In an extraordinary moment for collectors and enthusiasts, the 1808 Capped Bust Quarter Eagle recently set a new record at auction, fetching an incredible $3.4 million. This unprecedented sale highlights the immense value of one of the most coveted and rare coins in U.S. numismatics. With its unique design and exceptional rarity, the coin remains a symbol of America’s early coinage and a true treasure for collectors.
This article explores the fascinating story behind the 1808 Capped Bust Quarter Eagle, examining its design, historical context, and the factors behind its record-breaking auction price. We’ll also discuss the coin’s significance in the numismatic world and explore why it continues to be one of the most iconic pieces in coin collecting.
The 1808 Capped Bust Quarter Eagle: A Quick Overview
| Category | Details |
|---|---|
| Designer | John Reich, Assistant Engraver, U.S. Mint |
| Mint Year | 1808 |
| Total Mintage | 2,710 coins |
| Obverse Design | Liberty with cap, inscribed “LIBERTY” and 13 stars |
| Reverse Design | Eagle with olive branch and arrows, “E PLURIBUS UNUM” |
| Rarity | Estimated 125–150 surviving examples |
| Grade (Auctioned) | MS65 |
| Auction Price | $3.4 million |
The Unique Appeal of the 1808 Capped Bust Quarter Eagle
One-Year Production Run
Unlike most coins that were minted over multiple years, the 1808 Capped Bust Quarter Eagle was struck for just one year. With a limited mintage of only 2,710 coins, it is considered one of the rarest coins in U.S. history. Its exclusive design and low production numbers add to its allure, making it a sought-after piece for collectors around the world.
A Rarity in Survival
It’s believed that only 125 to 150 examples of the 1808 Capped Bust Quarter Eagle still exist today. Many of the original coins were lost, melted down, or heavily worn due to circulation, which leaves a very small number of well-preserved specimens. This rarity is a major factor behind the coin’s astronomical auction price.
The Artistic Features of the 1808 Quarter Eagle
The Obverse: A Classical Representation of Liberty
The obverse of the coin features a left-facing Liberty adorned with a cap inscribed with “LIBERTY.” Surrounding her are 13 stars, representing the original American colonies, and the mint year, “1808,” is displayed beneath her portrait. The design embodies the elegance of the early 19th century, capturing a timeless sense of classical beauty.
The Reverse: An Eagle with Symbolic Meaning
On the reverse, a lifelike eagle stands proudly with outstretched wings, clutching an olive branch and arrows in its talons. These symbols represent both the nation’s desire for peace and its readiness for defense. Above the eagle is the Latin motto “E PLURIBUS UNUM,” meaning “Out of many, one,” with the coin’s denomination of “2 1/2 D” inscribed below. This realistic depiction marked a departure from earlier, more abstract representations of the eagle, introducing a more refined and detailed approach to coin design.
Historical Context of the 1808 Capped Bust Quarter Eagle
The early 1800s were a time of transition for U.S. coinage. During this period, quarter eagles—a $2.50 gold coin—were minted in limited quantities due to relatively low demand. The 1808 Capped Bust Quarter Eagle represents the last of its kind until 1821, following a 13-year hiatus in production. This gap further elevates the coin’s historical importance.
Designed by Assistant Engraver John Reich, the coin showcases his shift toward more lifelike and detailed coin designs, moving away from the earlier, more stylized depictions of Liberty and the eagle. Reich’s work on the 1808 Capped Bust Quarter Eagle is celebrated as a defining moment in the evolution of U.S. coinage.
The Record-Breaking $3.4 Million Auction Sale
In 2024, a pristine example of the 1808 Capped Bust Quarter Eagle was sold for a staggering $3.4 million at a prestigious numismatic auction. Graded MS65 by the Professional Coin Grading Service (PCGS), the coin’s near-flawless condition was a key factor in driving its record-setting price.
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What Made This Coin So Special?
- Impeccable Preservation: Coins from the early 19th century rarely survive in such pristine condition. The MS65 grade indicates that this coin is almost flawless, with remarkable detail and luster.
- Provenance and Rarity: The coin’s documented history and its status as one of only a few surviving examples made it highly desirable among bidders.
- Intense Competition: Bidders from all corners of the globe competed fiercely, recognizing the coin’s immense numismatic value, which ultimately led to the record-breaking sale price.
What Makes the 1808 Quarter Eagle So Valuable?
Several factors contribute to the extraordinary value of the 1808 Capped Bust Quarter Eagle:
- Rarity: With fewer than 150 known surviving examples, the coin is a rare gem for collectors.
- Condition: The MS65 grade signifies an exceptionally well-preserved coin, further enhancing its desirability.
- Historical Significance: As the final quarter eagle minted before a 13-year gap in production, the coin holds a special place in U.S. coinage history.
- Artistic Excellence: John Reich’s innovative design elevates this coin as a masterpiece of early American coinage.
Auction History of the 1808 Capped Bust Quarter Eagle
Here’s a look at how the value of the 1808 Capped Bust Quarter Eagle has evolved over time:
| Year | Auction House | Grade | Sale Price |
|---|---|---|---|
| 2015 | Stack’s Bowers | MS65 | $2,350,000 |
| 2020 | Heritage Auctions | MS63 | $517,500 |
| 2024 | Stack’s Bowers | AU53 | $156,000 |
| 2024 | Heritage Auctions | AU53 | $156,000 |
| 2024 | Stack’s Bowers | MS65 | $3,400,000 |
The Impact on the Numismatic Market
The record-breaking sale of the 1808 Capped Bust Quarter Eagle for $3.4 million highlights some key trends in the numismatic market:
- Continued Interest in Rare Coins: Collectors continue to seek out coins of historical significance and rarity.
- Grading’s Role in Value: High-quality coins that are professionally graded consistently fetch premium prices.
- Coin Investment Growth: Rare coins are becoming more recognized as valuable investments with potential for long-term appreciation.
This sale sets a new standard for historic coins and reinforces the importance of rarity, condition, and provenance in determining a coin’s market value.
Frequently Asked Questions
- Why is the 1808 Capped Bust Quarter Eagle so valuable? Its rarity, historical significance, and exceptional condition make it highly sought after by collectors.
- How many 1808 Capped Bust Quarter Eagles exist? It’s estimated that between 125 and 150 examples survive today.
- What does the MS65 grade mean? An MS65 grade indicates a coin in nearly perfect condition, with minimal imperfections, making it especially valuable.
- Who designed the 1808 Capped Bust Quarter Eagle? The coin was designed by John Reich, who introduced a more realistic approach to the depiction of Liberty and the eagle.
- When was the next quarter eagle minted after 1808? The next quarter eagle was produced in 1821 after a 13-year gap in production.
Final Thoughts
The 1808 Capped Bust Quarter Eagle is not just a coin; it’s a captivating piece of American history. Its record-breaking $3.4 million sale reaffirms its place as a numismatic masterpiece. Whether you are an avid collector or simply a fan of history, this coin serves as a testament to the artistry, heritage, and value of rare coins.
What do you think about this historic sale? Feel free to share your thoughts or explore more stories about rare coins!