A Witness to History
As President Thomas Jefferson settled into his second term in office, a small number of silver quarters slipped from the dies at the Philadelphia Mint. Just 206 years after Columbus first sighted the New World, these quarters—with their stoic Liberty and heraldic eagle—would become among the most coveted early American coins.
Today, holding an 1806 Draped Bust Quarter means cradling a piece of metal that witnessed the Lewis and Clark expedition’s triumphant return, the founding of the first U.S. military academy at West Point, and the nation’s territorial expansion following the Louisiana Purchase. Each worn edge and patina tells the story of commerce in a young republic still finding its footing.
Specifications
The 1806 Draped Bust Quarter represents one of the earliest quarter dollar issues of the United States and features specifications that differ significantly from modern quarters.
Weight: 6.74 grams (104 grains)
Composition: 89.24% silver, 10.76% copper
Diameter: 27.5 mm
Edge: Reeded Thickness: 1.75 mm
These early quarters were struck on planchets cut from rolled silver sheets, resulting in some variance in weight and thickness. The silver composition makes these coins particularly susceptible to environmental damage, especially from sulfur compounds that can cause toning or tarnishing. When handling these specimens, cotton gloves are recommended to prevent oils from your fingers transferring to the coin’s surface, which can accelerate deterioration over time.
Mintage & Mint Marks
The 1806 Draped Bust Quarter was produced exclusively at the Philadelphia Mint, as branch mints had not yet been established in the United States. No mint marks appear on these coins. According to official U.S. Mint records, the total mintage for 1806 quarters was 6,738 pieces—a remarkably small number by today’s standards but not unusual for early American coinage.
This limited mintage reflects both the limited capacity of the early mint and the relative unpopularity of quarter dollars in everyday commerce, where Spanish colonial reales were often preferred. Considering natural attrition through melting, loss, and damage over 219 years, numismatic experts estimate that fewer than 400 examples survive in all grades today, with perhaps 20-30 in Mint State condition.
Grading Standards & Diagnostic Traits
The 1806 Draped Bust Quarter follows standard Sheldon Scale grading criteria, but with specific considerations due to its age and striking characteristics. Understanding these grade-specific features is crucial for accurate assessment:
G-4 (Good): Major design elements remain visible but heavily worn. Liberty’s profile outline is present but flattened, with little detail in the hair. The eagle’s form is visible, but wing feathers have merged into a smooth surface. Date remains legible but may show weakness.
VG-8 (Very Good): Liberty’s profile shows more definition, with some separation of hair strands visible. The eagle displays basic wing feather separation. Stars are present but flat, and lettering shows clearer definition than in G-4 specimens.
F-12 (Fine): Liberty’s facial features become more distinct, with moderate hair detail visible. The eagle shows clear wing feathers and breast details. Approximately 25% of the original detail remains.
VF-20 to VF-35 (Very Fine): In this grade range, Liberty’s hair strands show clear separation, and facial features display good definition. The eagle’s feathers show clear detail, with distinct separation between wing feathers. Moderate wear appears on high points, but overall detail is sharp.
EF-40 to EF-45 (Extremely Fine): Liberty’s hair shows nearly complete detail with only slight wear on the highest strands. The eagle’s features appear sharp, with clear feather details. Only the highest points show evidence of circulation.
AU-50 to AU-58 (About Uncirculated): Trace amounts of wear appear only on the absolute highest points. Liberty’s hair shows nearly full detail, and the eagle’s features are crisp. Mint luster remains evident in protected areas.
MS-60 to MS-63 (Mint State): No wear from circulation is present, though striking quality varies. Many specimens show weakness in the central areas due to the limitations of early minting technology. Surface may show numerous marks, scratches, or adjustment marks from the minting process.
MS-64 to MS-65 (Gem Mint State): Exceptionally rare for this issue. Strong strike with minimal bag marks or adjustment marks. Original mint luster should be nearly complete. Fewer than 5 examples are known in MS-65 or better condition.
A key diagnostic trait for authentic 1806 quarters is the presence of die cracks, particularly on the reverse, which developed as the dies wore during production. Additionally, adjustment marks—fine parallel lines created when mint workers filed excess metal from overweight planchets—are common on early U.S. silver coins and do not detract from the grade if they don’t significantly impact the design.
