter eagle denomination was officially discontinued in 1933 with the removal of the United States from the Gold Standard, although the last date of issue was 1929.
On February 10, 2026, the United States House of Representatives unanimously passed a bill introduced by Rep. Robert Aderholt that would require the United States mint to restart production of $2.50 denominated coins in honor of the 250th anniversary of the United States of America.[12]
List of design varieties
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Capped Bust
[edit]Also known as the "Turban Head", this interpretation of Liberty wearing a turban-like cap was designed by Robert Scot and was minted from 1796 to 1807, for a total of less than 20,000 coins minted.[13]
There were three varieties of this design. First came the Capped Bust facing right variety. There were two variations of this design, no stars on the obverse, and stars on the obverse. The 'no stars' variety was produced only in 1796, replaced with the stars. In 1808, Liberty was redesigned by John Reich, to be wearing more of a traditional cap rather than a turban. This design was minted for 1808 only, but in 1821 the mint reinstated the quarter eagle and it was produced again until 1827, to 18.5 millimetres (0.73 in) from the original 20. In 1829, the quarter eagle was reduced in size again to 18.2 millimetres (0.72 in), and featured smaller letters and stars. This version of the design was produced until 1834.[14]
Classic Head
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The "Classic Head" variety was designed by William Kneass, which featured a traditional maiden with a ribbon binding her long, curly hair. This variety omitted E pluribus unum from the reverse of the coin. In 1840, a coronet and smaller head were designed to conform with the appearance of the larger gold coins, therefore making the Classic Head design obsolete.[citation needed]
The Classic Head design was produced from 1834 to 1839.[11]
Liberty Head
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Also known as the "Coronet Head", the Liberty head was designed to match the styles of the other gold eagles the government was producing. The Liberty Head design was created by Christian Gobrecht and was produced successfully from 1840 to 1907, making it the most popular and longest of all of the designs for the quarter eagle. Like its predecessor, this variety omitted E Pluribus Unum from the reverse.[citation needed]
One notable date is 1848, when 230 ounces of gold were sent to the Secretary of War Marcy by Colonel R.B. Mason, the military governor of California. The gold was turned over to the mint and promptly made into quarter eagles. The distinguishing mark CAL. was punched above the heraldic eagle on the reverse side of the coin. Only 1,389 of these coins were minted and are highly sought after by collectors.[15] There are several specimens with proof-like surfaces and the coins are highly sought after by collectors, with one example selling for $402,500 at auction in 2006.[16]
Indian Head
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The "Indian Head" design and the similar half eagle piece were created by Boston sculptor Bela Lyon Pratt. The coin was a departure from other examples of American coinage because it had no raised edges, instead featuring a design sunk into the planchet. The public had much distaste for the experimental and unusual design. Many feared that the recessed surfaces would collect germs,[17] and others simply thought it was ugly. Numismatists took little interest in the coin. This resulted in few examples in uncirculated condition and the coin slipped into obscurity for many years.[17] Later, however, collectors came to adore the exotic design and the coin is recognized as part of the creative renaissance of American coinage. The Indian Head design was produced from 1908 to 1929.[11] It is frequently counterfeited.[18]
Commemorative issues
[edit]Two of the early United States commemorative coins are quarter eagles. The 1915-S was produced for the Panama-Pacific Exposition in San Francisco.[19] The obverse depicts Liberty riding a hippocampus, while the reverse shows an eagle. Only 6,749 were sold.[20] Considerably more common is the 1926 issue struck to commemorate the Sesquicentennial Exposition in Philadelphia. A total of 46,019 pieces were sold. The obverse shows Liberty standing on a globe and holding a torch and the United States Declaration of Independence, while the reverse pictures Independence Hall.[21] Since the resumption of commemorative gold coin mintage in 1984 none have been struck in this denomination.[citation needed]
References
[edit]- ↑ Yeoman 2021, p. 988.
- ↑ Bowers 2016, p. 63.
- ↑ Bowers 2016, p. 66-67.
- 1 2 Garrett & Guth 2008, $2.50 Gold Coins.
- ↑ Garrett & Guth 2008, $5 Gold Coins.
- ↑ Garrett & Guth 2019, p. 81.
- ↑ Breen 1988, p. 486.
- ↑ Yeoman 2021, pp. 990=991.
- ↑ Breen 1988, p. 488.
- ↑ Yeoman 2014, p. 245.
- 1 2 3 "Quarter Eagles". PCGS. Archived from the original on September 6, 2021. Retrieved September 6, 2021.
- ↑ "House passes measure to mint collectible $2.50 coin for America 250". Washington Examiner. Retrieved June 20, 2026.
- ↑ Travers 2007, p. 173.
- ↑ Yeoman 2014, p. 246.
- ↑ "Liberty Head $2.5". PCGS. Archived from the original on September 6, 2021. Retrieved September 6, 2021.
- ↑ Yeoman 2014, p. 248.
- 1 2 Yeoman 2014, p. 251.
- ↑ Sargent, Mike (April 13, 2009). "Indian Head Quarter Eagles – King of the Counterfeit Gold Coin Series!". Archived from the original on April 15, 2019. Retrieved April 15, 2019.
- ↑ Yeoman 2014, pp. 288–289.
- ↑ Yeoman 2014, p. 289.
- ↑ Yeoman 2014, p. 295.
Bibliography
[edit]- Breen, Walter (1988). Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins. New York, N.Y.: Doubleday. ISBN 978-0-385-14207-6. OL 4404444M.
- Bowers, Q. David (2016). A Guide Book of the United States Mint. Pelham, AL: Whitman Publishing. ISBN 978-0-7948-4397-7.
- Garrett, Jeff; Guth, Ron (2008). Encyclopedia of U.S. Gold Coins 1795–1933: Circulating, Proof, Commemorative, and Pattern Issues (2nd ed.). Atlanta, GA: Whitman Publishing. ISBN 978-0-7948-2254-5.
- Garrett, Jeff; Guth, Ron (2019). 100 Greatest U.S. Coins (5th ed.). Pelham, AL: Whitman Publishing. ISBN 978-0-7948-4647-3.
- Travers, Scott A. (2007). Scott Travers' Top 88 Coins to Buy and Sell: 44 Winners and 44 Losers. Random House Information Group. p. 173. ISBN 9780375722219. Retrieved June 13, 2021.
- Yeoman, R.S. (2014). Bressett, Kenneth (ed.). A Guide Book of United States Coins 2015 (68th ed.). Atlanta, Georgia: Whitman Publishing. ISBN 978-079484215-4. OCLC 875521690. OL 28306197M.
- Yeoman, R. S. (2021). Bowers, Q. David; Garrett, Jeff; Bressett, Kenneth (eds.). A Guide Book of United States Coins (Mega Red 7th ed.). Pelham, AL: Whitman Publishing. ISBN 978-0-7948-4897-2.
