Heritage Auctions Search

Skip to main content

Go to accessibility options

1796 $2 1/2 No Stars on Obverse, BD-2, R.4, MS62+ PCGS. CAC. (PCGS# 45501)
Auction 1341 | Lot: 3780 | Jan 13, 2022

Sold For: $2,160,000.00
1824/1 $2 1/2 BD-1, R.5, PR67 PCGS. JD-1, R.8 as a Proof.

(PCGS# 7678)
Auction 1359 | Lot: 4510 | May 7, 2023

Sold For: $1,740,000.00

Make Offer to Owner
$2,610,000 or more
1796 $2 1/2 No Stars MS65 PCGS. (PCGS# 7645)
Auction 454 | Lot: 3058 | Jan 12, 2008

Sold For: $1,725,000.00
1796 $2 1/2 Stars on Obverse, BD-3, High R.5, MS65 PCGS. CAC. (PCGS# 45502)
Auction 1326 | Lot: 3039 | Jan 24, 2021

Sold For: $1,380,000.00
1796 $2 1/2 Stars MS65 NGC. CAC. (PCGS# 7647)
Auction 454 | Lot: 3059 | Jan 12, 2008

Sold For: $1,006,250.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, MS63 PCGS. (PCGS# 45501)
Auction 1355 | Lot: 9003 | Jan 5, 2023

Sold For: $990,000.00
1796 $2 1/2 Stars MS65 NGC. Breen-6114, Bass-3003, BD-3, R.5. BD Die State b. This is the only Gem quality 1796 With Stars quarter eagle certified. The next finest examples grade MS63, and the population goes downward from there. NGC and PCGS have combined to grade just 14 pieces in all Mint State grades, and that total undoubtedly includes several resubmissions. There are certainly less than 10 true Mint State examples of this issue still in existence today. In all grades, the total estimated population is only 40 to 45 coins from a mintage generally believed to be 432 coins.

Historical Commentary

The Mint Act of 1792 authorized all of the gold and silver coins that would eventually be struck by the young Philadelphia Mint. After property was acquired, construction of the actual buildings was completed, and all was ready to produced the Nation's first coinage, copper, silver, and gold. Despite completion of the physical components and acquisition of the necessary equipment, coinage of gold and silver could still not be accomplished as the bonding requirement for key employees was too strict. These employees were unable to meet the original requirement of $10,000 bond to insure against possible loss.

Rittenhouse approached Congress with a request to reduce this amount, which they eventually did. The new requirement was $5,000 bond, a more reasonable figure for the time. It was understood that steps would be put in place for these bonded employees to only have access to a limited amount of gold and silver at any one time, further reducing the risk to the government. Finally, all was set for production of precious metals coinage. Silver dollars and half dollars were coined for the first time late in 1794, followed by other silver denominations. Half eagles and eagles came next, with the first gold coins struck in July 1795, and finally the quarter eagles were produced beginning in September 1796 with the No Stars issue. Even after all was set for product (PCGS# 7647)
Auction 422 | Lot: 3382 | Jan 6, 2007

Sold For: $862,500.00
1831 $2.50 BD-1, R.4, PR67 Cameo PCGS. JD-1, R.7 as a Proof. (PCGS# 87686)
Auction 1359 | Lot: 4511 | May 7, 2023

Sold For: $630,000.00
1808 $2 1/2 BD-1, R.4, MS63 PCGS. CAC. (PCGS# 45515)
Auction 1310 | Lot: 10122 | Sep 17, 2020

Sold For: $576,000.00
1796 $2 1/2 Stars on Obverse, BD-3, High R.5, MS62 NGC. CAC. (PCGS# 45502)
Auction 1390 | Lot: 3182 | Jan 17, 2026

Sold For: $561,200.00
1854-S $2 1/2 XF45 PCGS. CAC. (PCGS# 7773)
Auction 1390 | Lot: 3196 | Jan 17, 2026

Sold For: $561,200.00
1848 $2 1/2 CAL. MS64 PCGS. CAC. (PCGS# 7749)
Auction 1353 | Lot: 11013 | Sep 29, 2022

Sold For: $552,000.00
1798 $2 1/2 Close Date, Four Berries, BD-1, High R.5, MS64 Prooflike PCGS. CAC. (PCGS# 45504)
Auction 1353 | Lot: 11005 | Sep 29, 2022

