Early Money before United States Gold Coins

The first attempts at producing currency inside North America were issued by the Continental Congress, the original Thirteen Colonies individually, and later the brand new United States of America. Because these were for the most part paper or copper money, what little acceptance they received was on the faith our early patriots and did not readily translate into serious use for international commerce. The paper money devalued into fiat currency as paper money almost always does, and the need for hard currency became apparent immediately during the American Revolution.  Production was planned as soon as the new government was able, which was no small undertaking. This was authorized by the new US Government by the Mint Act of 1792.

This new coinage appears to have begun on or about March, 1793 with the production of what we now call chain cents, the design of which the public was not pleased with. The first gold coins, the coins that we are particularly interested in, half eagles, were not manufactured until 1795. It is here, at their little sisters, the quarter eagles, that we start our story.

Early gold coins come in three denominations, those being quarter eagles, half eagles, and eagles, or ten dollar gold pieces, as the gold coins were all divisions or multiplications of the eagle ten dollar denomination. There were no denominations on the coins because it really did not matter to the merchants and governments of the time who used the coins in commerce, as the coins were only worth there weight and fineness in gold, and no more. They were emitted from the mint in the following order. First, the Half Eagles, seven hundred and forty-four of them, were struck on July 31st, 1795. Next, the Eagles, one thousand ninety-seven units of the highest denomination coin, on September 22nd, 1795. Last the lowest denomination gold coins, quarter eagles, and they were first delivered on September 21st, 1796 (Dannruther). A quick note on the mintage figures. All mintage figures at the early US Mint are more or less educated guesses, as there was no law governing the use of dies like there is today. Dies were time consuming and expensive to make ,and so the dies were used almost indiscriminately until they were no longer serviceable, and sometimes even past then, as coins struck from cracked and rusted dies are not uncommon. The date on the gold coin is not necessarily the date that the coin was made at that first American mint, and in some cases, has no relationship at all to the date of manufacture.

All the early gold coin types of all denominations are rare for several reasons. First, the very limited mintages made them hard to come by even when they had just been freshly minted. Then they were removed from circulation for all of the usual reasons including loss and wear. The grand final, so to speak, was the change in the weight of all gold coins by Act of Congress on June 28th, 1834 which restated the ratio of the value of gold to silver. With the increase in the relative gold value, the coins were worth more as metal then coins, and they were melted by the thousands. What is left today was saved as souvenirs by the new Americans, shipped overseas, saved as bank reserves both in the States and abroad, or in the hands of early collectors.

Quarter Eagles 1796-1834

Quarter eagles, or two and one half dollar gold pieces as they are also called, come in six different styles or basic types, those being Draped Bust No Stars, Draped Bust With Stars, Capped Bust Left, Capped Head Left Large Size, and Capped Head Left Small Size. Liberty obverse and Large or Heraldic Eagle reverse all have the same manufacturing characteristics, in that they are all twenty-five millimeters in diameter, weight one hundred thirty-five grains of .9167 fine gold and are alloyed with copper, and were struck in a screw press with a reeded collar at the Philadelphia mint. By and large they are mostly softly struck; a well stuck coin is always a prize in any grade.

Draped Bust No Stars 1796

1796 Draped Bust No Stars. This type was designed by Chief Engraver of the US Mint Robert Scot and struck in Philadelphia. The obverse is Liberty facing right, the reverse is the Heraldic Eagle seal of the United States. There are two die varieties of the one year type with an estimated mintage of fewer than one thousand. Most show some weakness from a rusted die at the E in Liberty and the commonly come partially prooflike, which is not surprising considering the short mintage. There is no denomination of value on this early gold coin, and there are no known proofs made or rumored (Akers).

There are total of ninety-seven coins certified in all grades, of which only seventeen are uncirculated, at least two of which are gems, which makes all the coins in all grades either very scarce or rare. While Akers estimated forty known over thirty years ago, with David Halls estimate of a twenty percent margin of error on both Akers’ estimates (conservative) and the number certified (aggressive), Akers is pretty close to accurate, a fairly amassing feat, if one puts aside the fact that it is statically very unlikely that ten percent of the total mintage of any early gold coin has survived over two hundred years. We recommend this coin in all grades so long as there is even wear on the circulated examples, no problems of any kind and good eye appeal.

Draped Bust With Stars 1796-1807

The Draped Bust With Stars type, also designed by Robert Scot and made in Philadelphia, starts in 1796 and runs until 1807. There is an estimated mintage of eighteen and a half thousand for the type in eleven date varieties.  Even the common dates are not really common because of the short mintages.  There are seven hundred fifty certified examples of all dates, of which one hundred eighty-one are uncirculated, with just four known gems. There is no denomination on these coins. The 1807, 1802/1 and the 1804 fourteen stars the most “common” of these uncommon coins. There are also at least two dozen examples that have been made into jewelry, cleaned harshly or damaged in some other fashion which would make them uncollectible to all but a very few numismatists.

