1831 Capped Head Left Quarter Eagle. BD-1, the only known dies. Rarity-4. AU-58 (NGC). Deep olive-orange color with pleasing reddish-pink highlights at the periphery and an impressive degree of mint luster throughout. The strike is bold and the surfaces are impressively smooth for a pre-1834 U.S. Mint gold coin that saw actual commercial use.<p>One of the most challenging series to collect in all of U.S. numismatics, the Capped Head Left quarter eagle of 1821 to 1834 actually comprises two distinct types. The Reduced Diameter issues of 1829 to 1834 were struck in a close collar, whereas their predecessors of 1821 to 1827 were not. William Kneass prepared the dies for the Reduced Diameter issues, incorporating a number of modifications to accommodate the close collar. All dates of this type are rare, the mintages small due to the fact that the half eagle was the denomination of choice among contemporary gold bullion depositors. Even more relevant to rarity of this type is that most examples were melted after the Act of June 28, 1834 (effective date: July 1, 1834) reduced the weight of the quarter eagle from 4.37 grams to 4.18 grams. The 1831, of which only 4,520 circulation strikes were produced, has an extant population of fewer than 150 coins in all grades. A finer than average example of the date and grade, and a coin that will find a new home without much difficulty at all. From the Pieper Collection.
