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

Sold For: $561,200.00
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
1911-D $2 1/2 MS66+ PCGS. CAC. (PCGS# 7943)
Auction 1380 | Lot: 4684 | Jan 19, 2025

Sold For: $312,000.00
1836 $2 1/2 Unlisted Variety PR66 Ultra Cameo NGC. Unlisted Obverse Die, Script 8, Reverse of Variety G (AM widely spaced). R.8, two known. Misattributed by NGC as Head of 1835, this coin is an unlisted variety in the standard references: Breen, McCloskey, Bass, Garrett-Guth. The coin is the same variety as lot 1720 in the sale of the John Jay Pittman Collection conducted by David Akers (5/98), later offered by Bowers and Merena Galleries as part of the Cabinet of Lucien M. LaRiviere, Part III (5/01). The coin went unsold in the Bowers and Merena auction. The Pittman-LaRiviere coin is pictured on the www.coinfacts.com website (Collector's Universe, Inc.) for the 1836 quarter eagle under Item 1. The site notes that "This coin offered a completely new obverse die that had never been seen on any 1836 Quarter Eagle!" Specimens of the 1836 quarter eagle are traditionally (and perhaps unfortunately) called Head of 1834, Head of 1835, and Head of 1837. And yet, this coin's obverse is none of those three heads.

This example is a second specimen of this rare and unlisted variety, but it is not the same coin as the Pittman example, the apparent discovery coin. The present coin, graded PR66 Ultra Cameo by NGC, is clearly finer than the PR64 Pittman coin. The present example has a Script (or Fancy) 8, and yet it is not the Head of 1835. All Script 8 examples listed in the standard references (Varieties D, G, and H) bear the Head of 1835. The Script 8 is identified by a thick juncture of the top and bottom loops of the 8, and those loops appear to be flattened ovals, or ovals lying on their sides. None of the listed obverse dies is an exact match for this coin. While the obverse bears a passing similarity to the Head of 1834, there are many obvious differences as well:

--Even a casual glance will confirm that the bust is taller and narrower than on the Head of 1834, and the profile from the forecurl to the tip of the nose is nearly straight. On the Head of 1834, the profil (PCGS# 97712)
Auction 422 | Lot: 3104 | Jan 6, 2007

Sold For: $253,000.00
1830 $2 1/2 BD-1, R.4, MS66+ PCGS. CAC. (PCGS# 45524)
Auction 1353 | Lot: 11010 | Sep 29, 2022

Sold For: $252,000.00
1831 $2 1/2 MS66+ Prooflike PCGS. (PCGS# 7671)
Auction 1310 | Lot: 10123 | Sep 17, 2020

Sold For: $240,000.00
1796 $2 1/2 No Stars XF40 PCGS. CAC. (PCGS# 7645)
Auction 1114 | Lot: 1450 | Aug 3, 2008

Sold For: $207,000.00
1911-D $2 1/2 MS66 PCGS. (PCGS# 7943)
Auction 1341 | Lot: 4684 | Jan 14, 2022

Sold For: $204,000.00
1911-D $2 1/2 MS66 PCGS. When one discusses the 1911-D quarter eagle, what usually comes to mind first is its impressively low mintage and its absolute rarity. What is often overlooked, however, is its condition rarity beyond the obvious fact that the higher the grade the fewer the number of coins available. But there is a precipitous drop between the MS64 grade and MS65 (194 pieces to a mere 9). In MS66, it is even more dramatic with only three pieces having been so graded by PCGS with none finer at either of the major services (3/04).

This is a truly spectacular coin, not just for an '11-D but for any Indian quarter eagle. The fields are nearly flawless with only the most minute abrasions present (strong magnification will be required). The striking details are fully brought up in all areas except the lowest feather of the headdress, as usual for business strikes of this type. The mintmark is especially sharp and worthy of note. The mint luster is smooth and satiny with an overlay of incredible rose-gold and lilac coloration that gives this coin a really distinctive appearance. Sure to be eagerly sought after by several serious collectors of this short, collectible series. (PCGS# 7943)
Auction 320 | Lot: 8103 | Jul 21, 2004

Sold For: $184,000.00
1825 $2 1/2 BD-2, High R.4, MS66 NGC. (PCGS# 45519)
Auction 1385 | Lot: 3333 | Aug 31, 2025

Sold For: $180,000.00
1911-D $2 1/2 MS66 PCGS Secure. (PCGS# 7943)
Auction 1184 | Lot: 4476 | Apr 28, 2013

Sold For: $176,250.00
1911-D $2 1/2 MS66 PCGS. (PCGS# 7943)
Auction 1138 | Lot: 2176 | Mar 28, 2010

Sold For: $172,500.00
1825 $2 1/2 BD-2, High R.4, MS66 NGC. (PCGS# 45519)
Auction 1391 | Lot: 3145 | Mar 28, 2026