1796 With Stars. This variety was created with an entirely new hub, the letters in Liberty being spaced differently than on the No Stars type, and there are eight stars on each side of the head of Liberty (Breen). A total mintage of four hundred thirty two and only thirty-eight certified examples in all grades, of which twelve are uncirculated. I have seen only one gem and heard of no others. This date is the fourth rarest early quarter eagle. Akers was right on the money with survival rates on this date as well. Rare.

1797. Just about the same mintage as the 1796 With Stars but three times as rare in Uncirculated. The stars are seven to the left and six to the right of Liberty and a sixteen star reverse. Only twenty-six examples certified of which four are Uncirculated. Survival rate is about five percent. Rare.

1798 Wide Date, Five Berries. With a mintage estimated at only eight hundred plus (Dannruther). There are five stars to the right of Liberty and seven to the left. This type has thirty-five certified examples in all grades, and only thirteen uncirculated examples currently known. With a survival rate of four and a half percent, there is one gem known reported but I have never seen it. Rare.

1798 Close Date, Four Berries. While missing from Yeoman’s Guide Book, Akers noted this unusual variety in 1975, and it does appear recently in Dannruthers notes, so the Red Book should be corrected at some point to include the Close Date. Same stars arrangement as on the Wide Date variety. Estimated mintage of just over about two hundred fifty (Dannruther), only one example has been certified in any grade, making this variety a contender for rarest early draped bust quarter eagle. Very Rare and not collectable.

1802/1. With a mintage of over three thousand, this overdate is in the running for the second most “common” of the early draped bust quarter eagles. There are eight stars to the left of Liberty and five to the right.  There are one hundred forty-three certified examples, of which thirty-three are Uncirculated, making an overall survival rate of one and three quarters. There are two reported Gems. Rare.

1804 14 Stars. With eight stars to the right of Liberty and five to the right. Akers estimates a mintage of three thousand; Dannruther cites a mintage of about twenty eight hundred, while Breen estimated twenty three hundred, any one of which will make this the third most “common” early draped bust quarter eagle, for a total survival rate of three and a half percent. There are one hundred certified examples of which nineteen are Uncirculated. Rare.  

1804 13 Stars. With eight stars to the left of Liberty and five to the right. Dannruther estimates five hundred, Akers four hundred and Breen one thousand, any one of this makes this date variety a contender for rarest or second rarest early draped bust quarter eagle. Akers correctly estimated in 1975 that ten examples would be on the high side, and there are five certified in all grades that prove his point, again, with a survival rate of only one percent. There are no uncirculated examples currently known. Extremely Rare.

1805. With seven stars to the left of Liberty and six to the right. With a mintage of just under two thousand and sixty-nine examples certified in all grades, the 1805 is the fourth most “common” of the early draped bust quarter eagles. Just sixteen specimens in Uncirculated and none of them are gems. A high survival rate of four and a half percent. Extremely Rare.

1806/4. Overdate with eight stars left of Liberty and five on the right, and almost always weakly struck. In fact, I can not recall a single well struck coin.  With a mintage of about eleven hundred of which there are fifty-one examples certified in all grades, there are thirteen Uncirculated coins currently known. A high survival rate of five percent. Rare.

1806/5. Overdate with seven stars left of Liberty and six on the right. With a mintage of just under five hundred and only twenty-four examples certified in all grades, this is the third rarest early draped bust quarter eagle by survival rate. There are only seven Uncirculated examples certified to date, making a survival rate of just over three percent. Rare.

1807.  With seven stars to the left of Liberty and six to the right. With a mintage of nearly seven thousand and two hundred thirty examples certified in all grades, the 1807 is the most “common” of all the early draped bust quarter eagles, with a strong survival rate of three and a half percent. There are seventy Uncirculated pieces certified. Very Scarce.

Capped Bust Left 1808

The 1808 Capped Bust Left. With seven stars to the left of Liberty and six to the right, also the first quarter eagle with the denomination “2 1/2D” for two and one half dollars and the legend “E Pluribus Unum” or “one out of many” in Latin. This desirable type quarter eagle is a famous one year type and is always in demand by type collector’s way out of proportion for the already short one year mintage, and the strong survival rate of three and a half percent. Designed by Assistant Engraver John Reich and made in Philadelphia, this coveted date/type has a total mintage of only twenty-seven hundred, with just ninety-six pieces certified in all grades, only twenty-six in uncirculated and perhaps one gem known. This type always has a die crack in the obverse and nearly always come weakly struck. The best I’ve ever seen was the Jimmy Hayes coin. Rare.

