This painting by Edwin Lamasure depicts the early United States Mint of Philadelphia during the late 18th and early 19th centuries, when Early Quarters of the Draped Bust and Capped Bust types were being struck. Public domain image.
PCGS MARKET DEEP DIVE:
EARLY U.S. QUARTERS
of many different denominations from the copper half cent through gold $10 eagle. While most of the denominations had already been struck by 1795, the quarter was late to the game when it entered the scene in 1796 by order of Mint Director Elias Boudinot.
By Joshua McMorrow-Hernandez The workhorse of the American economy, the quarter dollar has been with us since 1796. Over the past 23 decades, the United States quarter has undergone myriad design changes. The denomination has been perhaps more popular as a collectible than ever thanks to the multiple long-term circulating commemorative design programs that have been seen on the quarter since 1999, when the 50 State Quarters kicked off. However, in looking further back on the denomination’s history, the collector will find many classic designs that offer their own intrigue, history, and appeal. For many, the greatest excitement and challenge comes from collecting the Early Quarters of 1796 through 1838. The Early Quarters collectively refer to the Draped Bust and Capped Bust types whose origins reach back to the earliest days of the United States Mint, which was under authority of the Coinage Act of 1792. The law called for the production
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The 1796 Draped Bust Quarter was the first U.S. quarter dollar coin ever struck. It’s a rare coin and a one-year-only type that many collectors desire yet few are able to own. Courtesy of PCGS TrueView. The 1796 Draped Bust Quarter is both a first-year issue and a one-year only type. Carrying Robert Scot’s Draped Bust design on the obverse and the Small Eagle reverse, it’s the only U.S. quarter dollar that was struck in the 18th century. All 1796 Draped Bust Quarters are rare, with PCGS estimating that only about 650 survive from a mintage of 6,146. The caveat is that a relatively high number of these
PCGS MARKET REPORT JAN/FEB 2025