Sold For: $164,700.00
1831 $2 1/2 MS66 PCGS. (PCGS# 7671)
Auction 454 | Lot: 3074 | Jan 12, 2008

Sold For: $161,000.00
1911-D $2 1/2 MS66 PCGS. Ex: Norweb/Bass. An amazing Condition Census representative of the key issue in the Indian Quarter Eagle series, with a pedigree that is every bit as impressive as the coin itself. This specimen was last sold through auction in Part 2 of the Harry W. Bass, Sr. Collection, and eleven years earlier made its appearance in the landmark Norweb Sale, where we quote a portion of the description:

Not only is this coin in outstanding condition, it is also sharply struck, with the D mintmark being particularly well defined, more so than usual. In this outstanding condition, here is a great rarity, a coin which should attract a great deal of attention and which will probably result in a new record being set. We have never seen a finer specimen."

Later, when comparing Gem examples of the 1911-D in the Bass Sale, the cataloger noted: "...we unhesitantly state that few can hold a candle to the Norweb/Bass coin. Accordingly, numbers aside--you are welcome to pick your own grading number if you wish--this coin ranks very high in terms of combined desirability--high grading number plus sharpness of strike plus excellent aesthetic appeal." The coin has since been upgraded to a PCGS MS66, one of just four 1911-D Quarter Eagles to be certified as such by PCGS (11/04).
Ex: Norweb Collection (Bowers and Merena, 3/88), lot 2122; and Ex: Bass Collection (Bowers and Merena, 10/99), lot 643, where it realized $63,250.
From The H.R. Luchs Collection. (PCGS# 7943)
Auction 360 | Lot: 30421 | Jan 15, 2005

Sold For: $161,000.00
1833 $2 1/2 BD-1, R.5, MS66 PCGS. (PCGS# 45527)
Auction 1234 | Lot: 4759 | May 1, 2016

Sold For: $146,875.00
1796 $2 1/2 No Stars on Obverse, BD-1, High R.7, XF45 PCGS. CAC. (PCGS# 45500)
Auction 1316 | Lot: 3150 | Jun 7, 2020

Sold For: $144,000.00
1841 $2 1/2 XF45 PCGS. (PCGS# 87720)
Auction 1383 | Lot: 3087 | May 4, 2025

Sold For: $138,000.00
1834 $2 1/2 Large Head, HM-2, R.3, MS66+ PCGS. CAC. (PCGS# 764688)
Auction 1355 | Lot: 9010 | Jan 5, 2023

Sold For: $132,000.00
1911-D $2 1/2 MS66 NGC. (PCGS# 7943)
Auction 1327 | Lot: 3748 | Feb 24, 2021

Sold For: $132,000.00
1808 $2 1/2 BD-1, R.4, XF40 PCGS. (PCGS# 45515)
Auction 1356 | Lot: 3825 | Jan 12, 2023

Sold For: $120,000.00
1825 $2 1/2 MS66 NGC. Breen-6128, BD-2, High R.4. (PCGS# 7664)
Auction 1160 | Lot: 4632 | Oct 16, 2011

Sold For: $115,000.00
1796 $2 1/2 No Stars XF40 PCGS. (PCGS# 7645)
Auction 454 | Lot: 3057 | Jan 12, 2008

Sold For: $115,000.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF45 PCGS. (PCGS# 45501)
Auction 1278 | Lot: 5215 | Aug 16, 2018

Sold For: $108,000.00
1796 $2 1/2 Stars on Obverse, BD-3, High R.5, XF45 PCGS. (PCGS# 45502)
Auction 1329 | Lot: 5098 | Apr 25, 2021

Sold For: $105,000.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF40 PCGS. (PCGS# 45501)
Auction 1333 | Lot: 3416 | Aug 22, 2021

Sold For: $99,000.00
1831 $2 1/2 MS66★ NGC. Breen-6134, BD-1, R.4. (PCGS# 7671)
Auction 1158 | Lot: 7449 | Aug 14, 2011

Sold For: $97,750.00
1808 $2 1/2 BD-1, R.4, XF40 PCGS. (PCGS# 45515)
Auction 1329 | Lot: 5100 | Apr 25, 2021

Sold For: $96,000.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF45 PCGS. (PCGS# 45501)
Auction 1271 | Lot: 4975 | Jan 8, 2018

Sold For: $96,000.00
1796 $2 1/2 No Stars on Obverse, BD-1, High R.7, XF45 NGC. (PCGS# 45500)
Auction 1216 | Lot: 4224 | Jan 12, 2015