Capped Head Left Large Size 1821-1827

Quarter Eagle production resumed in 1821 after a thirteen year hiatus with the Capped Head Left Large Size Type. John Reich had left the mint, so the dies were prepared again by Robert Scot, who modified the design. The diameter changed to eighteen and a half millimeters so the planchets are proportionally thicker, but the weight and fineness stayed the same as the previous Capped Bust Type. The mint seems to have resolved the striking problems and well struck coins are available more regularly than the earlier types. The type has a total mintage of seventeen thousand with two hundred thirty-six certified examples in all grades, or only one and a third percent survival rate, and only one hundred Uncirculated. This also is the first quarter eagle with genuine proof mintages.

1821. All with very small stars and a mintage of sixty-four hundred and thirty-six certified in all grades, this is coin with a high survival rate of five and a half percent. Generally this date comes well struck, and has eighteen Uncirculated and seven Proofs known. Rare.

1824/1. Overdate all with very small stars and a short mintage of only twenty-six hundred with thirty-eight certified in all grades, and only eighteen in Uncirculated and three in Proof, which makes this date the second rarest of the type, with a small one and a half percent survival rate to prove it. Rare.

1825. All with very small stars and a mintage of over forty-four hundred, the 1825 is the “common” date of the Capped Head Left Large Size Type. There are ninety examples certified in all grades, and forty-two in Uncirculated and two in Proof, although an average survival rate of two percent. This date is a popular type coin because it often comes well struck up. Rare.

1826/5. Overdate all with large stars, the classically rare 1826 may have the lowest mintage of the type at only seven hundred sixty pieces. While Breen called this an overdate, both Akers and Dannruther call the 6 either recut or repunched, so the “overdate” status of this coin is in serious question. Dannruther also questions the low mintage but does not offer an estimate at the correct number and I don’t care to hazard a guess. There are twenty certified in all grades and only two in Uncirculated and one in Proof which makes this the rarest coin of the type. If the mintage is correct than the date has a two and a half percent survival rate, otherwise it does not. Extremely Rare.

1827. All with large stars, and a mintage of twenty-eight hundred. Surprisingly, fifty-two certified in all grades and thirty-three Uncirculated examples, with no Proofs known, but Akers suspected that they do exist or have existed. Just fewer than two percent survive. Very Scarce.

Capped Head Left Small Size 1829-1834

Robert Scot in left the mint in 1824, so the dies for the Capped Head Left Small Size quarter eagles were ostensibly prepared by William Kneass, the new Chief Engraver of the US Mint. The diameter has again been reduced, this time to eighteen and a fifth millimeters and the thickness again increased proportionally, all coins have a reeded edge and were made at the Philadelphia Mint, and tend to come more boldly struck than their predecessors. The entire type is scarce and Uncirculated coins are almost as hard to come by as the rarer earlier issues.

1829. With a mintage of thirty-four hundred and ninety-four certified examples in all grades, the first year of type 1829 in the second most “common” date of the type. There are forty-six Uncirculated and six Proof examples known, for an average survival rate of just under three percent. Rare.

1830. With a total mintage of over forty-five hundred, this date is the most “common” of the type with one hundred twelve examples certified in all grades and fifty-eight in Uncirculated. This is the first American quarter eagle with a collectable number of gems, fourteen, and three Proofs, so it can only be called Very Scarce. Two and a half percent survive.

1831. Another with a mintage over forty-five hundred, and the fourth most “common” date of the type, with one and a half percent survivors. There are seventy-nine examples certified in all grades, of which sixty-six are Uncirculated, thirteen of which are gem, and six proofs. Strangely, almost sixty percent of the known gem early quarter eagles are either 1830 or 1831. Very Scarce.

1832. With an newly hubbed high relief head, first noted by Akers in 1975, and followed up by Danruther, who added that 1832 through 1834 have a different hubbed head than 1829 through 1831, the new dies for which were possibly cut by engraver Christian Gobrecht. Mintage of forty-four hundred, the third most “common” date of the type, with eighty certified examples in all grades, of which twenty-seven are Uncirculated and one is Proof. Scarce. Fewer than two percent survive.

1833. Also with the “higher” relief head, and a mintage of just over forty-one hundred, and formerly considered rarer than all but the 1834 of this type, now only scarce. Seventy-seven examples certified in all grades, of which thirty-eight are Uncirculated, five are Gem and five are Proof. Again fewer than two percent survive.

1834. Also with the “higher” relief head, and a mintage of four thousand, the scarcity of which indicates that most of which must have never been released and found there way into the melting pot at the mint, and four tenths of one percent survival rate just makes the point again. Only seventeen certified in all grades, of which two are Uncirculated and five are Proof. Akers again nails the surviving population right on the head thirty years ago.