1834 Capped Head Left Quarter Eagle. BD-1, the only known dies. Rarity-6. EF-45 (PCGS).；A handsome piece with pleasing deep orange-gold toning throughout. The strike is sharp on all of Libertys hair curls and the stars, similar on the reverse where a hint of softness is found on the left side of the shield and a few nearby feathers in the eagles plumage. Well balanced in strike with considerable mirror finish evident in the fields. BD Die State a/c, the obverse with no clashing, no lapping, and no die cracks. The reverse die was lapped in 1831 and continues in that same general state with no additional clashing, lapping, or cracks.<p>The price of gold had risen sufficiently in the 1820s that the intrinsic value of the three gold denominations in circulation exceeded their face value. Speculators would obtain coins at face value and then melt them down and sell the raw bullion at a profit. Frustration that coins were going straight from the Mint and into speculators hands prompted the passage of the Coinage Act of June 28, 1834 which reduced the weight standard to encourage circulation. Up to then, only 4,000 Capped Head Left quarter eagles were struck from a single pair of dies. The new obverse die was matched to a reverse die that had seen service since 1830 still in good working condition. Beginning on August 1, the new standard took effect and coinciding with the weight change, the Classic Head design was introduced. As a result of this, coins struck at the old tenor standard became eagerly sought. According to an account in 1860 by Mint Director James Ross Snowden, the entirety of the quarter eagle mintage remained in Mint coffers at the time of the switch. Contrary to Snowdens scenario, while likely that most ended up in the melting pot for recoinage at the new standard, a few were apparently used for the account of the federal government prior to the Acts passage, to include some salaries that stipulated payment in gold. Today, only 20 to 25 specimens in any grade are known, mostly in lower grades - the very few pieces at the EF level are actually among the finest examples. Appearances at auction are seldom and opportunities such as this are not easily overlooked.
