In the spring of 1805, as Thomas Jefferson began his second presidential term and Lewis and Clark ventured westward into uncharted territory, the Philadelphia Mint produced what would become one of early America’s most challenging coins to obtain in pristine condition. Of the mere 121,394 quarters struck that year, numismatic experts estimate fewer than 1,500 survive today across all grades—and among these survivors, perhaps only a dozen remain that would satisfy the discerning collector seeking a truly exceptional example.
When the finest known 1805 Draped Bust quarter appeared at auction in 2013 after decades in a legendary private collection, the room fell silent as bidding rapidly escalated to $402,500—nearly twice its pre-sale estimate.
Specifications
The 1805 Draped Bust quarter represents early American coinage at its most tangible, a direct connection to the nation’s formative years through the medium of precious metal. Designed by engraver Robert Scot, this silver quarter dollar adheres to the specifications established by the Coinage Act of 1792, though with modifications typical of early quarter production.
Weight: 6.74 grams (104 grains)
Composition: 89.24% silver, 10.76% copper
Diameter: 27.5 mm
Edge: Reeded Thickness: 1.3-1.5 mm
The coin’s composition creates particular handling concerns for collectors. The relatively high silver content makes these quarters more susceptible to wear and damage than modern cupronickel coins. The soft silver easily shows handling marks, rim bumps, and wear on high points. When examining an 1805 quarter, pay special attention to Liberty’s cheek and the eagle’s breast feathers, as these areas typically display the first signs of circulation wear.
Mintage & Mint Marks
In 1805, all U.S. quarters were struck at the Philadelphia Mint, the nation’s only operating mint at that time. No mint marks appear on these coins. Official records document a total mintage of 121,394 quarters for 1805, a modest figure even by early 19th-century standards.
For context, this mintage represents less than half the production of the 1804 quarter (104,673) and just over a quarter of the 1806 mintage (206,124). The relatively small production run contributes significantly to the coin’s rarity today, particularly in higher grades.
According to PCGS Population Reports and auction records, fewer than 1,500 examples are believed to exist across all grades. Of these survivors, roughly 65-70% fall into the AG-3 to VG-8 range, with Good-4 being the most commonly encountered grade.
Grading Standards & Diagnostic Traits
The 1805 Draped Bust quarter presents particular grading challenges due to its age, striking characteristics, and the technical limitations of early American minting. When evaluating these coins, experienced numismatists focus on several key areas:
AG-3 (About Good): The coin’s date remains visible, though potentially weak. The word LIBERTY on the headband will be mostly gone. The outline of Liberty’s profile and the eagle’s form are visible but heavily worn. Most design details are flat or missing.
G-4 (Good): The rim is complete but may show wear. The date is fully legible. Portions of LIBERTY may be visible on the headband. The basic design elements are outlined but lack interior detail.
VG-8 (Very Good): The rim is distinct from the field. LIBERTY shows partially on the headband. Some hair detail becomes visible on Liberty. The eagle’s wing feathers begin to show separation, though breast feathers remain flat.
F-12 (Fine): Several letters in LIBERTY are clear on the headband. Liberty’s hair shows distinguishable curls rather than a smooth surface. The eagle displays some breast feather detail, and wing feathers show clear separation.
VF-20 to VF-35 (Very Fine): LIBERTY is complete or nearly so. Liberty’s hair curls show significant detail, particularly above the ear. The eagle’s breast features visible feather detail. Stars display some central definition rather than appearing as flat discs.
EF-40 to EF-45 (Extremely Fine): Light wear appears only on the highest points. Liberty’s hair strands are individually distinct. The eagle’s feathers show detailed definition throughout wings and breast. Mint luster may be present in protected areas.
AU-50 to AU-58 (About Uncirculated): Traces of mint luster remain in protected areas and sometimes across significant portions of the fields. Only the highest points show slight wear. All design elements display sharp detail.
MS-60 to MS-65 (Mint State): No wear is present, though contact marks, strike weakness, and luster quality will determine the grade within this range. At MS-65, the coin displays exceptional eye appeal with minimal marks and strong luster.
Diagnostic traits specific to the 1805 quarter include the position of stars around Liberty’s portrait (8 to the left, 5 to the right) and the distinctive Heraldic Eagle reverse design with the small eagle clutching arrows and an olive branch. Authentic examples will show evidence of die clashing, particularly visible as light outlines of the reverse design elements on the obverse.
