In an unprecedented moment for coin collectors and numismatics enthusiasts, the 1808 Capped Bust Quarter Eagle has recently shattered auction records, selling for an astounding $3.4 million. This rare coin, known for its unique design and scarcity, has long been one of the most sought-after treasures in U.S. coinage. This article will explore the story behind the 1808 Capped Bust Quarter Eagle, its historical and artistic significance, and why it continues to be an iconic piece in the numismatic world.
Overview of the 1808 Capped Bust Quarter Eagle
| Category | Details |
|---|---|
| Designer | John Reich, U.S. Mint Assistant Engraver |
| Mint Year | 1808 |
| Total Mintage | 2,710 coins |
| Obverse Design | Liberty with a cap inscribed “LIBERTY” and 13 stars |
| Reverse Design | Eagle holding an olive branch and arrows with “E PLURIBUS UNUM” above |
| Rarity | Approximately 125–150 surviving examples |
| Auction Price | $3.4 million |
Why the 1808 Capped Bust Quarter Eagle Stands Out
One-Year Production Run
Unlike most coins, which were produced for multiple years, the 1808 Capped Bust Quarter Eagle was minted for just a single year. With only 2,710 coins struck, it remains one of the rarest coins in U.S. history. The limited mintage and unique design have made it highly desirable among collectors.
A Rare Survivor
It is estimated that only 125 to 150 examples of the 1808 Capped Bust Quarter Eagle still exist. Many of the original coins were either lost, melted down, or worn beyond recognition due to circulation, leaving a very small number of well-preserved specimens. This rarity is a key factor behind the coin’s enormous value.
Artistic Features of the 1808 Quarter Eagle
The Obverse: A Timeless Portrait of Liberty
The obverse of the coin features a left-facing depiction of Liberty wearing a cap inscribed with the word “LIBERTY.” Surrounding her are 13 stars, representing the original American colonies, while the year “1808” is displayed below. The design exudes a classical elegance, reflecting the artistic influences of the early 19th century.
The Reverse: A Majestic Eagle
On the reverse, a detailed eagle with outstretched wings holds both an olive branch and arrows, symbolizing the nation’s desire for peace while remaining ready for defense. Above the eagle, the Latin motto “E PLURIBUS UNUM” (“Out of Many, One”) appears, alongside the denomination “2 1/2 D.” The realistic portrayal of the eagle marked a departure from earlier, more abstract designs, showcasing a new direction in U.S. coin artistry.
Historical Context of the 1808 Capped Bust Quarter Eagle
The early 1800s were a transformative period for U.S. coinage. During this time, the production of quarter eagles (the $2.50 gold coin) was limited due to a lack of demand. The 1808 Capped Bust Quarter Eagle was the final coin of this denomination minted until 1821, after which production halted for 13 years, adding to the coin’s historical importance.
The coin was designed by John Reich, an Assistant Engraver at the U.S. Mint. His work on the 1808 Capped Bust Quarter Eagle marked a turning point in American coinage, as he introduced a more realistic and lifelike depiction of Liberty and the eagle, moving away from the more stylized designs of previous years. Reich’s design is now regarded as a masterpiece of numismatic art.
The Record-Breaking $3.4 Million Auction
In 2024, an MS65 example of the 1808 Capped Bust Quarter Eagle achieved an incredible $3.4 million at auction, setting a new record for the coin. The pristine condition of the coin, graded by the Professional Coin Grading Service (PCGS) as MS65, played a major role in driving its record-breaking price.
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What Made This Coin Stand Out?
- Impeccable Preservation: Coins from the early 19th century rarely survive in such pristine condition. The MS65 grade signifies that this particular coin is nearly flawless, with exceptional detail and luster.
- Provenance and Rarity: The coin’s documented history and the fact that it is one of only a few surviving examples added immense value.
- Strong Competition: Bidders from across the globe recognized the coin’s significance, driving the price to new heights.
What Drives the Value of the 1808 Quarter Eagle?
Several factors contribute to the coin’s astronomical value:
- Rarity: With fewer than 150 known examples, this coin is a highly prized piece among collectors.
- Condition: The MS65 grade is a testament to the coin’s near-perfect preservation.
- Historical Significance: As the last quarter eagle minted before a 13-year hiatus, the coin holds a unique place in U.S. coin history.
- Artistic Achievement: The coin’s design by John Reich is seen as a high point in American numismatic artistry.
Auction History of the 1808 Capped Bust Quarter Eagle
| 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 |
Impact on the Numismatic Market
The sale of the 1808 Capped Bust Quarter Eagle for $3.4 million reflects key trends in the numismatic market:
- Continued Demand for Rare Coins: Collectors continue to seek coins with historical value and rarity.
- The Importance of Grading: Coins in high-quality condition command top prices, emphasizing the importance of professional grading.
- Coin Investment: Rare coins are increasingly viewed as valuable long-term investments.
This record-breaking sale has set a new benchmark for the value of historic coins, reinforcing the importance of rarity and condition in determining a coin’s market value.
Frequently Asked Questions
Why is the 1808 Capped Bust Quarter Eagle so valuable?
The coin is valued for its rarity, historical importance, and exceptional condition, making it a highly coveted item among collectors.
How many 1808 Capped Bust Quarter Eagles exist?
It is believed that only 125 to 150 examples of this coin remain today, making it incredibly rare.
What does the MS65 grade mean?
An MS65 grade indicates a coin in mint condition with only minimal imperfections, making it extremely desirable to collectors.
Who designed the 1808 Capped Bust Quarter Eagle?
The coin was designed by John Reich, whose more realistic approach to Liberty and the eagle set it apart from earlier designs.
When was the next quarter eagle minted?
The next quarter eagle was minted in 1821, following a 13-year pause in production.
Conclusion
The 1808 Capped Bust Quarter Eagle is more than just a rare coin; it is a symbol of America’s early numismatic history. Its $3.4 million sale highlights its exceptional status as a numismatic treasure. Whether you’re a seasoned collector or a newcomer to the world of rare coins, this coin remains a remarkable artifact that offers a glimpse into the artistry and history of U.S. coinage.