This handsome example of a classic early gold rarity displays subtle rose-orange highlights on otherwise olive-gold surfaces. The overall detail is pleasingly bold for a lightly circulated 1796 No Stars quarter eagle, and we note significant sharpness to the more protected elements of the design such as Libertys inner hair tresses on the obverse and much of the eagles plumage on the reverse. Traces of original satin luster can be seen under a light. A highly desirable coin, and a remarkable opportunity to acquire an example of this important and eagerly sought one-year type from the inaugural year of the quarter eagle series.The Mint used one obverse and two reverse dies to deliver just 963 No Stars quarter eagles in 1796. BD-2, represented by two coins in the present auction, is by far the more frequently encountered of the two varieties in todays market. In fact, John Dannreuther (2006) estimates a mintage of 897 pieces from this die marriage, which represents 93% of the total delivery for the issue. The reverse of this variety is readily recognizable by looking at the arrows in the eagles right talon, which do not extend beyond the letter N in UNITED. The coin offered here illustrates the middle die state of BD-2, the lowermost curls on Libertys portrait slightly weak due to relapping of the die, yet still intact, and a wavy die crack from the obverse border at 9 oclock curving up into the field. In this die state the reverse exhibits a small lump die break at the upper tip of the eagles left wing.In an absolute sense, and the present sale notwithstanding, the 1796 BD-2 quarter eagle is a very scarce coin with no more than 150 survivors in all grades. Given the strong demand for the issue and the fact that many are already in tightly held collections, the 1796 No Stars quarter eagle is very rare from a market availability standpoint. The lovely coin presented here combines solid technical quality with strong eye appeal at the EF grade level. Certain to see spirited bidding at auction, and destined for inclusion in another important collection.