Sold For: $516,000.00
1804 $2 1/2 13 Stars Reverse, BD-1, Low R.7, AU55 PCGS Secure. CAC. (PCGS# 45509)
Auction 1231 | Lot: 5530 | Jan 11, 2016

Sold For: $505,250.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, MS62 PCGS. (PCGS# 45501)
Auction 1366 | Lot: 3119 | Nov 19, 2023

Sold For: $492,000.00

Make Offer to Owner
$738,000 or more
1796 $2 1/2 Stars on Obverse, BD-3, High R.5, MS63+ PCGS. (PCGS# 45502)
Auction 1359 | Lot: 4502 | May 7, 2023

Sold For: $480,000.00
1854 $2 1/2 PR64 Cameo PCGS. CAC. JD-1, Unique. (PCGS# 87880)
Auction 1359 | Lot: 4512 | May 7, 2023

Sold For: $480,000.00
1804 $2 1/2 13 Stars Reverse, BD-1, High R.6, AU58 PCGS. (PCGS# 45509)
Auction 1359 | Lot: 4504 | May 7, 2023

Sold For: $456,000.00
1833 $2 1/2 PR63 Cameo PCGS. (PCGS# 7688)
Auction 1353 | Lot: 11011 | Sep 29, 2022

Sold For: $408,000.00
1848 $2 1/2 CAL. MS68★ NGC. Shortly after the discovery of gold in the American River region of California, some 228 ounces of Gold Rush bullion was sent by California's military governor, Colonel R.B. Mason, to Secretary of War William Learned Marcy. This was the first shipment east from the west coast's rich deposits. Marcy in turn sent the gold ore to Mint Director Robert Maskell Patterson at the Philadelphia Mint, where it was received on December 8 and was assayed at an average .894 fine. Marcy urged that, "As many may desire to procure specimens of coin made of the California gold, by exchanging other coin for it, I would suggest that it be made into quarter eagles with a distinguishing mark on each..." After enough gold had been taken from the shipment to strike Congressionally-authorized medals for Generals Zachary Taylor and Winfield "Old Fuss and Feathers" Scott, the remainder was converted into quarter eagles, and as Marcy had suggested one distinguishing feature was added to each coin: the abbreviation CAL. was impressed into the reverse above the eagle. It is believed that enough gold bullion was left after the gold was extracted for the medals to strike 1,389 quarter eagles with the CAL. imprint.

It is not known how many citizens actually did exchange other coins for these commemorative quarter eagles as Secretary Marcy suggested. However, the number could not have been very large, probably no more than a couple dozen pieces, as most CAL. quarter eagles are found well circulated and Mint State specimens are very rare. NGC and PCGS have certified fewer than 50 Mint State examples, but many of these are likely resubmissions.

The coin offered in this lot displays semi-prooflike fields, as is the case with most of the high grade pieces we have seen or know of. Pronounced die striations are visible in the fields, which, of course, account for this reflectivity. Both sides yield an even yellow-gold patination. The design elements are sharply defined, excep (PCGS# 7749)
Auction 394 | Lot: 3419 | Jan 7, 2006

Sold For: $402,500.00
1838 $2 1/2 JD-1, HM-1, R.8 as a Proof, PR64 Cameo PCGS. CAC. (PCGS# 7714)
Auction 1363 | Lot: 9012 | Aug 10, 2023

Sold For: $396,000.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, MS61 PCGS. CAC. (PCGS# 45501)
Auction 1276 | Lot: 4094 | Jun 17, 2018

Sold For: $396,000.00
1808 $2 1/2 BD-1, R.4, MS63 NGC. (PCGS# 45515)
Auction 1390 | Lot: 3186 | Jan 17, 2026

Sold For: $390,400.00
1808 $2 1/2 BD-1, R.4, MS63 NGC. (PCGS# 45515)
Auction 1385 | Lot: 3331 | Aug 31, 2025

Sold For: $384,000.00
1834 $2 1/2 Capped Bust PR62 PCGS. BD-1, JD-1, High R.7. (PCGS# 7689)
Auction 1355 | Lot: 9009 | Jan 5, 2023

