1796 No Stars Draped Bust Quarter Eagle Value & Price Guide (2026)

The United States Mint in Philadelphia had been open for just four years when it struck its first $2.50 gold coin in 1796. Chief Engraver Robert Scot designed the obverse with a portrait of Liberty wearing a soft cap, her hair flowing behind her. He left the field around her portrait completely bare. No stars. No decoration. Just Liberty and the date. That plain design lasted only a few months before stars were added. Only 963 of the starless version were struck. Fewer than 200 survive today. Each one is worth $30,000 or more.

Quick Value Summary

Detail	Info
Item	1796 Capped Bust Right Quarter Eagle (No Stars)
Year	1796
Category	Coins
Condition Range
AG-3 to G-6	$30,000 - $50,000
VG-8 to F-12	$50,000 - $80,000
VF-20 to VF-35	$80,000 - $130,000
EF-40 to AU-55	$130,000 - $210,000
MS-60+	$250,000+
Record Sale	$204,000 (PCGS AU-55, Heritage, Bruce Sherman sale, January 2025)
Rarity	Extremely Rare

The Story

The Coinage Act of 1792 authorized several gold denominations, including the Quarter Eagle ($2.50). But the Mint didn't get around to producing gold coins until 1795, starting with the Half Eagle ($5) and Eagle ($10). The Quarter Eagle came in 1796.

Robert Scot's design for the first Quarter Eagle featured a right-facing bust of Liberty wearing a turban-like cap. The reverse showed a small, heraldic eagle perched on a palm branch. The obverse had no stars around the portrait, making it unique among early American gold coins.

The decision to omit stars was likely aesthetic. Scot may have felt the small planchet (about 20mm in diameter) couldn't accommodate both the portrait and stars without crowding. Later in 1796, the design was modified to include stars, first with 16 stars (one for each state), then with various arrangements of stars in subsequent years.

The mintage of 963 coins was tiny even by 18th-century standards. The Philadelphia Mint was a small operation with hand-operated screw presses. Gold coinage was a fraction of total production. Many of the original 963 coins were melted for their gold content over the ensuing decades. The result: fewer than 200 survivors, with most in lower grades.

Numismatists identify this coin as the BD-2 variety (Bass-Dannreuther cataloging system) and rate it Rarity-4 (R4), meaning an estimated 76-200 known examples exist. In practice, the number of coins in collector hands at any time is even smaller, making each market appearance noteworthy.

How to Identify It

Obverse (front):

• Bust of Liberty facing right, wearing a soft "Phrygian" cap

• "LIBERTY" inscribed on the cap

• Date "1796" below the bust

• No stars on the obverse (the defining characteristic)

Reverse (back):

• Small eagle perched on a palm branch within a wreath

• "UNITED STATES OF AMERICA" around the border

Physical specifications:

• Diameter: approximately 20mm

• Weight: 4.37 grams

• Composition: 91.67% gold, 8.33% silver and copper

• Edge: Reeded

Common confusions:

• 1796 With Stars: The later 1796 Quarter Eagle includes stars around the obverse portrait. With 16 stars in various arrangements (7x6, 8x5, 6x7 patterns), these are also very rare but are a different variety. Check for the presence or absence of stars.

• Contemporary counterfeits: Period fakes struck in base metals exist. Genuine coins will have correct weight and will test positive for gold content.

Value by Condition

AG-3 to G-6 (About Good to Good): $30,000 - $50,000

Heavily worn with the design outline visible but details largely smoothed. The date should be readable. At this grade, you're buying rarity and history. Even a heavily worn example is a significant coin.

VG-8 to F-12 (Very Good to Fine): $50,000 - $80,000

Major design elements are visible. Liberty's portrait shows some hair detail. The eagle on the reverse is distinguishable. These represent the most commonly encountered grades for this issue.

VF-20 to VF-35 (Very Fine): $80,000 - $130,000

Moderate wear with clear design details. Liberty's hair shows individual strands. The eagle's feathers are partially visible. Attractive, displayable examples.

EF-40 to AU-55 (Extremely Fine to About Uncirculated): $130,000 - $210,000

Light wear on the highest points only. Traces of original luster may remain in protected areas. The PCGS AU-55 example sold by Heritage in January 2025 from the Bruce Sherman Collection realized $204,000. It had started bidding at $46,000 at GreatCollections. These are exceptional survivors.

MS-60+ (Mint State): $250,000+

Uncirculated examples are extraordinarily rare for a coin struck 230 years ago using hand-operated equipment. Any Mint State example would be a major numismatic event.

Known Variations

The 1796 No Stars Quarter Eagle is cataloged as BD-2 in the Bass-Dannreuther reference. There's essentially one die variety for the No Stars type, making identification straightforward once you confirm the absence of stars.

A small planchet void is visible on some examples in the lower right obverse, which serves as a die state marker and pedigree identifier.

Authentication & Fakes

At these values, authentication is non-negotiable. Concerns include:

• Contemporary counterfeits: 18th and 19th-century fakes struck in gilt base metals exist. These will not pass a specific gravity test.

• Cast copies: Modern cast reproductions can look convincing in photos but show different surface characteristics under magnification. Look for casting bubbles, incorrect edge details, and soft lettering.

• Altered dates/stars: A 1796 With Stars coin cannot be altered to No Stars (removing stars would leave evidence), but other dates or denominations could potentially be altered to resemble this issue.

Mandatory steps:

• PCGS or NGC certification: Any purchase of this coin should be in a PCGS or NGC holder. Grading fees for coins in this value range are $300-$600+ at higher service tiers.

• CAC verification: A CAC (Certified Acceptance Corporation) sticker provides additional quality confirmation.

• Provenance research: Many surviving examples have documented ownership histories (pedigrees) that add confidence and potential value.

Where to Sell

• Heritage Auctions: The dominant venue for high-value US coins. Their biannual signature sales attract the world's top collectors. Consignment fees are negotiable for six-figure coins.

• GreatCollections: Ian Russell's auction platform has become a major force for rare coins. The Bruce Sherman coin started bidding there before the Heritage sale.

• Stack's Bowers: Another major numismatic auction house with a strong track record for early gold.

• Major coin dealers: Firms like DLRC, David Lawrence, or Legend Numismatics may buy directly for inventory. Expect 80-90% of retail value for a quick direct sale.

Insured shipping for a coin worth $100,000+ requires registered mail through USPS (maximum coverage $50,000) or a specialized numismatic shipper like Parcel Pro, which offers higher coverage limits. Budget $50-$200 for shipping and insurance.

Not sure about the condition of yours? Upload a photo to Curio Comp for an initial assessment.

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