Value by Grade
The 1806 Draped Bust Quarter commands premium prices in all grades due to its age, historical significance, and scarcity. Current market values based on PCGS Price Guide and recent Heritage Auctions results:
| Grade | PCGS Retail Value (2025) | Recent Auction Realized Prices |
| AG-3 | $800-1,000 | $675-950 |
| G-4 | $1,200-1,500 | $975-1,350 |
| VG-8 | $1,800-2,200 | $1,600-2,100 |
| F-12 | $3,500-4,000 | $3,200-3,800 |
| VF-20 | $5,500-6,500 | $5,000-6,200 |
| VF-30 | $8,500-9,500 | $7,800-9,200 |
| EF-40 | $15,000-18,000 | $14,500-17,500 |
| AU-50 | $28,000-32,000 | $26,000-30,000 |
| AU-58 | $45,000-55,000 | $42,000-52,000 |
| MS-60 | $60,000-70,000 | $58,000-68,000 |
| MS-63 | $110,000-125,000 | $105,000-120,000 |
| MS-65 | $350,000+ | $320,000-400,000 |
Notable sales include the Eugene H. Gardner specimen, graded PCGS MS-65, which sold for $396,562 at Heritage Auctions in June 2014, and the D. Brent Pogue Collection example, also graded MS-65, which realized $411,250 at a Stack’s Bowers auction in May 2015.
Varieties & Errors
The 1806 Draped Bust Quarter features several significant varieties that collectors actively pursue:
Browning-1 (B-1): Features 6 berries in the olive branch on the reverse. The stars on the obverse are arranged 8 left and 7 right. This is the more common variety.
Browning-2 (B-2): Shows 5 berries in the olive branch on the reverse. The obverse stars are arranged 8 left and 7 right. This variety is approximately 25% scarcer than B-1.
Browning-3 (B-3): Exhibits 6 berries on the reverse olive branch, but with distinctly different positioning of the eagle’s head in relation to the stars above. This variety is the scarcest of the three and commands a 20-30% premium over B-1.
Browning-4 (B-4): The rarest variety, distinguished by the position of the date, which sits lower in the field than on other varieties. The obverse also shows repunching on some digits of the date. This variety commands a 40-50% premium over B-1 when properly attributed.
To identify these varieties:
For the berry count: Examine the olive branch in the eagle’s right talon (viewer’s left). Count the distinct round berries visible among the leaves.
For die cracks: B-2 examples often show prominent die cracks through the eagle’s wings and across the shield.
For B-4 identification: Look for the date positioned noticeably lower in the field, with the “1” in “1806” closer to the bust truncation than on other varieties.
Error coins are exceedingly rare for this issue, but coins struck from cracked dies are collected as important die states rather than errors in the modern sense.
Authentication & Counterfeit Detection
Due to their high value, 1806 Draped Bust Quarters are frequently counterfeited. Knowing the distinctive features of genuine examples is crucial:
Weight test: Genuine coins should weigh approximately 6.74 grams, with minor variations allowed. Counterfeits are often made from base metals with silver plating and may weigh incorrectly.
Edge examination: The reeded edge of an authentic 1806 quarter should show consistent, parallel reeding produced by the collar die. Counterfeits often exhibit irregular reeding or evidence of seams.
Die characteristics: Genuine coins show specific die markers. For example, all authentic 1806 quarters display a small die flaw under Liberty’s chin, often referred to as a “chin whisker.”
Strike quality: Early U.S. coins were struck on manually operated presses, resulting in certain flow characteristics in the metal. Modern counterfeits often fail to replicate this, showing either too sharp or too uniform details.
Magnetism test: Genuine silver quarters will not respond to a magnet. If a coin is attracted to a magnet, it is definitely counterfeit.
Specific diagnostic points:
- The letter “R” in “LIBERTY” should have a slightly broken serif on genuine examples.
- The eagle’s wing feathers show distinctive patterns that counterfeiters often fail to replicate accurately.
- Under magnification, genuine coins exhibit flow lines in the fields—subtle raised lines created during striking—that counterfeits typically lack.
When in doubt, seek authentication from PCGS, NGC, or ANACS, as the investment in professional authentication is minimal compared to the value of the coin.
Preservation Tips
Proper preservation of your 1806 Draped Bust Quarter is essential for maintaining both its condition and value:
Silver coins from this era are particularly susceptible to environmental damage. Store your quarter in an inert holder free from PVC plastics, which can release harmful vapors over time. For raw (unslabbed) coins, consider using holders made from Mylar or similarly stable materials.
Temperature and humidity control are crucial. Avoid exposing your coin to environments above 70% relative humidity, as this can accelerate toning and potential corrosion. Similarly, extreme temperature fluctuations can promote condensation, which may lead to spotting.
Never clean your 1806 quarter. Even light cleaning can remove the original surface and significantly diminish value. The natural patina that develops over centuries is prized by collectors and constitutes part of the coin’s history.
For long-term storage, consider a safe deposit box with climate control or a home safe with silica gel packets to maintain low humidity. If you display your coin, avoid direct sunlight, which can accelerate toning and potentially fade album pages or documentation.
If you choose professional conservation for serious problems, only use services approved by major grading companies. PCGS and NGC both offer conservation services that can stabilize problematic coins without diminishing their numismatic value.