Sold For: $384,000.00
1808 $2 1/2 BD-1, R.4, MS62 PCGS. (PCGS# 45515)
Auction 1355 | Lot: 9006 | Jan 5, 2023

Sold For: $372,000.00
1831 $2 1/2 BD-1, JD-1, R.7 as a Proof, PR64 Cameo PCGS. (PCGS# 106222)
Auction 1380 | Lot: 4729 | Jan 19, 2025

Sold For: $360,000.00
1808 $2 1/2 BD-1, R.4, MS63 NGC. (PCGS# 45515)
Auction 1366 | Lot: 3120 | Nov 19, 2023

Sold For: $360,000.00
1854-S $2 1/2 VG10 PCGS. (PCGS# 7773)
Auction 1344 | Lot: 3941 | May 8, 2022

Sold For: $360,000.00
1848 $2 1/2 CAL. MS68★ NGC. (PCGS# 7749)
Auction 454 | Lot: 3091 | Jan 12, 2008

Sold For: $345,000.00
1854-S $2 1/2 XF45 PCGS. For collectors of the Liberty quarter eagles, the 1854-S is considered the ultimate issue. This series presents several challenges, including the 1841 "Little Princess" and other rarities, but just 12 examples of the '54-S are known from the original mintage of 246 coins in April 1854. This issue was entirely unknown in numismatic circles until discovery of the first specimen less than a century ago in 1910.

This issue is a landmark rarity in the field of United States numismatics, a classic piece with few peers. With just a dozen pieces known, it has a rarity similar to coins such as the 1804 silver dollar, the 1907 Ultra High Relief double eagle, the 1927-D double eagle, and the 1894-S Barber dime, all coins that have broken the million-dollar barrier. The record price for an 1854-S quarter eagle is just $254,000.

The roster shows that surviving specimens can be divided into three groups by condition. A single coin is clearly the finest known, followed by this piece and two others that grade XF45, and the remaining eight coins, all in lower grades.

Historical Overview

During the first few years of the California gold rush, commerce was unorganized. Available coinage included those few coins that might have been carried from the East by miners seeking their fortune. Spanish colonial silver coins, including eight reales and fractional pieces provided the majority of small change in the region, while private firms began making various gold pieces from the material that was mined. Private firms produced pieces mostly ranging from five dollars to 50 dollars, while some firms also produced small fractional gold pieces of 25 cents, 50 cents, and one dollar. In addition, individuals carried sacks of gold to exchange for necessities. Paper money did not exist in the region, and in fact was prohibited.

The San Francisco Mint began operations in 1854, after its establishment by Congressional Legislation per the Act of July (PCGS# 7773)
Auction 430 | Lot: 4325 | Feb 17, 2007

Sold For: $345,000.00
1832 $2 1/2 PR63 PCGS. BD-1, JD-1, R.8 as a Proof. (PCGS# 7687)
Auction 1363 | Lot: 9010 | Aug 10, 2023

Sold For: $336,000.00
1796 $2 1/2 Stars MS63 PCGS Secure. BD-3, High R.5. (PCGS# 7647)
Auction 1173 | Lot: 5282 | Aug 5, 2012

Sold For: $329,000.00
1804 $2 1/2 13 Star Reverse AU58 PCGS. (PCGS# 7651)
Auction 1128 | Lot: 1209 | Aug 2, 2009

Sold For: $322,000.00
1804 $2 1/2 13 Star Reverse AU55 NGC. (PCGS# 7651)
Auction 1114 | Lot: 1459 | Aug 3, 2008

Sold For: $322,000.00
1808 $2 1/2 MS63 NGC. (PCGS# 7660)
Auction 454 | Lot: 3069 | Jan 12, 2008

Sold For: $322,000.00
1796 $2 1/2 No Stars MS61 PCGS. Breen-1, Breen-6113, Bass-3002, High R.4. About 40 years ago, when Walter Breen published his monographs on the quarter eagles, he considered this issue to be High R.6, meaning that only 13 to 18 examples survived. At that time or before, there was some confusion regarding the order of strike and the number of coins known. Official Mint delivery records indicate that quarter eagles were struck and delivered at different times. Coins were delivered on September 22, 1796 and December 8, 1796 with 66 and 897 pieces delivered, respectively. One additional delivery of quarter eagles amounted to 432 coins, but these were not actually delivered by the Chief Coiner to the Mint treasurer until January 14, 1797. At one time, it was believed that the 432 pieces delivered in 1797 were actually coined in 1797. Montroville Dickeson, for example, claimed a mintage of just 963 coins for the 1796 quarter eagles. It is intriguing that Dickeson, who was not the most knowledgeable of numismatists, recorded that two types and three varieties of 1796 quarter eagles existed. Today, there are exactly two types and three varieties known, although one of these three was not generally known to exist until the 20th century.

