1796 Capped Bust Right Quarter Eagle. No Stars on Obverse. BD-2. Rarity-4. AU-53 (PCGS). Secure Holder.，This is a very appealing example of the 1796 No Stars quarter eagle, a classic rarity from the first year this denomination was made at the United States Mint. Warmly and evenly patinated in light honey-gold, both sides retain flickers of original luster in the protected areas around the devices. The otherwise bold strike comes up short only over the eagles neck and breast feathers on the reverse and the letter E in LIBERTY on the obverse, the latter feature always more or less softly impressed due to being opposite the eagles tail. The borders are uniformly denticulated from a nicely centered strike. Wispy handling marks are commensurate with the grade, and the only useful identifying features are a tiny mark in the obverse field below Libertys chin and a small graze at the border after the letter Y in LIBERTY. There are no adjustment marks on either side, features that are often present and obscure some of the detail on examples of this rare issue. The superior quality and eye appeal of this quarter eagle are sure to catch the eye of advanced gold type collectors.<p>The 1796 No Stars Capped Bust Right quarter eagle is one of the rarest type coins in all of U.S. numismatics. The mintage is believed to be 963 pieces, of which perhaps only 100 to 130 coins are known today. This is the first quarter eagle produced in the U.S. Mint, the obverse depicting a small cameo with a bust of Liberty wearing a cap facing right, the word LIBERTY at the upper border and the date along the lower border tucked in below the truncation of the bust. Stars were omitted from 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.<p>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 to six 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. These were certainly of the BD-2 variety, offered here. Both the BD-1 and BD-2 1796 quarter eagles were struck with the same No Stars obverse die, with the earliest die state seen used for the BD-1 variety. The 1796 BD-3 Stars on Obverse 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 W. Dannreuther confirms this die emission sequence and the associated mintage figures.<p>The easiest way to distinguish the BD-1 and BD-2 varieties is by looking at the arrowheads on the reverse. For the exceedingly rare BD-1 variety, these features extend past the letter N in UNITED to the left foot of the adjacent letter I. On BD-2 examples, as here, the arrowheads extend only to the end of the letter N. The reverse of the latter variety also exhibits unusual traces of the original guide line drawn by a compass or engraving tool at the tip of the eagles left wing and at the tops of the letters AMERI in AMERICA. These appear as raised lumps on the coin and were caused by an unskilled hand. The guide line was used as a marker for the engraver to place each letter in the correct position relative to the denticles and adjacent design elements. The letter C in AMERICA, in fact, was initially placed too low and subsequently adjusted upward; repunching is evident at the base of the primary letter.<p>As examples of an elusive and eagerly sought type, 1796 No Stars quarter eagles are always greeted with excitement when they are offered at auction. The present coin is sure to see spirited bidding as it transitions into another important cabinet.，PCGS# 7645. NGC ID: 25F2.，，From the Murray Hill Collection. Earlier from our (Stacks) sale of the Magnificent Herman Halpern Collection of United States Gold Coins, May 1989, lot 42; our (Stacks) 71st Anniversary Sale, October 2006, lot 2026. Lot tags included.