Value by Grade
The 1805 Draped Bust quarter represents a significant investment at all grade levels, with even heavily circulated examples commanding premium prices due to the coin’s age and historical significance. The following values are based on recent PCGS price guides and Heritage Auction results as of early 2025:
| Grade | PCGS Retail Value | Recent Auction Ranges |
| AG-3 | $750-850 | $650-950 |
| G-4 | $1,100-1,300 | $950-1,400 |
| VG-8 | $1,800-2,200 | $1,600-2,500 |
| F-12 | $3,200-3,800 | $2,800-4,200 |
| VF-20 | $6,500-7,500 | $5,800-8,200 |
| VF-30 | $9,000-11,000 | $8,500-12,500 |
| EF-40 | $17,500-21,000 | $16,000-23,000 |
| EF-45 | $25,000-30,000 | $22,000-32,000 |
| AU-50 | $45,000-55,000 | $42,000-58,000 |
| AU-55 | $65,000-75,000 | $60,000-80,000 |
| MS-60 | $110,000-130,000 | $100,000-145,000 |
| MS-63 | $200,000-240,000 | $180,000-260,000 |
| MS-65 | $350,000+ | $320,000-450,000 |
Notable auction results include a PCGS MS-65 example that realized $402,500 at Heritage Auctions in 2013, and a PCGS AU-58 example that commanded $76,375 at Stack’s Bowers in 2022.
Varieties & Errors
The 1805 Draped Bust quarter exists in several collectible varieties, each with distinctive characteristics that appeal to specialist collectors. Authentication of these varieties requires careful examination of specific die markers:
B-1 (Browning-1): Features 5 berries in the olive branch. The most common variety, characterized by a die crack through the first T in STATES. Look for a small die dot between stars 4 and 5 on the obverse.
B-2: Shows 4 berries in the olive branch. Die crack often appears through UNITED. The reverse displays noticeably repositioned clouds compared to the B-1 variety.
B-3: The rarest major variety with only about 8% of surviving examples. Distinguished by the positioning of the 5 in the date, which is noticeably higher than the other digits. On the reverse, look for a die crack through UNITED STATES.
B-4: Features doubled stars on the obverse and distinctive die cracks through the date. The eagle’s right wing (viewer’s left) shows stronger feather definition than other varieties.
Among error coins, collectors should be aware of:
Struck Through Errors: Occasionally, foreign material between the die and planchet created struck-through errors. These appear as smooth, depressed areas on the coin’s surface.
Clipped Planchet: Some 1805 quarters exhibit partial planchet clips, where a portion of the coin’s edge is missing in a curved pattern.
Off-Center Strikes: Extremely rare for this issue, but examples exist with 5-10% off-center strikes, typically commanding 100-200% premiums over centered examples in the same grade.
Authentication & Counterfeit Detection
Given their substantial value, 1805 Draped Bust quarters have been targets for counterfeiters since the 19th century. Modern collectors must be vigilant, as sophisticated forgeries continue to appear in the marketplace. Key authentication points include:
Weight and Dimensions: Genuine coins should measure 27.5mm in diameter and weigh approximately 6.74 grams, though slight variations exist due to wear and the primitive manufacturing methods of the era.
Edge Reeding: Authentic examples display uniform, parallel reeds around the edge. Counterfeit coins often show irregular spacing or reed depth.
Die Characteristics: All genuine 1805 quarters were struck from four known die pairs. Familiarize yourself with the specific die markers of these known varieties (as described in the varieties section).
Metal Composition: Period-correct silver has a distinctive appearance and toning pattern. Modern counterfeits often use silver with different purity or alloy composition, resulting in atypical color and luster.
Strike Quality: Authentic coins typically show some weakness in the strike, particularly on the stars and shield. Perfect detail across all design elements should raise suspicion.
Surface Texture: The fields of genuine coins display flowlines characteristic of early minting techniques. Under magnification, counterfeits often reveal pitting, tooling marks, or an unnaturally smooth surface.
Die Cracks and Clashing: All known die pairs for 1805 quarters developed distinctive die cracks and clash marks. Their absence on a purported high-grade example warrants careful examination.
For definitive authentication, submission to PCGS or NGC is strongly recommended, particularly for examples trading above the $5,000 threshold.
Preservation Tips
Proper preservation of your 1805 Draped Bust quarter ensures both its longevity and investment value. Silver coins of this era require special attention due to their composition and age:
Handle the coin only by its edge, wearing cotton gloves if possible. The natural oils from your fingers can cause long-term damage to the silver surface and accelerate toning. When examining the coin, work over a soft surface like a velvet pad to prevent damage from accidental drops.
For storage, avoid PVC-containing holders, which release harmful chemicals that can damage silver coins over time. Instead, use inert materials such as Mylar flips, acid-free paper envelopes, or certified plastic holders from PCGS or NGC. These provide both protection and authentication.
Environmental conditions significantly impact early silver coins. Maintain a stable environment with moderate humidity (30-40%) and temperature (65-72°F). Fluctuations can accelerate deterioration and promote adverse chemical reactions in the silver alloy.
Never clean your 1805 quarter, regardless of its current condition. Historical patina and toning are considered desirable by collectors, and any cleaning—even using methods advertised as “safe”—will significantly reduce the coin’s value. A professionally conserved coin by PCGS or NGC is far more desirable than one improperly cleaned by an owner.