Notable Auction Results
The market for high-grade 1806 Draped Bust Quarters has strengthened considerably in recent decades, with several remarkable auction results:
- January 2025: Heritage Auctions, FUN Show – 1806 B-2 variety, PCGS MS-64, realized $218,500
- October 2024: Stack’s Bowers Galleries – 1806 B-1 variety, NGC MS-63, realized $104,650
- May 2023: Heritage Auctions – 1806 B-3 variety, PCGS AU-58, realized $61,700
- September 2021: Legend Rare Coin Auctions – 1806 B-1 variety, PCGS MS-65, realized $376,000
- June 2019: Stack’s Bowers Galleries – 1806 B-4 variety, PCGS VF-35, realized $14,400
The record price for any 1806 quarter remains the Pogue Collection specimen, graded PCGS MS-65+ with CAC approval, which achieved $411,250 in 2015. This coin is considered the finest known example by many experts.
Even in lower grades, documented ownership by famous collectors can significantly enhance value. A VF-20 example from the Louis E. Eliasberg Collection sold for $8,050 in 1997, approximately double what an anonymous specimen in the same grade would have brought at that time.
Collector Value & Outlook
The 1806 Draped Bust Quarter holds a special place in American numismatics as one of the earliest quarter dollar issues from the United States Mint. Several factors make this issue particularly desirable to collectors:
Historical significance: These coins circulated during Thomas Jefferson’s presidency and represent the early development of U.S. coinage.
Scarcity: With fewer than 400 examples known to exist across all grades, demand consistently outpaces supply.
Type coin status: As part of the short-lived Draped Bust, Heraldic Eagle reverse design (1804-1807), this issue is essential for type collections of early American coinage.
The investment potential for the 1806 quarter remains strong. Over the past 25 years, high-grade examples (AU and above) have appreciated at an average annual rate of approximately 8-10%, outpacing inflation and many other investment vehicles. Even mid-grade examples (VF to EF) have shown steady appreciation of 5-7% annually.
Market trends suggest continued strength in the early quarter dollar market, with particular emphasis on problem-free examples with original surfaces and attractive toning. As more collectors enter the market for early American coins, and as the fixed supply of these quarters continues to diminish through attrition and institutional acquisitions, upward pressure on prices is likely to continue.
For serious collectors, the 1806 quarter represents not just a numismatic treasure but also a tangible connection to early American history—a consideration that transcends pure financial valuation.
Collector FAQs
Q: How can I determine if my 1806 quarter is the rare B-4 variety?
A: The B-4 variety is distinguished by the lower position of the date relative to Liberty’s bust. The “1” in “1806” will appear closer to the bust truncation than on other varieties. Additionally, the B-4 shows distinctive die cracks that developed across the reverse, particularly through “STATES” in the legend. A side-by-side comparison with photographs from standard references like Browning’s “Early Quarter Dollars of the United States” or the PCGS CoinFacts website can help with attribution.
Q: Why do many 1806 quarters show weak strikes in the center?
A: The striking limitations of early 19th-century technology often resulted in incomplete metal flow to the centers of the coins. The Philadelphia Mint used screw presses operated by hand, which couldn’t always generate sufficient pressure to fully bring up all details, especially on larger denomination coins like quarters. This weakness is considered normal for the issue and doesn’t necessarily detract from the coin’s grade or value unless exceptionally severe.
Q: Is it worth purchasing an 1806 quarter in lower grades (Good to Fine)?
A: Absolutely. Given the historical significance and scarcity of 1806 quarters, even examples in Good to Fine condition represent important numismatic treasures. For many collectors, a well-worn but problem-free example represents the most accessible entry point into early quarter dollar collecting. These lower-grade coins have shown steady appreciation over time and allow collectors to own a piece of early American history at a more accessible price point than higher-grade examples.
Q: What should I do if I suspect my 1806 quarter might be counterfeit?
A: The best course of action is to have it authenticated by a major third-party grading service like PCGS or NGC. These services employ experts with extensive experience in early American coinage who can definitively determine authenticity. The modest cost of authentication is a wise investment when dealing with coins of this value. If you’re considering purchasing an ungraded example, requesting a return privilege pending authentication is always prudent.
Q: How does cabinet friction differ from circulation wear on these early quarters?
A: Cabinet friction refers to light wear that occurs when coins are stored in old-style cabinets or albums where they might move slightly when drawers are opened and closed. This typically appears as light friction on the high points but lacks the more extensive wear patterns seen on circulated examples. On 1806 quarters, cabinet friction often manifests as light rub on Liberty’s cheek and hair curls, or on the eagle’s breast feathers, while retaining original mint luster in the fields. This type of wear is generally considered less detrimental to value than actual circulation wear.