The quarter dollar is one of the coins authorized by the original Coinage Act of 1792. Actual production of coins didn’t begin until 1793 when the new US Mint was opened in Philadelphia, the nation’s capital at the time.


The first coins minted were copper cents, followed by silver and gold coins. The first quarters were produced in 1796 with a short run of 6,146 coins of the “Draped Bust” design. It was sufficient to satisfy low demand until 1804 when minting of Draped Bust quarters resumed. After suspension again in 1807, production resumed from 1815-1828 and again in 1831. With the exception of 1933, quarters have been produced every year since.


Why a Quarter?


US coinage was based on a decimal system, so it would seem more logical to make a twenty-cent piece instead of a quarter dollar. In fact, a twenty-cent coin was minted from 1875 to 1878 but failed due to confusion with the then established quarter.


The quarter traces its roots back to the Spanish 8-real “Spanish Dollar” coin that was in common use in the US before the nation had its own currency and that became the basis of US money. The coin was often cut into segments of halves, quarters, and eighths (pieces of eight), so a quarter (two “bits” of a Spanish dollar) was already a common denomination. The founders chose to go with the flow, and the quarter remains in circulation today.


19th
Century Quarters


Original coin legislation required US coins to celebrate freedom. The mythical Lady Liberty was chosen as the symbol of freedom and remained on coins in various guises well into the 20th century. That resulted in three major designs for 19th century quarters when production resumed in 1815. They were known as Capped Bust, Seated Liberty, and Barber quarters.


The Capped Bust Quarter


The original Draped Bust quarter design was replaced in 1815 with a bust of Miss Liberty on the obverse (face) wearing a cloth cap tied with a ribbon inscribed “Liberty.” Designed by engraver John Reich, the 89% silver coin was 27 mm in diameter and had a reeded edge.


The coin’s reverse maintained the earlier heraldic eagle holding an olive branch in its right talon and arrows in its left, but a ribbon inscribed with the national motto, E Pluribus Unum, was added over the eagle’s head.


The initial minting of 89,000 coins was followed by roughly one million coins from 1818-1828 after a two-year hiatus. These coins are called Type 1 or “Capped Bust with Scroll.”


Production of quarters halted again for two years following 1828. When it resumed in 1831, changes in the coin’s size, silver content, and weight necessitated new dies and while engraver William Kneass was able to downsize the bust of Liberty on the obverse, the coin’s smaller size left no room for the ribbon carrying the motto. This became the second variety of Capped Bust quarters, known as Type 2 or Small Size. The modifications were dictated by changes in international customs and the price of silver. The diameter was reduced to 24.3 mm and, in 1837, bullion content was increased to 90% silver, which became the standard for US silver coins until all silver was removed in the mid-1960s.


Collecting Capped Bust Quarters


Given their age and low mintages, even early Capped Bust quarters aren’t that hard to find for most years. Type 1 coins graded from Very Good to Very Fine (8-25) can be found in the $200-600 range. Rarities such as the 1823/2 overdate and the 1828 25/50 denomination overstrike start in the $40,000 range for Grade 4 coins and top around $500,000 for top-quality specimens.


Type 2 Capped Bust quarters are even more accessible with most years easily acquired at similar prices. Lower grade high mintages such as 1835 are available for under $200 in grades up to VF20. Prices approach and sometimes exceed six figures for Mint State coins.


Details of types, rarity, and pricing for Capped Bust quarters can be found on the PCGS Coin Facts website.