The three varieties that are known today were recorded in The Harry W. Bass, Jr. Museum Sylloge, and assigned numbers HBCC-3001, 3002, and 3003. The letters HBCC represent "Harry Bass Core Collection," the appropriate designation created by author Q. David Bowers to provide a unique cataloging system. The first two varieties are from a single No Stars obverse. Variety-3001 is a rarity with only six examples known, representing about 10% of the September 22 delivery of 66 coins. Variety-3002 is considered High R.4 with about 90 examples known, or about 10% of the December 8, 1796 delivery of 897 coins. Variety-3003, the only variety from the With Stars obverse die, is considered R.5 with about 45 examples known, which approximates 10% of the 43 (PCGS# 7645)
Auction 414 | Lot: 5417 | Aug 14, 2006

Sold For: $322,000.00
1829 $2 1/2 MS67 PCGS. Breen-1, Breen-6132, Bass-3026, R.4. William Kneass modified the quarter eagle design this year, perhaps specifically to mark introduction of the close collar among coins of this denomination. The diameter of the quarter eagles was reduced slightly, to 18.2 mm., and it was this slight reduction that drove the design modification. Smaller stars were employed on the obverse, and the rims were changed to use a beaded border with a high plain rim, an advancement that protected much of the surface of the coin from wear and nicks. The stars and date were each punched into the die by hand, one at a time, thus exhibit slight variance in their relative position. In the date, for example, the digit 8 is slightly low in relation to the other numerals. The three stars at the top, trapped between the top of Liberty's cap and the border, appear to be slightly closer in relation to each other than the remaining stars. The reverse was similarly modified, especially in the treatment of the border. Individual letters in the statutory legend appear to be entered by hand, again, one at a time. This reverse die was only used in 1829, with further modifications for the 1830 reverse, which remained in use through the end of the series.

Today these coins, struck from 1829 through 1834, are among the rarest of U.S. coin types. During this period, just over 25,000 coins were struck. Many if not most were melted, some in the year of issue, as their bullion value was higher than their face value. Beginning after the War of 1812, effectively starting in 1815, and continuing until implementation of the Act of June 28, 1834, gold coins were only available at a premium. Thus, the few collectors of those days could not pull examples from circulation, but had to buy them from bullion dealers.

These were the first quarter eagles struck with the new "close collar" technology. The close collar, sometimes incorrectly called a closed collar, was essentially a ring of steel the same diam (PCGS# 7669)
Auction 414 | Lot: 5423 | Aug 14, 2006

Sold For: $316,250.00
1831 $2 1/2 BD-1, JD-1, R.7 as a Proof, PR64 Cameo PCGS. (PCGS# 106222)
Auction 1385 | Lot: 3339 | Aug 31, 2025

Sold For: $312,000.00
1911-D $2 1/2 MS66+ PCGS. CAC. (PCGS# 7943)
Auction 1380 | Lot: 4684 | Jan 19, 2025

Sold For: $312,000.00
1796 $2 1/2 No Stars on Obverse, BD-1, High R.7, AU55 PCGS. (PCGS# 45500)
Auction 1353 | Lot: 11004 | Sep 29, 2022

Sold For: $312,000.00
1848 $2 1/2 CAL. MS68★ NGC. (PCGS# 7749)
Auction 1314 | Lot: 3774 | Apr 26, 2020

Sold For: $300,000.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, MS63 NGC. (PCGS# 45501)
Auction 1311 | Lot: 4325 | Jan 12, 2020

Sold For: $300,000.00
1854-S $2 1/2 VF25 NGC. (PCGS# 7773)
Auction 1347 | Lot: 3214 | Jul 14, 2022

Sold For: $288,000.00
1796 $2 1/2 No Stars MS63 NGC. Breen-1, Breen-6113, Bass-3002, BD-2, High R.4. Among the early quarter eagles produced from 1796 to 1834 are several important type coins, including two distinct single-year designs and several important subtypes of these basic designs. There is little doubt that the 1796 No Stars quarter eagle and the 1808 Capped Bust quarter eagle are two of the most important type coins in the entire panorama of American numismatics.

