Overshadowed, but appreciated by specialists.Light yellow gold with some deeper copper toning, particularly around the lower portions of the reverse design. A very high grade specimen of this overlooked rarity, the enormous die crack at the right side of the obverse undoubtedly limited the lifespan and productiveness of this die marriage. Both sides are lustrous and lightly reflective, the reverse more so than the obverse. Very minor traces of planchet adjustment are seen on the rim above star 8 and at BE of LIBERTY. A wide scattering of shallow planchet chips, lint marks, and small struck-throughs are visible on both sides, including a group at the right side of the star cluster and on the right side of the eagle, a lint mark at star 4, and some natural granularity behind Libertys cap. Some light hairlines are present, including one across Libertys chin and another at star 2. To the unacquainted, the 1797 quarter eagle issue is overshadowed by the glamour of the distinctive 1796 No Stars and the rarity of its 1796 With Stars companion. The 1797 issue, however, is just as rare as the 1796 With Stars and is actually far rarer in Mint State. P. Scott Rubin points out that auction records going back to 1864 for this date quarter eagle show that most of the well-known collections sold since that time have contained only circulated specimens. Rubin estimates a total population in Mint State of just three coins, and PCGS CoinFacts records not a single offering of a coin graded Mint State by PCGS. An NGC MS-60 has been offered twice since 1999 (at least one of those appearances, and maybe both, are the coin currently offered), and there has been but a single offering of an NGC MS-64 as well. Just 20 to 25 specimens are thought to exist in all grades, a tiny portion of a mintage that the Bass-Dannreuther book estimates at 427 to 585 coins based on the original delivery warrants from the coiners. At least three examples are in institutional collections, including two in the National Numismatic Collection and the Harry W. Bass, Jr. coin at the American Numismatic Association. Neither Harry W. Bass, Jr. nor the Mint Cabinet ever had a chance to locate one graded fully Mint State. The Lilly coin in the National Numismatic Collection is perhaps just VF. The ANS cabinet lacks this issue entirely.
