Draped Bust Quarter 1796 - 1807
In the modern era, the quarter dollar has solidified its role as a cornerstone of the U.S. coinage system, facilitating everyday commerce with an annual production exceeding one billion. However, during the early years of federal coinage, the quarter remained largely inconspicuous. The United States Mint delayed its introduction until 1796, making it one of the last coins to debut. Even after producing a mere 6,146 examples of the 1796 quarter, the Mint suspended quarter production for nearly a decade.
As noted by numismatic researcher R.W. Julian, quarter dollars were essentially "orphans" in the fledgling nation's monetary landscape. They were scarcely minted and rarely seen in everyday transactions. The public's indifference to this now-essential coin can be attributed to the fact that Americans didn't have a pressing need for it at the time. The Spanish two-reales piece, which circulated widely in the young United States, held the same value as 25 cents, and people tended to favor coins with which they were familiar. Consequently, there was little urgency to mint quarter dollars. In fact, from 1796 to 1814, spanning nearly two decades, the Mint produced quarters for only five years, totaling just over half a million coins. The minimal production of the 1796 quarter appears to have been primarily aimed at establishing the denomination's existence.
The design evolution of U.S. coins was characterized by frequent changes during the nation's formative years. Due to its late introduction, the quarter missed the initial design cycle that featured the Flowing Hair portrait of Miss Liberty, seen on the dollar, half dollar, and half dime. By 1796, the Mint had transitioned to a new Draped Bust depiction of Liberty. While the first silver coins retained a small, naturalistic eagle similar to the one on the Flowing Hair coinage, this feature also changed over time. The 1796 quarter, a one-year type coin, showcased this evolution.
Following the meager mintage of the inaugural U.S. quarter, Mint officials seemed to forget about the denomination. It didn't reappear in the nation's coinage until 1804. By then, the "small eagle" design had given way to a larger heraldic eagle based on the Great Seal of the United States. The Draped Bust image of Liberty remained relatively consistent in both series and was crafted by renowned portraitist Gilbert Stuart, potentially at the request of President George Washington himself. Stuart's model was reportedly Ann Willing Bingham of Philadelphia, a celebrated socialite known for her beauty. The design transitioned to plaster under the hands of artist John Eckstein of Providence, Rhode Island, and coinage dies were executed by Mint Chief Engraver Robert Scot. Stuart, however, disassociated himself from the design due to perceived shortcomings in its execution.
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In his esteemed work "Numismatic Art in America," Boston museum curator Cornelius Vermeule characterizes the Draped Bust figure as resembling a "buxom Roman matron." Liberty's flowing locks are tied with a ribbon, revealing a generous neckline above the drapery of her gown. This right-facing portrait is encircled by stars on the left and right borders, with "LIBERTY" above and the date below. The 1796 Small Eagle quarter featured 15 stars on the obverse, representing the states in the Union at the time. By 1804, the Mint had settled on 13 stars to symbolize the original 13 states, abandoning the idea of adding a star for each new state. The reverse of the Heraldic Eagle quarter also bore 13 stars above the eagle's head, set against a backdrop of clouds. The inscriptions "UNITED STATES OF AMERICA" and "25 C." encircled the periphery. The eagle clutched a shield on its breast, held a banner with "E PLURIBUS UNUM" in its beak, and carried symbolic items: a sheaf of arrows and an olive branch. Interestingly, Chief Engraver Scot positioned the warlike arrows in the left claw and the peace-promoting olive branch in the right claw, contrary to traditional heraldic symbolism where the right claw signifies dominance and is associated with peace. In terms of wear, pay attention to Liberty's bust and shoulder as well as the hair above her forehead on the obverse. On the reverse, examine the eagle's head and the upper portions of its wings.
Production of the Draped Bust/Heraldic Eagle quarter lasted only four years, with annual mintages never exceeding a quarter of a million. The key date of the series is 1804, with a production of only 6,738 coins. Subsequently, annual production exceeded 100,000, reaching a peak of 220,643 in 1807. In total, all four years accounted for just 554,899 coins. Mint records make no mention of proof coins.
Heraldic Eagle quarters are exceptionally scarce in mint condition and extremely rare in grades beyond Mint State-65. A complete set includes five coins, as 1806 quarters feature both a normal date and a 6-over-5 overdate. While assembling a set of all five issues is feasible, many collectors prefer to acquire a single high-grade example to represent the entire series. For those who appreciate complexity, numismatic scholar Walter Breen identified 19 different die varieties for the series.