After the Mint Act of April 2, 1792, was passed by Congress, steps were taken to proceed with a physical Mint facility in Philadelphia, then the nation's capital. The cornerstone for the new building, the first official government structure in the United States, was placed on July 31, 1792, and construction continued until early 1793. It was March 1 of that year that the first coins were produced within the physical Mint building, those coins being the 1793 Chain cents, specifically the famous "Chain Ameri" pieces.

Although the capability to produce silver and gold coinage existed at that same time, there was a delay in production of the precious metals. The original 1792 coinage Act specified that the Mint treasurer, assayer, and chief coiner shall each post a bond in the amount of $10,000 to ensure their proper handling of gold and silver deposits. While this doesn't seem to be a large amount today, it was substantial for the time. The annual salary for the assayer and chief coiner in 1795 was $1,200, thus the required bond was more than eight years' salary. Congressional approval was then required to lower the necessary bond to $5,000, a more reasonable requirement. Once these bonds were posted, silver dollars were coined in 1794, and gold coins beginning in 1795.

The first quarter eagles were struck on September 21, 1796, with a delivery of just 66 pieces. It is believed that all of these pieces were the extremely rare variety now known as BD-1 (BD for Bass-Dannreuther), that a further delivery of 897 pieces date (PCGS# 7645)
Auction 422 | Lot: 3380 | Jan 6, 2007

Sold For: $287,500.00
1808 $2 1/2 MS63 NGC. Breen-6125, Bass-3017, BD-1, R.4. Johann Matthias (John) Reich joined the Mint engraving staff on April 1, 1807, and served a 10-year tenure until March 31, 1817. He was responsible for the Capped Bust coinage so familiar today. Reich set about redesigning every denomination from the half cent through the half eagle. In 1807, his Capped Bust design appeared for the first time on half dollars, and a similar design also appeared on the half eagles in 1807. Early the next year, a modification of this design, known today as the Classic Head, appeared on large cents and followed on the half cents in 1809. For silver coins, the Capped Bust design was utilized for dimes in 1809, quarter dollars in 1815, and half dimes in 1829. Silver dollars and eagles were not in production, thus the Reich designs never appeared on those denominations. Perhaps the single most important entry in the Reich parade of designs is the quarter eagle of 1808.

John Reich was a native of Bavaria who learned the engraving trade from his father, Johann Christian Reich. According to L. Forrer in the Biographical Dictionary of Medalists: the elder Reich was "born at Eisenberg (Saxe-Altenburg) about 1740, settled at Furth in 1758, and died in 1814. He probably began as an assistant to a Counter-manufacturer, but started business on his own account about 1770, as shown by various counters bearing his name, some of which refer to the famine of 1771/1772. He had a factory of organs, clocks, mathematical instruments, musical boxes, and other objects. Of that period is a series of medals by him dated 1771 and 1772, and commemorating also that famine." The younger Reich, according to Forrer, collaborated with his father from about 1789 to 1800. Johann Matthias was born in Furth in 1768. Many of the medals issued during those years with the signature of Reich were the work of both father and son together. John Reich immigrated to America in 1800, settling in Philadelphia. Apparently he cam (PCGS# 7660)
Auction 422 | Lot: 3392 | Jan 6, 2007

Sold For: $287,500.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, MS62 NGC. (PCGS# 45501)
Auction 1327 | Lot: 3735 | Feb 24, 2021

Sold For: $276,000.00

Make Offer to Owner
$414,000 or more
1796 $2 1/2 No Stars MS61 PCGS. CAC. Breen-6113, BD-2, R.4. (PCGS# 7645)
Auction 1158 | Lot: 7436 | Aug 14, 2011

Sold For: $276,000.00

1

2 3 4 5

Results per page: 24 48 72