Draped Bust Quarter

The Draped Bust Quarter eagles were produced for eight years, between 1796 and 1807, totaling 19,487 coins.

Specifications

 * Designer: Robert Scot
 * Obverse Design:
 * Reverse Design:
 * Edge: Reeded
 * Weight: 6.74 grams
 * Diameter: 27.5 millimeters
 * Composition:  Silver (89%), Copper (11%)
 * Dates Minted: 1796, 1804 - 1807

Background
The official record shows that the Draped Bust quarter lasted from 1796 through 1807. That’s twelve years. But the more accurate picture is this: The Draped Bust quarter was first struck in 1796 in small numbers: 6,146 pieces to be exact. Then, from 1797 through 1803, the U.S. Mint didn’t strike any Draped Bust quarters (or quarters of any kind for that matter). Then in 1804, the Draped Bust quarter tip-toed back onto the scene with another tiny mintage, this time of just 6, 738 pieces. Then from 1805 through 1807 there was a burst of activity with some 121,000 quarters struck in 1805, then 206,124 in 1806 and 220,643 in 1807. Then, the Draped Bust quarter ended its brief run. No quarters would be struck again by the U.S. Mint until 1815, at which time the new Capped Bust quarter was unveiled.

As you can see, the Draped Bust quarter, the first U.S. quarter type ever struck by the United States Mint, got off to a stuttering, uneven start. In the early years of the mint, there simply was little clamor for a twenty-five cent coin. Most of the mint’s energies went into striking cents, half dollars and dollar coins! In fact, the half cent, cent, half dime, half dollar, dollar, $5 gold piece, and $10 gold piece all were struck before the mint got around to striking quarters! This seems hard to believe today, as the quarter is THE main coin of choice for Americans. Not only is it much-used, but its popularity received an added boost in 1999 with the state quarter program.

History
Interestingly enough, in the 1780's, before the U.S. Mint began operations, Thomas Jefferson (his pre-President days) pushed for a twenty-cent coin to be struck by the new United States, as opposed to a twenty-five cent coin. Actually, during Colonial times, the citizens of America used both a “twenty cent” coin AND a “twenty-five cent” coin. These would be the 2 reales coin of Spain and the 2 reales coin of Spanish-America. The 2 reales of Spain (also known as the Pistareen) was the equivalent of twenty-cents, the Spanish-Colonial 2 reales the equivalent of twenty-five cents. But after much debate from 1787 through 1792, it was officially established that the United States would strike a twenty-five cent coin.

Since, in the first years of operation, the U.S. Mint got its silver from private depositors, they were beholden to those depositors. And those depositors wanted to be paid out in dollar coins, not in twenty-five cent pieces. This is one major reason for the delay in striking quarters. Another reason was the proliferation of Spanish “Pistareens” and Spanish-Colonial 2 reales coins in late 1700's American commerce. Spanish silver was still everywhere in the first years of the 1800's, which largely accounts for the years of 1797 through 1803 when no quarters were struck.

In truth, even the paltry 1796 quarter mintage might not have happened were it not for a mint scandal! Word got out that the U.S. Mint had been coining silver at an illegal standard, thus basically cheating its silver depositors out of about 1% of their bullion! After this news leaked out, silver trickled in, and the mint nearly had to close down shop! But mint director Elias Boudinot came up with a scheme to keep his workers on hand: coin the smaller silver coin denominations that the depositors were NOT clamoring for. This not only included the twenty-five cent coin, but the dime as well!. Thus did the U.S. quarter get its start!

Collecting
Chief Engraver Robert Scot is responsible for creating the dies for our nation’s first quarter. But though all Draped Bust quarters share the same obverse, only the 1796 Draped Bust quarter has the “small eagle” reverse. Because of this one-year only reverse, many collectors do not consider their type coin collection complete without a 1796 Draped Bust quarter. Of course this is problematic for the collectors who feel they have to have one– cuz there ain’t enough to go around! Consider this: what if all roughly 150 million state quarter collectors wanted to complete a type set of U.S. quarters, and what if all of them wanted the 1796 small eagle type? That would be 150 million collectors competing for just a few hundred (maybe 1,000-2,000 if we’re lucky) surviving pieces! In fact, the 1796 quarter is considered to be one of the top “must-have” key date coins in ANY series! Prices have been rising at an unmercifully fast rate in the last few years, no doubt spurred on by all the new quarter collectors entering the arena via the state quarter program. A 1796 quarter in Good will cost you around $9,000 and then soars to $27,000 in Fine!

The 1804 Draped Bust Quarter is actually just as, if not more, rare than the 1796 date. But since the 1804 quarter shares the “Heraldic Eagle” reverse with the 1805, 1806 and 1807 quarters, there is not as much pressure from type coin collectors as is the case with the 1796. Besides, the 1796 quarter was ALSO struck in the 1700's (obviously) so that TOO makes a huge difference with collectors– the 1804, rare as it is, simply doesn’t have that 18th century factor going for it. Still, it’s a date you’ll need if you’re trying to complete a date set, so an 1804 quarter in Good will cost around $2,750 and around $4,750 in Fine.

Most of us have to be content with a Draped Bust quarter dating 1805-07. These three dates retail basically the same: $220 in Good, $500 in Fine. You won’t have too hard a time tracking them down today. That COULD change in the future, again, if the state quarter collectors start gravitating to the older quarter issues. After all, by owning even the more common 1805-07 Draped Bust quarters, you can say that you own our nation’s first quarter type (at least if you’re going strictly by obverse type). Amazingly, at least in lower grades, prices have moved very little in the past 20 years for the Draped Bust quarters of 1805-07. That could be a sign that these are under-valued and very possibly poised to move with any significant upswing in demand.

Few Draped Bust quarters of any date were saved. Then, as now, the quarter was a “workhorse” coin. True, during the Thomas Jefferson era, the quarter had a lot more spending power, but it was still a coin you spent, while you stashed away your half dollars and dollars. That’s why so many Draped Bust quarters you’ll encounter will be heavily worn, and in also in many cases, damaged. Holed Draped Bust quarters are not uncommon, and you can buy them, of course, at discounted prices. Many collectors simply don’t mind a heavily worn or damaged coin of this historical magnitude!

One thing you’ll notice when you encounter your first Draped Bust quarter, is the size. It’s significantly larger in diameter than our current U.S. quarter. That’s because it was struck to be the same size as the Spanish-Colonial 2 reales coin. The size of the quarter would be reduced to its current size in 1831.

Mints

 * Philadelphia Mint (no mintmark)