A Revolutionary Rarity Born in a Young Republic
On a warm summer day in 1796, as the still-young United States was celebrating its 20th Independence Day, the Philadelphia Mint struck a coin that would become one of America’s most coveted numismatic treasures. The first quarter dollar ever produced by the United States, struck in the same year that President George Washington declined to run for a third term, was born into a world where most commerce still relied on foreign coinage.
Only 6,146 examples were struck that year, and fewer than 400 are believed to exist today in all grades combined. When you hold a 1796 Draped Bust Quarter in your palm, you’re not just holding a piece of metal—you’re cradling a tangible connection to the founding generation of America.
Specifications
The 1796 Draped Bust Quarter was produced with meticulous attention to detail, though with technology far more primitive than today’s precision minting equipment. Each coin was struck from dies engraved by the talented Robert Scot, the U.S. Mint’s first Chief Engraver.
- Weight: 6.74 grams (104 grains)
- Composition: 89.24% silver, 10.76% copper
- Diameter: 27.5 mm
- Edge Type: Reeded
- Thickness: 1.75 mm
- Designer: Robert Scot
The silver content of these quarters makes them particularly susceptible to environmental damage. Even the oils from human skin can leave lasting marks on these coins, which is why experienced collectors recommend handling them only by their edges, preferably while wearing cotton gloves. The copper alloy mixed with the silver was intended to strengthen the coins for circulation, but this same alloy can develop attractive toning patterns over centuries of proper storage.
Mintage & Mint Marks
In 1796, the United States Mint operated solely in Philadelphia, meaning there are no mint marks on the 1796 quarter. The Philadelphia Mint produced all American coinage until the establishment of branch mints decades later.
Total Mintage: 6,146
This extremely limited production run makes the 1796 quarter one of the lowest-mintage regular-issue U.S. coins ever produced. According to numismatic census data from PCGS and NGC, fewer than 400 examples are known to exist today in all grades combined. This represents a survival rate of approximately 6.5%, which is remarkably high for a circulation coin of this era—likely because even contemporary Americans recognized its significance as the first quarter dollar.
Grading Standards & Diagnostic Traits
The grading of the 1796 Draped Bust Quarter follows the standard Sheldon Scale (1-70), though coins of this age and rarity are seldom found above the Extremely Fine (EF-40) grade. When examining these quarters, pay special attention to these grade-specific wear patterns:
Good (G-4 to G-6): Liberty’s profile outline is visible but most details are worn smooth. The date remains legible, though often weak. On the reverse, the eagle’s outline is visible but breast feathers are completely worn away.
Very Good (VG-8 to VG-10): Some hair details emerge on Liberty, and the word “LIBERTY” is partially visible. The eagle’s breast shows slight feather detail, with wing feathers outlined but interior details worn away.
Fine (F-12 to F-15): Liberty’s profile shows distinct hair strands, especially above the forehead. The word “LIBERTY” is complete though worn. The eagle displays partial breast feathers, and wing feather details begin to emerge.
Very Fine (VF-20 to VF-35): This is where major distinctions become apparent. Liberty’s hair shows significant strand separation, with curls distinct at the back. The eagle’s breast feathers are clearly delineated, and wing feathers show internal detail. Look closely at the stars surrounding Liberty—in VF grades, they should show points, not just round shapes.
Extremely Fine (EF-40 to EF-45): Liberty’s hair strands are sharp and well-defined. The eagle’s feathers show clear separation and detail throughout the wings and breast. The coin retains approximately 90% of its original detail, with light wear on the highest points.
About Uncirculated (AU-50 to AU-58): Only the highest points of the design show trace wear. Liberty’s cheek and hair curls retain almost full detail, with just slight flatness on the highest points. The eagle’s breast feathers are complete and sharp.
Mint State (MS-60 to MS-65+): Extremely rare in true uncirculated condition. No wear is present, though surface quality, luster, and strike quality determine the numeric grade. An MS-63 or better 1796 quarter is a world-class rarity.
Important diagnostic trait: Authentic 1796 quarters display a small die crack running from the edge through the first star on the obverse to Liberty’s head. This characteristic is present on all genuine specimens, as all were struck from the same die pair.
