In a remarkable turn of events, a 1796 Draped Bust Quarter was discovered hidden within an antique coin chest, fetching an unprecedented $6.813 million at auction.
This sale has set a new benchmark in the world of coin collecting, highlighting the immense value of early American coinage and the enduring allure of rare numismatic treasures.
The 1796 Draped Bust Quarter- A Historical Overview
The 1796 Draped Bust Quarter holds the distinction of being one of the first quarter dollars minted by the United States. With a total mintage of just 6,146 coins, it stands as a testament to the nation’s early coinage efforts.
The coin features the iconic Draped Bust design by Gilbert Stuart, with Robert Scot engraving the reverse. Its rarity is further compounded by the fact that no quarters were minted again until 1804, making the 1796 issue a standalone rarity.
Discovery in the Antique Coin Chest
The coin was uncovered in an antique chest that had been passed down through generations. Its pristine condition and historical significance made it an invaluable find for numismatists and collectors alike.
The chest, believed to have belonged to a prominent figure in early American history, had been stored away for decades, preserving its contents in remarkable condition.
Auction Details and Record-Breaking Sale
The 1796 Draped Bust Quarter was auctioned by a renowned numismatic house, attracting collectors from around the globe. After intense bidding, the coin sold for $6.813 million, surpassing previous records for early American coinage.
This sale underscores the growing interest and investment in rare coins, particularly those with historical significance and limited mintage.
Factors Contributing to Its Value
Several key factors contributed to the record-breaking value of the 1796 quarter:
- Rarity: With only 6,146 coins minted, the 1796 quarter is exceedingly rare, with fewer than 100 known to exist today.
- Historical Significance: As one of the first quarters minted by the United States, it holds a pivotal place in American numismatic history.
- Condition: The coin’s exceptional preservation, likely graded at MS-65 or higher, added to its desirability among collectors.
- Provenance: The coin’s lineage and the story behind its discovery added an intangible value, making it even more appealing to potential buyers.
Comparative Analysis- Other Notable Sales
The sale of the 1796 quarter for $6.813 million is part of a broader trend in the increasing value of rare coins. For context, here are some other notable sales in the numismatic world:
| Coin | Sale Price | Year of Sale | Significance |
|---|---|---|---|
| 1933 Double Eagle | $18.9 million | 2021 | Highest price ever paid for a U.S. coin |
| 1794 Flowing Hair Dollar | $12 million | 2013 | One of the first silver dollars minted |
| 1787 Brasher Doubloon (EB on Wing) | $9.36 million | 2021 | Rare gold coin with historical ties to early America |
These sales illustrate the escalating interest and investment in rare coins, particularly those with historical and cultural significance.
The discovery and subsequent sale of the 1796 Draped Bust Quarter for $6.813 million has made a significant impact on the world of coin collecting.
It serves as a reminder of the rich history encapsulated in early American coinage and the enduring value that collectors place on rare and historically significant pieces.
This record-breaking sale not only highlights the importance of preserving our numismatic heritage but also sets a new standard for the valuation of rare coins in the modern era.
FAQs
The 1796 quarter is valuable due to its extreme rarity, historical significance as one of the first U.S. quarters, and exceptional condition, with only a few known to exist today.
Key features include the Draped Bust design on the obverse, the Small Eagle reverse, and the date “1796” prominently displayed. Consulting a certified numismatist or using reputable coin grading guides can aid in identification.
Yes, coins like the 1794 Flowing Hair Dollar and the 1787 Brasher Doubloon have also fetched millions at auction due to their rarity and historical importance.