1796 $2.50 No Stars MS(PCGS#7645)

Summer 2025 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

2004

Grade

AU50

Price

168,000

Lot Description

BD Die State c/b. This is a highly appealing example of the 1796 No Stars quarter eagle, a classic rarity from the first year this denomination was made at the United States Mint. Deep, rich honey-gold color blankets both sides with wisps of overlying pinkish-rose patina that appears to drift toward the borders. The surfaces retain hints of original mint luster in a soft satin texture. The otherwise bold strike comes up short over the eagle's neck and breast feathers and at the base of the shield on the reverse, and there are a few minor adjustment marks (as made) in the former area. The impression is generally well centered, although there is no border denticulation at the right reverse, the tip of the eagle's left wing also blunt in this area. Otherwise we note bold AU detail for a coin of this challenging type. Wispy handling marks are generally commensurate with the grade; we note a few vertical grazes on Liberty's cap and several horizontal ones on the lower portion of the shield - all are light and singularly inconspicuous in-hand. A small, shallow planchet void (as made) close in to the obverse border at 8 o'clock serves as a useful identifier for provenance purposes. The above average quality and strong eye appeal of this quarter eagle are sure to appeal to advanced gold type collectors.<p>The 1796 No Stars Capped Bust Right quarter eagle is one of the rarest type coins in all of U.S. numismatics. The mintage is believed to be 963 pieces, of which perhaps only 100 to 130 coins are known today. This is the first quarter eagle produced in the U.S. Mint, the obverse depicting a small cameo with a bust of Liberty wearing a cap facing right, the word LIBERTY at the upper border and the date along the lower border tucked in below the truncation of the bust. Stars were omitted from the obverse, the open field leaving a coin prone to marks and rapid wear through circulation. Later in 1796 stars were added to the obverse design, and this new style of the Capped Bust Right quarter eagle continued through 1807.<p>The first delivery of No Stars quarter eagles took place on September 21, 1796, and consisted of 66 pieces, almost certainly the BD-1 variety of which just four to six coins are known today. The reverse die soon broke, suspending coinage until a new die could be prepared. The next and final delivery of 1796 occurred on December 8 of that year and comprised 897 coins. These were certainly of the BD-2 variety, offered here. Both the BD-1 and BD-2 1796 quarter eagles were struck with the same No Stars obverse die, with the earliest die state seen used for the BD-1 variety. The 1796 BD-3 Stars on Obverse variety is believed to have been delivered on January 14, 1797, and consisted of 432 pieces. These numbers seem to fit well with most estimates of survivors provided by numismatic scholars, and considerable research by Harry W. Bass, Jr. and John W. Dannreuther confirms this die emission sequence and the associated mintage figures.<p>The easiest way to distinguish the BD-1 and BD-2 varieties is by looking at the arrowheads on the reverse. For the exceedingly rare BD-1 variety, these features extend past the letter N in UNITED to the left foot of the adjacent letter I. On BD-2 examples, as here, the arrowheads extend only to the end of the letter N. The reverse of the latter variety also exhibits unusual traces of the original guide line drawn by a compass or engraving tool at the tip of the eagle's left wing and at the tops of the letters AMERI in AMERICA. These appear as raised lumps on the coin and were caused by an unskilled hand. The guide line was used as a marker for the engraver to place each letter in the correct position relative to the denticles and adjacent design elements. The letter C in AMERICA, in fact, was initially placed too low and subsequently adjusted upward; repunching is evident at the base of the primary letter.<p>As examples of an elusive and eagerly sought type, 1796 No Stars quarter eagles are always greeted with excitement when they are offered at auction. The present coin is sure to see spirited bidding as it transitions into another important cabinet.