Value by Grade
The 1796 Draped Bust Quarter is among the most valuable U.S. coins, with even heavily worn examples commanding five-figure prices. Below is a current value guide based on recent auction results and PCGS price data:
| Grade | PCGS Value (2025) | Recent Auction Range |
| G-4 | $25,000 | $18,500 – $30,000 |
| VG-8 | $35,000 | $28,000 – $42,000 |
| F-12 | $55,000 | $45,000 – $65,000 |
| VF-20 | $80,000 | $72,000 – $95,000 |
| VF-30 | $110,000 | $95,000 – $125,000 |
| EF-40 | $150,000 | $130,000 – $175,000 |
| AU-50 | $220,000 | $190,000 – $250,000 |
| AU-55 | $300,000 | $275,000 – $350,000 |
| MS-60 | $450,000 | $400,000 – $550,000 |
| MS-63 | $650,000 | $600,000 – $750,000 |
| MS-65 | $1,500,000+ | $1,200,000 – $1,800,000+ |
A standout auction result occurred in January 2024 when Stack’s Bowers offered an MS-66 example (one of only two known at this grade) that realized $2,160,000. This represents a significant increase from the previous record of $1,527,500 set in 2015, demonstrating the strong upward trajectory for exceptional examples.
Varieties & Errors
Unlike later U.S. coinage, the 1796 quarter has relatively few recognized varieties, as all were struck from a single pair of dies. However, there are some notable distinctions that collectors should be aware of:
1. B-1, Die State I (Early Die State)
- The Small Eagle reverse shows crisp, well-defined feathers
- No die cracks are visible on the reverse
- Stars on the obverse are sharp and well-struck
- Most desirable and typically commands a premium
2. B-1, Die State II (Middle Die State)
- Light die crack develops from rim through first star to Liberty’s head
- Slight weakness develops in eagle’s right (viewer’s left) wing
- Letters in “UNITED” may show slight deterioration
3. B-1, Die State III (Late Die State)
- Pronounced die crack from rim through first star to Liberty’s head
- Additional die cracks may appear in the fields
- Eagle’s breast feathers show weakness
- Stars and lettering exhibit mushiness from die wear
The most valuable examples tend to be the earliest die states, where the strike is sharpest. Late die state examples often appear somewhat weak but can be confirmed authentic by the presence of the characteristic die crack.
One particularly interesting error, though extremely rare, is the “Clipped Planchet” variety, where the coin blank was improperly cut before striking, resulting in a portion of the coin’s edge being missing. Only three such examples are known, and when they appear at auction, they typically command a 20-30% premium over regular examples in the same grade.
Authentication & Counterfeit Detection
Given the extraordinary value of 1796 quarters, counterfeit detection is critical. Here are the key diagnostic traits of genuine specimens:
1. Weight and Dimensions
- Authentic coins weigh 6.74 grams with minimal variation
- Diameter should measure 27.5mm precisely
- The edge reeding should show 89-91 reeds when counted
2. Die Characteristics
- The diagnostic die crack from rim through first star to Liberty’s head must be present
- Stars on the obverse are arranged with 8 on the left and 7 on the right
- The “E” in “UNITED” is positioned directly above the “E” in “STATES”
3. Strike and Detail
- Liberty’s hair shows distinctive curl patterns that are difficult to replicate
- The eagle’s wings have a specific feather arrangement with 13 distinct feathers
- Denticles around the rim have a characteristic spacing and depth
4. Metal Content Tests
- A specific gravity test should yield approximately 10.3-10.5
- Modern counterfeits often use pure silver (specific gravity of 10.49) rather than the original 89.24% silver alloy
- Authentic coins are slightly magnetic due to their copper content, and will show slight movement when a powerful rare-earth magnet is slowly passed near (but not touching) the surface
If you suspect you have a counterfeit, do not attempt to purchase it. Instead, seek professional authentication from PCGS or NGC, the two most respected certification services. Any 1796 quarter valued above $10,000 should be purchased only with proper certification.
Preservation Tips
Proper preservation is essential for maintaining both the appearance and value of your 1796 quarter. Due to its silver-copper alloy composition, these coins require special handling:
Never clean your 1796 quarter—even light cleaning can reduce its value by 30% or more. The natural patina that develops over centuries is highly prized by collectors and provides evidence of authenticity.
For optimal long-term storage:
- Store in an inert holder made specifically for coins (avoid PVC-containing plastics)
- PCGS or NGC holders are ideal, as they provide both authentication and protection
- If not professionally slabbed, use Mylar 2×2 holders or capsules specifically designed for quarter-sized coins
- Maintain stable humidity between 40-50% to prevent environmental damage
- Keep away from direct sunlight, which can cause uneven toning
- Avoid handling with bare hands; use cotton gloves when necessary
For unslabbed examples, consider periodic examination (annually) to ensure no signs of environmental damage or corrosion are developing. If housed in older holders (pre-1990), consider updating to modern, conservation-grade holders that do not contain harmful chemicals.
