The 1796 quarter eagles without obverse stars were the first coins of this denomination struck at the U.S. Mint and are extremely rare in Mint State. The offered coin is of exceptional quality with great eye appeal for the grade. In fact, it has been awarded the gold CAC sticker for its quality, a prize reserved for coins that appear to be conservatively graded or even undergraded.
The surfaces are a rich copper-gold with greenish accents in the fields and recesses. While there are minor handling marks, the fields retain a degree of reflectivity. This is most notable on the reverse where the complex devices protected the fields, while the open obverse fields had very little protection. Reasonably sharp in terms of strike, the curls of Liberty and all the tiny star centers and lettering are fairly well struck. Trace softness is noted at the center of the reverse, common to this variety, where the eagles upper breast and neck are not full.
This area is precisely opposite Libertys ear on the obverse, and it required the most gold during the striking process. This coin represents a later die state of the obverse, with thin die cracks down from the center of the letter L in LIBERTY into the cap, another from the right side of the E of that word to the curl of hair that wraps backward up to the cap. No adjustment marks or handling marks of any great consequence are seen and the visual appeal is remarkable for the type.The 1796 No Stars Capped Bust Right quarter eagle is one of the rarest type coins of all federal issues. The mintage is believed to be 963 pieces, of which perhaps 100 to 130 coins are known today.
Of this group, perhaps 12 to 15 pieces qualify as Mint State, most in the MS-60 to 62 grade range. Quarter eagle coinage began in 1796 with this style, the obverse depicting a small cameo with Libertys bust facing right wearing a cap, the word LIBERTY above in small letters and the date tucked in below the truncation of the bust. No stars were added to the obverse, the open field leaving a coin prone to marks and rapid wear through circulation. Later in 1796 stars were added to the obverse design, and this style of the Capped Bust Right quarter eagle continued through 1807.The first delivery of No Stars quarter eagles took place on September 21, 1796, and consisted of 66 pieces, almost certainly the BD-1 variety of which just four coins are known today. The reverse die soon broke, suspending coinage until a new die could be prepared. The next and final delivery of 1796 occurred on December 8 of that year and comprised 897 coins, and these were certainly of the No Stars BD-2 variety, offered here. Both the BD-1 and BD-2 1796 quarter eagles were struck with the same obverse die, with the earliest die state seen used for the BD-1 issue. The 1796 With Stars obverse BD-3 variety is believed to have been delivered on January 14, 1797, and consisted of 432 pieces. These numbers seem to fit well with most estimates of survivors provided by numismatic scholars, and considerable research by Harry W. Bass, Jr. and John Dannreuther confirms this die emission sequence and the associated mintage figures.While certainly among the 10 finest known of this important one-year type, the offered No Stars quarter eagle might rank even higher if all the high grade examples could be gathered together and examined by experts. What is clear is that this is a very high end coin for the grade assigned, and would be a welcome addition to the most advanced numismatic cabinet. One of the highlights of the Cardinal Collection offerings in this sale, and a coin of exceptional beauty, quality and rarity.
