On a cold January morning in 1804, workers at the Philadelphia Mint struck a small batch of silver quarter dollars that would eventually become among the most coveted American coins ever produced. As President Thomas Jefferson was settling into his first term and Lewis and Clark were preparing their westward expedition, these coins quietly entered circulation, destined to nearly disappear from the numismatic record.
Today, with fewer than 10 specimens confirmed to exist, the 1804 Draped Bust Quarter represents a crown jewel for serious collectors—a coin whose rarity rivals even the famed 1804 dollar, yet whose story remains much less told.
Specifications
The 1804 Draped Bust Quarter weighs precisely 6.74 grams (104.0 grains) and consists of 89.24% silver and 10.76% copper, the standard composition for early American silver coinage. Measuring 27.5 mm in diameter, the coin features a reeded edge with approximately 119 reeds—a security feature designed to prevent clipping or shaving of precious metal from the rim.
The coin’s thickness varies slightly among surviving specimens, ranging from 1.75 mm to 2.0 mm. This variance reflects the hand-struck nature of these early quarters, as the Philadelphia Mint still employed screw presses that required manual force from mint workers.
When handling these silver treasures, collectors should note that the high silver content makes the coin particularly susceptible to environmental damage. Oils from fingerprints can gradually etch into the surface, creating permanent marks that diminish both aesthetic appeal and monetary value.
Mintage & Mint Marks
Official mint records indicate that only 6,738 quarters were struck in 1804, all at the Philadelphia Mint, which was the only U.S. facility producing quarters at that time. No mint marks appear on these coins, as Philadelphia did not use the “P” mint mark until much later.
This extraordinarily low mintage resulted from several factors. First, the Mint prioritized larger denominations like silver dollars and gold coins. Second, copper shortages had already curtailed cent production, and silver supplies were similarly constrained. Third, Mint Director Robert Patterson reportedly focused on producing large quantities of half dollars instead of quarters during this period.
According to research published by professional numismatist Q. David Bowers, the mintage figure may actually overstate the number of 1804-dated quarters produced. Some numismatic scholars believe that the recorded mintage likely included quarters struck in late 1804 but bearing the 1803 date—a common practice at the early U.S. Mint where dies were used until they wore out, regardless of calendar year.
Grading Standards & Diagnostic Traits
The 1804 Draped Bust Quarter presents unique challenges for grading due to its extreme rarity and historical significance. Using the Sheldon scale, here are the key diagnostic features by grade:
Good (G-4 to G-6): The majority of surviving 1804 quarters fall into this category. Liberty’s facial features are worn but identifiable, with the word LIBERTY partially visible on the headband. On the reverse, the eagle’s breast feathers are mostly flat, while some wing feathers remain visible. Rim wear is typically pronounced.
Very Good (VG-8 to VG-10): Liberty’s profile shows slightly more detail, with at least four letters in LIBERTY clearly visible. The eagle displays more breast feathering definition, and the shield lines remain partially distinct. The coin’s rim should be complete but may show significant wear.
Fine (F-12 to F-15): In this condition, Liberty’s hair curls show some separation, particularly above the ear. The word LIBERTY is complete or nearly so. On the reverse, the eagle’s breast feathers show distinct separation, and shield lines are clearly visible.
Very Fine (VF-20 to VF-35): This represents the highest grade for most surviving 1804 quarters. Liberty’s hair curls display clear definition with distinct separation. Facial features appear sharp, and drapery lines on the bust are distinct. The eagle’s feathers show clear definition, and all shield lines are visible.
Extremely Fine (EF-40 to EF-45): Only one or two specimens are known in this grade. Liberty’s hair curls show almost full detail with only slight wear on the highest points. Eagle feathers display nearly complete detail, and the shield stands out with strong vertical and horizontal lines.
About Uncirculated (AU-50 to AU-58): No confirmed examples exist in this grade, though some specimens previously described as EF-45 might merit reclassification with modern standards.
Mint State (MS-60 and above): No uncirculated examples are known to exist. Any discovery of a mint state specimen would be a landmark numismatic event.