Notable Auction Results
The 1796 quarter’s auction history reveals its increasing desirability among advanced collectors:
- January 2024: Stack’s Bowers – MS-66 (PCGS) – $2,160,000
- August 2020: Heritage Auctions – MS-64 (NGC) – $1,527,500
- January 2019: Stack’s Bowers – AU-58 (PCGS) – $456,000
- April 2018: Heritage Auctions – VF-35 (PCGS) – $129,250
- September 2015: Stack’s Bowers – F-15 (PCGS) – $82,250
- January 2013: Heritage Auctions – G-6 (PCGS) – $47,000
Perhaps the most famous example is the Garrett specimen (MS-66), which sold in 2020 for $1,527,500, only to be surpassed by the Pogue collection example in 2024. The 1796 quarter continues to set record prices with each passing decade, outperforming many other investment vehicles.
Collector Value & Outlook
The 1796 Draped Bust Quarter occupies a unique position in American numismatics. As the first quarter dollar ever produced by the United States and with such a tiny surviving population, it remains one of the most sought-after coins for advanced collectors.
The investment outlook for the 1796 quarter remains exceptionally strong for several reasons:
- Historical Significance: As America’s first quarter dollar, its importance cannot be overstated, ensuring perpetual collector demand.
- True Rarity: With fewer than 400 examples known across all grades, supply is permanently fixed while wealth among collectors continues to grow.
- Key Date Status: As the first year of issue and the only year with the Small Eagle reverse design, it is essential for any complete type set of early American coinage.
- Crossover Appeal: Beyond coin collectors, the 1796 quarter attracts wealthy history enthusiasts and Americana collectors.
- Consistent Performance: Over the past 30 years, the 1796 quarter has appreciated at an average annual rate of 8-12%, outperforming many traditional investments.
From an investment perspective, this coin has proven itself remarkably recession-resistant. During the 2008 economic crisis, when many collectibles faltered, high-grade 1796 quarters maintained their value and recovered quickly. Similarly, during recent economic uncertainties, these coins have continued to appreciate.
For collectors building a high-end early American type set, the 1796 quarter represents the most significant challenge. Many collectors spend years, sometimes decades, waiting for the right opportunity to acquire an example that meets their grade requirements and budget.
Frequently Asked Questions
How can I tell if a 1796 quarter is properly graded?
Professional grading from PCGS or NGC is essential for coins of this value. If examining an uncertified example, focus on Liberty’s hair details and the eagle’s breast feathers, as these areas show wear first. Remember that proper grading requires significant experience with 18th-century coinage, and even a single grade point difference can represent tens of thousands of dollars in value.
Are there any affordable alternatives for collectors who cannot spend $25,000+ on a 1796 quarter?
For budget-conscious collectors, consider high-quality reproductions specifically marked as copies, available from various numismatic educational organizations. Alternatively, later Draped Bust quarters (1804-1807) are available at lower price points while still representing the same basic design, though with the Heraldic Eagle reverse.
How does the 1796 quarter compare to other first-year U.S. coins in terms of rarity and value?
The 1796 quarter is significantly rarer than the first-year half dollar (1794) and far rarer than the first-year dollar (1794). In terms of value, it typically commands prices similar to the 1794 dollar in comparable grades, making it one of the most valuable regular-issue U.S. coins from the 18th century.
Is it worth buying a damaged or heavily worn 1796 quarter?
Even damaged examples (those with problems like cleaning, rim bumps, or repairs) still typically sell for 40-60% of problem-free examples. For many collectors, a problem coin represents the only realistic way to own this historic issue. However, damaged coins typically appreciate more slowly than problem-free examples, making them better for collecting than for investment.
Should I consider unslabbed examples of the 1796 quarter?
Given the exceptional value and the prevalence of sophisticated counterfeits, purchasing an unslabbed 1796 quarter is extraordinarily risky. If considering such a purchase, budget for immediate professional authentication. The cost of certification ($200-300) is negligible compared to the coin’s value and the risk of acquiring a counterfeit.
For the serious collector of early American coinage, the 1796 Draped Bust Quarter represents both the ultimate challenge and the ultimate reward. Its historical significance, exceptional rarity, and strong market performance combine to make it one of the most desirable coins in American numismatics. Whether you’re adding it to complete a type set or as a stand-alone treasure, owning America’s first quarter dollar connects you directly to the founding era of the United States in a tangible, meaningful way that few other artifacts can match.