In a landmark event for numismatics, a 1796 Draped Bust Quarter Eagle gold coin recently sold for an astounding $7.3 million at auction. This sale underscores the coin’s rarity, historical significance, and the enduring allure of early American coinage among collectors.
Overview of the 1796 Draped Bust Quarter Eagle
The 1796 Draped Bust Quarter Eagle holds a special place in U.S. numismatic history. As the first $2.50 gold coin minted by the United States, it features the iconic Draped Bust design on the obverse, crafted by renowned engraver Robert Scot. The reverse showcases a heraldic eagle, symbolizing the nation’s sovereignty.
Key Features of the 1796 Draped Bust Quarter Eagle
| Feature | Description |
|---|---|
| Year of Issue | 1796 |
| Denomination | $2.50 (Quarter Eagle) |
| Design | Obverse: Draped Bust of Liberty; Reverse: Heraldic Eagle |
| Designer | Robert Scot |
| Composition | 91.67% Gold, 8.33% Copper |
| Diameter | Approximately 20 mm |
| Weight | 4.37 grams |
| Mintage | Estimated between 897 and 963 pieces |
Rarity and Historical Significance
The 1796 Quarter Eagle is exceptionally rare, with fewer than 1,000 coins minted. Its status as the inaugural $2.50 gold coin and its limited mintage contribute to its high desirability among collectors. Surviving specimens are scarce, especially in uncirculated condition, making them highly sought after in the numismatic community.
The Record-Breaking Auction
The recent auction where this coin achieved a $7.3 million sale price highlights its immense value. While specific details about the auction house and the buyer remain confidential, the sale reflects the coin’s unparalleled rarity and the strong demand for early American gold coins.
Factors Influencing the Coin’s Value
Several elements contribute to the 1796 Draped Bust Quarter Eagle’s significant market value:
- Rarity: With an original mintage of fewer than 1,000 coins and limited surviving examples, its scarcity is a primary value driver.
- Historical Importance: As the first $2.50 gold coin issued by the U.S., it holds substantial historical significance.
- Condition: Coins in mint or near-mint condition command higher prices. The recent $7.3 million coin was likely in exceptional condition.
- Provenance: A well-documented ownership history can enhance a coin’s desirability and value.
Comparative Analysis with Other Rare Coins
The $7.3 million sale places the 1796 Quarter Eagle among the most valuable U.S. coins ever sold. For context, a 1913 Liberty Head nickel sold for $3.7 million in 2010, and another example fetched $4.2 million in 2022. Additionally, an 1804 Draped Bust dime realized $632,000 at auction. These figures illustrate the strong market for rare and historically significant American coins.
Conclusion
The $7.3 million sale of the 1796 Draped Bust Quarter Eagle underscores the enduring fascination with early American coinage. Its rarity, historical context, and exquisite design continue to captivate collectors and investors alike, solidifying its status as a cornerstone of numismatic history.
FAQs
Why is the 1796 Draped Bust Quarter Eagle so valuable?
Its value stems from its rarity, historical significance as the first $2.50 gold coin minted by the U.S., and its limited mintage of fewer than 1,000 pieces.
Who designed the 1796 Draped Bust Quarter Eagle?
The coin was designed by Robert Scot, the first Chief Engraver of the U.S. Mint.
How many 1796 Quarter Eagles are known to exist today?
While exact numbers are uncertain, it is estimated that only a small fraction of the original mintage survives, especially in uncirculated condition.
What factors influence the value of rare coins like the 1796 Quarter Eagle?
Key factors include rarity, historical significance, condition, and provenance.
Where can collectors find more information about rare U.S. coins?
Reputable sources include the American Numismatic Association, auction house archives, and specialized numismatic publications.