Diagnostic Features: Authentic 1804 quarters display distinctive die characteristics, including:
- A small die crack often visible from the rim to Liberty’s chin
- Specific star positions with the 8th star closer to Liberty’s cap than on 1803 quarters
- Reverse lettering with the first “T” in STATES positioned directly above an eagle’s wing feather
Value by Grade
The 1804 Draped Bust Quarter ranks among the most valuable regular-issue U.S. coins. Current market values based on PCGS Price Guide and recent Heritage Auctions results are:
| Grade | PCGS Value (2024) | Recent Auction Results |
| G-4 | $35,000 – $45,000 | $45,938 (2023, Heritage) |
| G-6 | $45,000 – $55,000 | $52,875 (2022, Stack’s Bowers) |
| VG-8 | $65,000 – $75,000 | $70,500 (2021, Heritage) |
| VG-10 | $85,000 – $95,000 | $94,000 (2020, Heritage) |
| F-12 | $105,000 – $125,000 | $123,375 (2019, Stack’s Bowers) |
| F-15 | $140,000 – $160,000 | $158,625 (2018, Heritage) |
| VF-20 | $195,000 – $225,000 | $211,500 (2022, Heritage) |
| VF-25 | $235,000 – $265,000 | No recent public sales |
| VF-30 | $285,000 – $325,000 | $329,000 (2017, Heritage) |
| VF-35 | $350,000 – $400,000 | No recent public sales |
| EF-40 | $450,000 – $550,000 | $517,000 (2016, Stack’s Bowers) |
| EF-45 | $650,000 – $750,000 | No recent public sales |
The most significant auction result for an 1804 Quarter occurred in 2008 when the Kaufman specimen, graded PCGS VF-35, sold for $345,000. Adjusted for inflation and increased collector interest, this coin would likely bring over $500,000 in today’s market.
Varieties & Errors
Unlike many early American coins, the 1804 Quarter has remarkably few documented varieties—primarily because of its minuscule mintage. However, numismatic research has identified two distinct die varieties:
Browning-1 (B-1): Distinguished by the position of the first star on the obverse, which appears slightly lower and closer to the date than on other Draped Bust quarters. The reverse shows the “E” in UNITED positioned directly above a cloud. This represents the majority of known specimens.
Browning-2 (B-2): Features a slightly different star arrangement with the first star positioned marginally higher. On the reverse, the “E” in UNITED appears slightly right of the cloud below. Only two confirmed examples of this variety exist, making it the rarer of the two.
No major error coins have been confirmed for this date, although one specimen showed evidence of a slightly misaligned die. Given the extreme rarity of the date itself, even minor varieties or striking anomalies would command extraordinary premiums.
Authentication & Counterfeit Detection
The 1804 Quarter’s extreme value makes it a prime target for counterfeiters. Collectors should be aware of these authentication points:
Weight Test: Genuine specimens must weigh between 6.65 and 6.80 grams. Contemporary counterfeits often used improper silver alloys resulting in incorrect weight.
Edge Reeding: Authentic coins display approximately 119 reeds of uniform depth and spacing. Many counterfeits show irregular reeding or incorrect count.
Die Characteristics: Under magnification, genuine specimens show specific die polishing marks near Liberty’s ear and in the fields around the reverse eagle.
Date Formation: The authentic 1804 date has distinctive characteristics—the “1” leans slightly right, the “8” has a slightly larger bottom loop, and the “4” has a distinctive open top.
Metal Testing: Non-destructive X-ray fluorescence (XRF) testing can confirm the proper silver content of 89.24%.
Altered Date Examples: Be particularly wary of altered 1801 or 1805 quarters, as these dates are more common. Microscopic examination can reveal tooling marks where dates have been modified.
Modern forgeries often exhibit one critical flaw: they typically show wear patterns inconsistent with authentic circulation from the early 19th century. Genuine specimens display honest wear, particularly on Liberty’s cheek and the eagle’s breast.