Sold For: $88,125.00
1831 $2 1/2 MS66 S NGC. Here is one of the finest examples of this very rare date and type to survive. The surfaces are an absolute delight to study, with a strong loupe scarcely able to find more than the most infinitesimal handling marks. It is hard to believe that any coin from this period can be so well preserved, and retain such abundant mint frost on Liberty's head and face. Boldly executed by the dies, with strong curls piled high on Liberty's head, each star needle sharp right to the very center, similar on the reverse with fully rounded feathers on the eagle, knobby claws on the eagle, and bold letters surrounding. As so few were coined (4,520 pieces in all), and virtually the entire mintage subsequently melted when the gold value exceeded the denomination value for years, these early Kneass heads are very scarce indeed. Perhaps three to five percent of the original mintage is known today, about half of those are Uncirculated. The combined NGC and PCGS population reports state that three coins have been graded this high, with a single coin graded finer. As this particular coin has the NGC Star designation for high eye appeal, it could easily have claims to be the second finest graded.
These dies were also used to coin Proofs of this year so the dies retained much of the original polished surfaces in the fields. This fact is relevant for the coin offered, as the fields are highly reflective. As more coins were struck, the reflective nature of the polished dies would wear down, and evidence of this is seen near Liberty's face and cap where the fields in those areas show mint frost instead of the reflectivity found elsewhere. It is interesting to note that this reverse die was used from 1830 until 1834 when the motto was dropped making the die obsolete. Each obverse die was used only for the dated year, and thus a single die pairing or variety exists for 1830, 1831, 1832, 1833 and 1834 (with motto). With so few coins being struck each year, the dies never had much of a chanc (PCGS# 7671)
Auction 382 | Lot: 10313 | Jul 30, 2005

Sold For: $86,250.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF40 NGC. (PCGS# 45501)
Auction 1298 | Lot: 3829 | Aug 18, 2019

Sold For: $84,000.00
1808 $2 1/2 BD-1, R.4, XF45 PCGS. (PCGS# 45515)
Auction 1256 | Lot: 3803 | Jun 11, 2017

Sold For: $82,250.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF45 PCGS. (PCGS# 45501)
Auction 1240 | Lot: 3264 | Oct 3, 2016

Sold For: $79,312.50
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF40 NGC. (PCGS# 45501)
Auction 1251 | Lot: 5800 | Jan 9, 2017

Sold For: $73,437.50
1856-D $2 1/2 XF45 NGC. CAC. Variety 20-N. (PCGS# 7779)
Auction 1341 | Lot: 4417 | Jan 14, 2022

Sold For: $66,000.00
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF40 NGC. (PCGS# 45501)
Auction 1216 | Lot: 4223 | Jan 12, 2015

Sold For: $64,625.00
1848 $2 1/2 CAL. XF45 PCGS. (PCGS# 7749)
Auction 1390 | Lot: 3194 | Jan 17, 2026

Sold For: $64,050.00
1848 $2 1/2 CAL. XF45 PCGS. (PCGS# 7749)
Auction 1374 | Lot: 4532 | May 12, 2024

Sold For: $63,000.00

Make Offer to Owner
$94,500 or more
1796 $2 1/2 No Stars on Obverse, BD-2, R.4, XF40 NGC. (PCGS# 45501)
Auction 1217 | Lot: 3238 | Feb 1, 2015

Sold For: $61,687.50
1834 $2 1/2 Classic MS66★ NGC. CAC. Small Head, Breen-6138, Variety-1, R.1. (PCGS# 7692)
Auction 1158 | Lot: 7452 | Aug 14, 2011

Sold For: $57,500.00
1914 $2 1/2 MS66 PCGS. (PCGS# 7946)
Auction 1159 | Lot: 4251 | Sep 11, 2011

Sold For: $46,000.00
1831 MS 66 NGC. Tied with two other pieces as the finest certified (11/97), this coin shows the normal deep reflectivity in the fields, but the die polishing was incomplete leaving the area between the obverse stars and the rim lustrous as well as a rather significant area below each wing. The striking details are almost complete, with above average definition between the juncture of the eagle's left wing and shield. We cannot list any marks that could be used as pedigree identifiers, for to do so would draw unnecessary attention to the few tiny abrasions that are present but have no effect on the stunning overall impression this coin leaves with the viewer. Unquestionably one of the finest Capped Head Left quarter eagles we have ever seen. (PCGS# 7671)
Auction 181 | Lot: 7515 | Jan 13, 1998

