1796 Draped Bust Quarter (Small Eagle)

The United States Mint struck its first quarter dollar in 1796. Only 6,146 were made. That number was small even by the standards of a mint that was barely four years old, operating out of a converted distillery in Philadelphia with a staff that could fit in a single room. The quarter denomination would not be struck again until 1804. For eight years, the 1796 was the only quarter dollar in American history.

Today, PCGS estimates that roughly 650 survive across all grades, with fewer than 100 in uncirculated condition. The finest known example, graded PCGS MS66, sold for $1,740,000 at Heritage Auctions in January 2022. Even in the lowest certifiable grades, a 1796 Draped Bust Quarter costs $14,000 or more. It is one of the foundational coins in American numismatics.

Quick Value Summary

• Item: 1796 Draped Bust Quarter (Small Eagle reverse)

• Year: 1796

• Category: Coins

• Condition Range:

  • AG-3 (About Good): $14,000 - $18,000
  • VG-8 (Very Good): $22,000 - $30,000
  • VF-20 (Very Fine): $45,000 - $65,000
  • EF-40 (Extremely Fine): $80,000 - $130,000
  • MS-62 (Uncirculated): $250,000 - $400,000
  • MS-65+ (Gem): $1,000,000 - $1,740,000

• Record Sale: $1,740,000 (PCGS MS66, Heritage Auctions, January 2022)

• Mintage: 6,146

• Surviving Population: ~650 (PCGS estimate)

• Rarity: Very Rare

The Story

The Coinage Act of 1792 authorized the United States Mint to produce coins in gold, silver, and copper. Getting that mint operational was another matter entirely. The first director, David Rittenhouse, had to build everything from scratch: acquire equipment from Europe, hire engravers and press operators, and secure bullion in a country that had very little of either precious metal readily available.

Silver coinage began in 1794 with the Flowing Hair dollar and half dollar. Dimes and quarters came last. The quarter dollar was authorized at a weight of 104 grains of standard silver (about 6.74 grams), and the first ones were struck in 1796 using dies engraved by Robert Scot, the Mint's chief engraver.

Scot's design featured a draped bust of Liberty facing right on the obverse, her hair tied back with a ribbon, a small cap behind her head. The design was likely based on a Gilbert Stuart portrait of Ann Willing Bingham, a Philadelphia socialite. The reverse showed a small, heraldic eagle perched on a wreath, surrounded by the inscription UNITED STATES OF AMERICA. This "small eagle" reverse would be replaced by the "heraldic eagle" design on later issues.

The 6,146 mintage figure tells its own story. The Philadelphia Mint was busy. It had limited press capacity. The quarter denomination was not in high demand. Citizens were more accustomed to Spanish reales, which circulated freely in early America and were widely accepted. The Mint prioritized higher-denomination coins and cents. Quarters were, essentially, an afterthought.

After 1796, the Mint did not strike another quarter until 1804, when the Draped Bust design returned with the new heraldic eagle reverse. That eight-year gap makes the 1796 a standalone issue: the only quarter with the small eagle reverse, the first quarter of any design, and one of the lowest-mintage regular-issue coins in American history.

How to Identify It

• Obverse: Draped bust of Liberty facing right. "LIBERTY" above. Date "1796" below. Stars flanking: typically 15 stars (representing the 15 states at the time).

• Reverse: Small eagle standing on a wreath, head turned left. "UNITED STATES OF AMERICA" around the border.

• Edge: Reeded (vertical ridges around the edge).

• Diameter: Approximately 27.5 mm.

• Weight: 6.74 grams (104 grains).

• Composition: 89.24% silver, 10.76% copper.

• Die varieties: Browning-1 and Browning-2 are the two recognized die marriages. B-2 is significantly rarer than B-1.

Common confusions: The 1796 Draped Bust Dime has a similar design but is much smaller (19 mm). The 1804-1807 Draped Bust Quarters have the heraldic (large) eagle reverse, which is visually very different from the small eagle. Contemporary counterfeits exist from the period and are collectible in their own right.

Value by Condition

AG-3 (About Good): $14,000 - $18,000 The coin is heavily worn. The outline of Liberty is visible but details are mostly gone. The date is readable. The reverse eagle is a flat silhouette. At this grade, the coin is bought for its identity, not its beauty. PCGS auction data shows AG-3 examples trading consistently in this range.

VG-8 (Very Good): $22,000 - $30,000 Major design elements are clear. Liberty's profile and drapery are visible. The eagle and wreath show definition. Some lettering may be weak. A VG-8 sold through Heritage in 2023 for $26,400.

VF-20 (Very Fine): $45,000 - $65,000 Moderate wear on high points. Liberty's hair shows individual strands. The eagle's feathers are partially defined. This is where the coin starts to look attractive. Eye appeal matters at this grade, and problem-free examples command premiums.

EF-40 (Extremely Fine): $80,000 - $130,000 Light wear on the highest points only. Most design details are sharp. Original luster may be visible in protected areas. Coins at this grade with original surfaces and attractive toning are highly sought after.

MS-62 (Uncirculated): $250,000 - $400,000 No wear, but may have contact marks from storage or handling. Mint luster is present. Fewer than 50 examples are known in uncirculated grades across all grading services.

MS-65+ (Gem): $1,000,000 - $1,740,000 Virtually flawless. Full mint luster. The Bob R. Simpson Collection example, graded PCGS MS66, sold for $1,740,000 in January 2022. It is the finest known and is unlikely to be surpassed.

Trending: Values have been stable to slightly increasing for the past five years. The coin's status as a first-year-of-issue type coin and its genuine rarity provide a solid floor.

Die Varieties

• Browning-1 (B-1): The more common die marriage. 15 obverse stars. Diagnostic: a die crack through the last star on the right.

• Browning-2 (B-2): Significantly rarer. Same general design but from different dies. Diagnostic: different spacing between stars and a different die state on the reverse. B-2 examples command a 20-40% premium over B-1 at comparable grades.

Authentication and Fakes

The 1796 Quarter is valuable enough to attract counterfeits, though the market for certified coins limits the risk for careful buyers.

• Certification is essential: At these price levels, only buy PCGS or NGC certified examples. The cost of certification ($50-$150) is trivial relative to the coin's value.

• Cast counterfeits: The most common fakes are cast from molds taken from genuine coins. They will be slightly underweight, have grainy surfaces, and lack the sharp edge reeding of struck coins.

• Altered dates: Some counterfeiters alter more common Draped Bust Quarter dates (1804-1807) to read 1796. The reverse design (heraldic eagle vs. small eagle) makes this relatively easy to detect, since only the 1796 has the small eagle.

• Tooled or whizzed coins: Genuine coins with artificially enhanced details or surfaces. Professional grading catches most of these.

Where to Sell

• Major auction houses: Heritage Auctions and Stack's Bowers are the primary venues for coins at this level. Seller's commissions are typically 5-10%. The presale process includes professional photography, cataloging, and global marketing.

• Dealers: Major numismatic dealers will purchase outright. Expect 80-90% of retail for a clean, certified example. For uncirculated examples worth six figures, auction is generally the better venue.

• Coin shows: Major shows like the FUN Convention, Long Beach Expo, and ANA World's Fair of Money attract dealers who actively buy rare early American coins.

• Costs to budget: PCGS/NGC certification ($50-$150 for standard tiers; $300+ for high-value submissions), insured shipping ($50-$100), and auction fees (5-10% seller's commission).

Not sure about your early American coin? Upload a photo to Curio Comp for a quick AI assessment.

Related Items