1827 Capped Bust Quarter (Original Strike vs. Restrike)
Few coins in American numismatics have generated as much scholarly debate, collector obsession, and sophisticated fakery as the 1827 Capped Bust Quarter. This coin exists in two fundamentally different forms: a genuine original strike from 1827 (extremely rare) and a well-documented restrike produced at the Philadelphia Mint around 1858 for collector demand. Understanding the difference between these two versions is essential to meaningful participation in this area of numismatics.
The Capped Bust Quarter Series
The Capped Bust quarter, designed by John Reich and later modified by William Kneass, was minted from 1815 through 1838. The design features a Liberty bust wearing a cap with the date and stars, and a heraldic eagle reverse. These quarters are a beloved series for classic American coin collectors for their elegant design and historical significance.
The 1827 Original
In 1827, the Philadelphia Mint struck approximately 4,000 Capped Bust quarters. These coins are distinguished by several die varieties, the most important distinction being between "square base 2" and "curl base 2" in the date. The design uses the die combination specific to that year's production.
The 1827 original strike is one of the rarest Capped Bust quarters. Of the approximately 4,000 struck, surviving examples in any grade are measured in the dozens. In Mint State, perhaps five to ten examples are known. The PCGS population is tiny. An EF or better original 1827 is a major prize for any classic American coin specialist.
The Restrike Problem
Around 1858, the US Mint produced a significant number of restrikes of the 1827 quarter using a die with a "curl base 2" in the date (a reverse die not used on any genuine 1827 original). These restrikes were made specifically to satisfy collector demand, a practice the Mint conducted somewhat openly at the time, though this practice would be considered fraudulent by modern standards.
The 1827 restrike, while actually produced at the US Mint, is considered a counterfeit of the original by numismatists because it misrepresents a coin that never existed in that specific die combination. The market value of the restrike is far below an authentic original.
Distinguishing Original from Restrike
The critical diagnostic is the shape of the "2" in the date:
Original Strike: Uses a "square base 2" for the second digit of the date. The base of the "2" is flat/squared.
Restrike: Uses a "curl base 2." The base of the "2" curves upward at the end, like the number as normally written.
No genuine 1827 Capped Bust quarter was ever struck with a curl base 2. If you see a curl base 2, you have a restrike (or a counterfeit of the restrike).
This distinction requires examination under magnification but is definitive once you know what to look for.
Values and Condition Grades
Original Strike (Square Base 2):
| Grade | Approximate Value |
|---|---|
| VG-F | $25,000 - $50,000 |
| EF | $75,000 - $150,000 |
| AU | $150,000 - $300,000 |
| MS-62/63 | $300,000 - $600,000+ |
Restrike (Curl Base 2):
| Grade | Approximate Value |
|---|---|
| VG to EF | $500 - $2,000 |
| AU to Mint State | $2,000 - $8,000 |
| Proof-like restrike, exceptional | $5,000 - $20,000 |
The value differential is enormous. An original 1827 in any grade is worth far more than any restrike. Professional certification by PCGS or NGC is mandatory for any original; both services attribute the variety on their holders.
Third-Party Certification
For original 1827 quarters, PCGS and NGC slabs will specify the die variety. An original strike holder will read "Square Base 2" or equivalent in the attribution. A restrike will be attributed as a restrike. Never purchase a raw (ungraded) example of this coin without independent expert examination; the stakes are simply too high.
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