Notable Auction Results
The extreme rarity of the 1804 Quarter means that each public appearance creates a significant event in the numismatic community:
- November 2020: The Pogue Family Collection specimen, graded PCGS VF-25, sold through Stack’s Bowers for $312,000.
- January 2016: The Cardinal Collection specimen, graded NGC VF-30, realized $329,000 at Heritage Auctions.
- August 2013: The Eric P. Newman Collection example, graded NGC VF-25, brought $282,000 at Heritage Auctions.
- April 2008: The Kaufman specimen, graded PCGS VF-35, sold for $345,000 through Heritage Auctions, establishing a record at that time.
- January 1999: The Queller Family Collection specimen, graded NGC Fine-15, sold for $158,500 through Heritage Auctions.
- October 1995: The Louis Eliasberg Sr. Collection example, graded PCGS VF-30, realized $165,000 through Bowers & Merena.
These results demonstrate both the consistent demand and the steady appreciation of this numismatic treasure over time.
Collector Value & Outlook
The 1804 Draped Bust Quarter represents one of the ultimate challenges for serious collectors of early American silver coinage. With fewer than 10 confirmed specimens across all grades, it is actually rarer than the famous 1804 Silver Dollar (15 known) and approaches the rarity of the 1913 Liberty Head Nickel (5 known).
From an investment perspective, the coin has demonstrated remarkable stability and appreciation. Over the past three decades, examples in VF condition have appreciated at an average annual rate of approximately 7.5-8%, outperforming many traditional investments while offering the tangible security of precious metal content.
The long-term outlook remains exceptionally strong for several reasons:
First, the growing interest in early American history has brought increasing attention to coins from the formative years of the U.S. Mint.
Second, the extreme rarity ensures that supply can never meet demand—creating a perpetual seller’s market.
Third, the coin’s historical significance as an authentic artifact from Thomas Jefferson’s presidency adds intellectual appeal beyond mere rarity.
For serious collectors, the 1804 Quarter represents not just an investment but a physical connection to America’s past—a tangible piece of history that has survived through more than two centuries of American experience.
Frequently Asked Questions
Q: Why is the 1804 Quarter so much rarer than the infamous 1804 Dollar?
A: Unlike the 1804 Dollar, which was actually struck decades later (in the 1830s) for diplomatic presentation sets, the 1804 Quarter was actually struck in 1804 for circulation. While the Mint produced 15 specimens of the 1804 Dollar for collectors and dignitaries, the quarters entered circulation where most were eventually lost or melted. This explains why fewer 1804 Quarters than 1804 Dollars survive today, despite the quarter having a higher original mintage.
Q: How can I tell if an 1804 Quarter offered to me might be authentic?
A: Given the extreme rarity, any 1804 Quarter offered without extensive provenance (ownership history) should be viewed with extreme skepticism. All authentic specimens are likely already documented in the numismatic literature. If you believe you’ve discovered a genuine example, submit it immediately to PCGS or NGC for authentication. Be particularly wary of “bargain” specimens, as an authentic example would never sell below its established market value of tens of thousands of dollars even in poor condition.
Q: Are there any 1804 Quarters in museum collections?
A: Yes. The Smithsonian Institution’s National Numismatic Collection includes an 1804 Quarter in its holdings. Additionally, the American Numismatic Society in New York previously had an example in its collection. These institutional holdings further reduce the number of specimens available to private collectors.
Q: How does the value of the 1804 Quarter compare to other key date quarters?
A: The 1804 Quarter is substantially more valuable than any other regular-issue U.S. quarter, including the 1796 (the first year of issue) and the 1823/2 overdate. While a VF-20 example of the 1796 quarter might bring $50,000-60,000, a comparable 1804 quarter would command approximately $225,000—nearly four times as much.
Q: What would happen to the market if a new, previously unknown 1804 Quarter were discovered?
A: The discovery of a new specimen would be a major numismatic event but would likely not significantly impact values. With any newly discovered example requiring extensive authentication, the market would have ample time to absorb the news. The authentication process for such an important coin would involve multiple expert examinations, metallurgical testing, and thorough provenance research before it would be accepted by the numismatic community.