In an extraordinary event for coin enthusiasts, a 1796 Draped Bust Quarter Eagle gold coin recently fetched an astonishing $7.3 million at auction. This historic sale highlights the coin’s unparalleled rarity, historical value, and its continued appeal among collectors of early American coinage.
A Brief Overview of the 1796 Draped Bust Quarter Eagle
The 1796 Draped Bust Quarter Eagle is a remarkable piece of U.S. coinage history. It was the first $2.50 gold coin ever minted in the United States. Designed by Robert Scot, the obverse showcases the elegant Draped Bust of Liberty, while the reverse features a striking heraldic eagle, symbolizing America’s independence and strength.
Key Details About the Coin
| Feature | Details |
| Year of Issue | 1796 |
| Denomination | $2.50 (Quarter Eagle) |
| Design | Obverse: Draped Bust; Reverse: Heraldic Eagle |
| Designer | Robert Scot |
| Composition | 91.67% Gold, 8.33% Copper |
| Diameter | Approximately 20 mm |
| Weight | 4.37 grams |
| Mintage | Between 897 and 963 coins estimated |
Rarity and Historical Importance
With fewer than 1,000 coins originally minted, the 1796 Quarter Eagle is one of the rarest coins in U.S. history. Surviving examples are exceedingly scarce, particularly in pristine condition. Its status as the first $2.50 gold coin ever issued amplifies its historical and collectible significance.
The Auction That Made Headlines
The $7.3 million auction price marks a monumental moment in numismatic history. Although the auction house and the buyer remain anonymous, this sale reflects the coin’s rarity and the growing demand for historically significant American coins.
Why Is This Coin So Valuable?
Several factors contribute to the impressive value of the 1796 Draped Bust Quarter Eagle:
- Rarity: With fewer than 1,000 coins minted and only a fraction surviving, scarcity is a key factor.
- Historical Significance: As the first $2.50 gold coin minted in the U.S., it carries immense historical weight.
- Condition: Coins in mint or near-mint condition command premium prices. This record-breaking coin was likely in exceptional condition.
- Provenance: A documented history of ownership can greatly enhance a coin’s appeal and value.
Comparison with Other Rare Coins
The $7.3 million price places the 1796 Quarter Eagle among the most valuable U.S. coins ever sold. By comparison:
- A 1913 Liberty Head nickel sold for $3.7 million in 2010 and $4.2 million in 2022.
- An 1804 Draped Bust dime fetched $632,000 at auction.
These figures illustrate the sustained demand for rare and historically significant coins in the market.
Conclusion
The $7.3 million sale of the 1796 Draped Bust Quarter Eagle is a testament to the timeless allure of early American coinage. Its rarity, rich history, and stunning design continue to inspire collectors and investors worldwide, securing its place as a treasure in numismatic history.
FAQs
Why is the 1796 Draped Bust Quarter Eagle so rare?
It was the first $2.50 gold coin minted by the U.S., with fewer than 1,000 produced, and only a small number have survived.
Who designed the 1796 Draped Bust Quarter Eagle?
The coin was designed by Robert Scot, the first Chief Engraver of the U.S. Mint.
What does the $7.3 million auction signify for numismatics?
The sale underscores the high demand for rare and historically significant coins among collectors and investors.
What factors influence the value of rare coins like this one?
Rarity, historical significance, condition, and provenance all play crucial roles in determining a coin’s value.
How does this coin compare to other valuable U.S. coins?
The 1796 Quarter Eagle ranks among the most valuable U.S. coins ever sold, surpassing even iconic coins like the 1913 Liberty Head nickel.