Sold For: $46,000.00
1796 $2 1/2 No Stars--Ex: Jewelry, Cleaned--ANACS. AU Details, Net XF40. Breen-6113, Bass-3002, R.5. The Mint Act of April 2, 1792 authorized the production of Quarter Eagles at the weight of 64.5 grains. While Half Eagle and Eagle production commenced in 1795, the Quarter Eagle, a less favored denomination, had to wait until 1796. The obverse design was similar to that of the 1795 Half Eagle and Eagle, but the stars were omitted from the periphery. The reasons for this omission are not clear, but may have had something to do with Breen's assertion that "the dies show evidence of careless haste, suggesting time pressure." The reverse holds two "firsts" in U.S. numismatics. This issue is the first gold coin to display the Heraldic Eagle reverse, and it is also the first coin of any denomination to exhibit 16 stars on the reverse in commemoration of Tennessee's admission to the Union. Only 963 pieces were produced, 66 coins on September 22 and 897 coins on December 8, 1796. All of these coins were delivered to the Bank of the United States, the institution that most likely deposited the bullion for coinage. Possibly 80-100 pieces are extant today in all grades. This example has bright, yellow-gold surfaces that exhibit light, wispy hairlines, more noticeable on the obverse. The design elements are well impressed throughout, the only apparent weakness being on the eagle's breast. A small indention is seen on the obverse rim and adjacent field at 2 o'clock, and a few small, unobtrusive scratches are apparent on Liberty's forehead and cap, and on the eagle's neck, breast, and adjacent shield. The design features are well centered on the planchet. This elusive coin should elicit spirited bidding among type collectors, as it is necessary for a complete collection of U.S. type coinage.
From The Paulsboro Collection, Part Two. (PCGS# 7645)
Auction 320 | Lot: 8006 | Jul 21, 2004

Sold For: $41,400.00
1915 $2 1/2 MS66 PCGS. CAC. (PCGS# 7948)
Auction 1159 | Lot: 4253 | Sep 11, 2011

Sold For: $40,250.00
1914 $2 1/2 MS66 PCGS. From the same collection as the landmark Norweb/Bass 1911-D comes this similarly challenging 1914, considered by most specialists in 20th century gold to rank a close second as the most elusive Indian Quarter Eagle in the finer Mint State grades. One really doesn't have to be a grading expert on this popular series to recognize the remarkable state of preservation on this example. The strike is boldly executed in virtually all areas and blushes of lilac patina compliment the coin's glorious mint bloom. A couple of ticky-tack luster grazes on the Native American would never be mentioned on a coin of lesser importance. Without a doubt, the finest 1914 Quarter Eagle we have ever offered and certainly a Condition Census example as well. Population: 3 in 66, 0 finer (12/04).
From The H.R. Luchs Collection. (PCGS# 7946)
Auction 360 | Lot: 30423 | Jan 15, 2005

Sold For: $40,250.00
1796 No Stars XF 40 PCGS. The 1796 No Stars, one of only 963 pieces minted, is one of the few transcendent rarities in U.S. coinage that is well known outside the circle of gold specialists. It is a one-year type coin that has a distinctive design unlike any subsequent quarter eagle (which all have stars), it is the first date of the denomination, it is the first issue to ever showcase a heraldic eagle on the reverse, and it is the first coin struck with sixteen reverse stars (honoring Tennessee's admission to the Union).
A modest amount of friction is seen over the highpoints of the design and the centers show some striking softness, as often seen on this type. In the fields there are a few small lint marks including a squiggly one in the lower right obverse field, and these are accompanied by several shallow marks and scratches, none of which merit individual mention. Reddish-golden colored surfaces. (PCGS# 7645)
Auction 187 | Lot: 6247 | Jun 9, 1998

Sold For: $34,500.00
1808 $2 1/2 XF 40 Rim Filing. "The character of the 'impression emblematic of Liberty' on our coins, does not appear, from any record I have seen, to have been determined by specific instruction from the government; nor has it been settled by any uniform practice here. The journals of the Senate...show that the head of the President was at first intended as the device for one side of our coins; and that the House of Representatives substituted the words now in the Law. But, neither the journals, nor the brief notices which the papers contain of the debates of that period, give any indication of the precise emblem intended."

The preceding selection was drawn from a letter that Mint Director Samuel Moore sent to Thomas Jefferson at Monticello on February 14, 1825. Given the myriad forms that Liberty has assumed on our nation's coinage, numismatists may be shocked to learn that even a figure as prominent as Thomas Jefferson could not recall a government order that stipulated her appearance. As a result, Liberty, like the nation that she represented, was a creation of the enterprising men and women who won their freedom from Great Britain at the end of the 18th century. In much the same way that colonists traveled across stormy seas to the New World in pursuit of freedom and fortune, early coin designers reached into the unknown depths of their own imagination to find the motif that best represented their view of America. In the spirit of the new nation, these founding fathers exercised their freedom and created the designs through which future generations of Americans would view their history.

Among the classic coin designs of 19th century America, John Reich's Capped Bust motif stands out as a perennial favorite among collectors and numismatic scholars alike. Although this representation has gained its widest recognition on the lettered edge half dollars of 1807-1836, Mint Director Robert Maskell Patterson also instructed the Bavarian-born engraver to prepare similar dies (PCGS# 7660)
Auction 213 | Lot: 5377 | Nov 21, 1999

Sold For: $22,425.00

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