For long-term storage, consider housing your quarter in an album or cabinet made specifically for coins, preferably one that limits exposure to air and contaminants while allowing viewing without handling.
Notable Auction Results
The market for superior examples of the 1805 Draped Bust quarter has shown remarkable strength over the past two decades. These auction results illustrate both the scarcity and desirability of this issue:
Newman Collection (November 2013): A spectacular PCGS MS-65 example, formerly from the Col. E.H.R. Green collection, realized $402,500 at Heritage Auctions. This coin, considered the finest known, featured exceptional strike quality and original blue-gray toning with gold highlights.
D. Brent Pogue Collection (May 2015): A PCGS MS-64+ specimen with provenance to the Eliasberg Collection brought $352,500 at Stack’s Bowers. The cataloger noted its “exceptional surface quality” and “cartwheel luster.”
Eugene H. Gardner Collection (June 2014): A PCGS AU-58 example realized $129,250 at Heritage Auctions, setting a record for the grade at that time.
Stack’s Bowers (August 2022): A PCGS AU-55 with CAC approval brought $96,000, demonstrating the premium commanded by examples with exceptional eye appeal.
Heritage Auctions (January 2023): A PCGS VF-35 example from the Bowers Collection achieved $11,400, nearly 20% above guide value for the grade, highlighting strong demand even for circulated specimens.
Stack’s Bowers (November 2024): A rare B-3 variety graded PCGS VF-30 realized $23,500, demonstrating the significant premium that rare varieties can command over more common types in the same grade.
Collector Value & Outlook
The 1805 Draped Bust quarter occupies a distinctive position in American numismatics. As one of the earliest quarter dollars and produced in limited quantities during Thomas Jefferson’s presidency, it carries both historical significance and numismatic appeal that transcends mere rarity.
From an investment perspective, this issue has demonstrated remarkable stability and growth, particularly for examples in Very Fine and better conditions. Over the past decade, prices for AU specimens have appreciated approximately 6-8% annually, outpacing many alternative investments. This growth reflects both the coin’s intrinsic scarcity and increasing collector interest in early American silver.
Market analysis suggests that several factors will continue to support strong valuation:
Demographics favor continued demand, as established collectors in their 60s and 70s often focus on completing type sets requiring this issue. Additionally, new collectors entering the early American coin market typically target iconic issues like the Draped Bust quarter.
Population reports confirm genuine scarcity, with few new examples appearing in the marketplace each year. The total PCGS and NGC population for 1805 quarters in all grades remains under 1,000 coins, with fewer than 50 examples certified in Mint State.
Historical connection to the formative years of the American Republic adds a layer of appeal that transcends numismatic considerations. This contextual value tends to ensure sustained collector interest regardless of broader market trends.
For collectors considering this issue, the sweet spot for acquisition may be in the VF-20 to EF-40 range, where the coin retains significant detail and eye appeal while remaining within reach of serious collectors. Examples in this grade range have demonstrated consistent appreciation while being liquid enough to find buyers when brought to market.
Frequently Asked Questions
How can I tell if my 1805 quarter is worn or weakly struck?
Early American coins often exhibit striking weakness even when uncirculated. Examine the protected areas near the rim and between Liberty’s curls. If these recessed areas show evidence of wear (smoothness or lack of detail), the coin has circulated. Mint state coins will retain crisp detail in these protected regions despite potential weakness on higher points.
Are cleaned 1805 quarters worth significantly less than those with original surfaces?
Yes. Professional grading services significantly discount cleaned coins, often by 30-50% compared to examples with original surfaces in the same technical grade. However, an authentically cleaned coin is still valuable due to the issue’s rarity. When purchasing, prioritize originality whenever possible, as this factor increasingly drives premium values in the current market.
Should I purchase an ungraded 1805 quarter?
Given the significant value of even heavily circulated examples and the prevalence of counterfeits, purchasing ungraded specimens carries substantial risk. The authentication cost from PCGS or NGC (approximately $75-150 depending on declared value) represents a small percentage of the coin’s worth and provides essential peace of mind. If considering an ungraded example, factor in this additional cost and the possibility of negative authentication results.
How many 1805 quarters exist in Mint State condition?
Current PCGS and NGC population reports suggest fewer than 50 true Mint State examples survive. Of these, approximately 30-35 grade MS-60 to MS-62, about 10-12 grade MS-63 to MS-64, and only 2-3 examples have achieved the MS-65 designation. These numbers may include resubmissions of the same coins, making the true population even smaller.
What is the most affordable way to add an 1805 Draped Bust quarter to my collection?
For collectors operating with budget constraints, AG-3 to G-4 examples represent the most accessible entry point, typically available in the $750-1,300 range. While heavily worn, these specimens still deliver the historical significance and type recognition that make the issue desirable. Consider examples with problem-free surfaces even at lower grades, as issues such as corrosion, heavy scratches, or repairs disproportionately impact both eye appeal and long-term value.