1831 $2.50 MS(PCGS#7671)

1831 $2.50 MS (PCGS#7671)

June 2026 Showcase Auction U.S. Coins

Lot Description: Warm honey-olive color with hints of underlying olive. Much of the mint finish remains, the frosty design elements boldly to sharply defined and subtly contrasted with semi-reflective fields. A few faint handling marks are noted, but the in-hand appearance is pleasingly smooth for a pre-1834 U.S. Mint gold coin at the certified BU grade level.<p>One of the most challenging series to collect in all of U.S. numismatics, the Capped Head Left quarter eagle of 1821 to 1834 actually comprises two distinct types. The Reduced Diameter issues of 1829 to 1834 were struck in a close collar, whereas their predecessors of 1821 to 1827 were not. William Kneass prepared the dies for the Reduced Diameter issues, incorporating a number of modifications to accommodate the close collar. All dates of this type are rare, the mintages limited due to the fact that the half eagle was the denomination of choice among contemporary gold bullion depositors. Even more relevant to rarity of this type is that most examples were melted after the Act of June 28, 1834 (effective date: July 1, 1834) reduced the weight of the quarter eagle from 4.37 grams to 4.18 grams. The 1831, of which only 4,520 circulation strikes were produced, has an extant population of fewer than 150 coins in all grades, perhaps no more than 125 pieces. This solid Mint State survivor will find a new home in an advanced cabinet with no difficulty.