Quarter Eagles: America's $2.50 Gold Coins

Quarter Eagles ($2.50 gold pieces) were minted from 1796 to 1929 and included Capped Bust, Classic Head, Coronet Head, and Indian Head designs. The Indian Head Quarter Eagle (1908-1929), designed by Bela Lyon Pratt, features an unusual incused (sunken) design. These coins contain 0.1209 troy ounces of gold. Quarter Eagles saw extensive circulation until the 1933 gold recall and are now popular with both gold investors and numismatists.

Early Quarter Eagles (1796-1807)

Capped Bust Right, No Stars (1796)

The first quarter eagles featured Liberty with flowing hair and draped bust. These are extremely rare with only 963 struck. Most surviving examples show evidence of circulation.

Capped Bust Right, With Stars (1796-1807)

Stars were added around Liberty in 1796. Production was sporadic with no coins struck in several years. All early quarter eagles are rare and highly sought after by specialists.

Capped Bust Left (1808)

Designer John Reich created a new design with Liberty facing left, wearing a cloth cap. Only 2,710 pieces were struck in this single year type, making it one of the great rarities of American numismatics.

Capped Head Left (1821-1834)

Design Evolution

This design featured a more mature Liberty with larger cap. Production began in 1821 after a 13-year hiatus. Two varieties exist based on the size and positioning of design elements.

Challenges

Due to gold-to-silver ratio issues, these coins were often melted or exported. Finding examples in any grade is difficult. Most dates have mintages under 5,000 pieces.

Classic Head (1834-1839)

Design Features

William Kneass designed this transitional type showing Liberty wearing a ribbon inscribed "LIBERTY." The reverse featured a different eagle design from earlier issues.

Increased Production

The Coinage Act of 1834 reduced the gold content slightly, making it profitable to mint gold coins again. Production increased dramatically. Classic Head quarter eagles are more available than earlier types but still scarce.

Coronet Head (1840-1907)

Longest Running Design

Christian Gobrecht's Coronet Head design ran for 67 years, longer than any other quarter eagle type. Liberty wears a coronet inscribed "LIBERTY" with her hair in curls.

Varieties

• 1840-1907: Multiple minor design modifications occurred
• Motto varieties: "In God We Trust" added in 1866
• Branch Mints: Charlotte (C), Dahlonega (D), New Orleans (O), San Francisco (S), Denver (D after Dahlonega closed)

Key Dates

• 1841: Proof only, extremely rare
• 1854-S: Very low mintage
• 1863: Civil War era rarity
• 1875: Only 400 business strikes
• Charlotte and Dahlonega issues: Southern mints (closed 1861) all highly collectible

Indian Head (1908-1929)

Revolutionary Incused Design

Bela Lyon Pratt created a groundbreaking design where all major design elements are recessed (incused) into the coin rather than raised. This was controversial at the time, with critics claiming it would harbor germs and dirt.

Design Features

• Obverse: Native American head in war bonnet, facing left
• Reverse: Standing eagle, similar to the half eagle design
• Edge: Reeded (as with all U.S. gold coins)

Production History

Indian Head quarter eagles were struck from 1908-1915 and 1925-1929. No coins were produced 1916-1924 or 1930-1933. The final year was 1929, four years before the gold recall.

Key Dates

• 1911-D: Strong D mintmark, highly collectible
• 1914-D: Low mintage Denver issue
• 1911: Low mintage Philadelphia

Specifications

• Denomination: $2.50
• Diameter: Varied by type, generally 18mm (Indian Head)
• Weight: 4.18 grams
• Composition: 90% gold, 10% copper
• Gold Content: 0.1209 troy ounces pure gold
• Edge: Reeded

The 1933 Gold Recall

Quarter eagle production officially ended in 1929. No quarter eagles were struck in 1930-1932. In 1933, President Roosevelt's Executive Order 6102 required citizens to surrender gold coins. Most quarter eagles were melted, especially common date pieces. This dramatically reduced populations of all but the most worn examples.

Collecting Strategies

Type Set

Collecting one example of each major type is popular. Indian Head quarter eagles in common dates offer the most affordable entry point. Early types require significant investment.

Date and Mint Mark Sets

A complete date/mint set is impossible for most collectors due to the rarity of early dates and certain branch mint issues. Most focus on Coronet or Indian Head series only.

Investment Considerations

Quarter eagles combine numismatic value with gold content. Common date Indian Heads often trade near melt value in lower grades, while rarities and high-grade examples command substantial premiums.

Branch Mint Collecting

Charlotte (C) and Dahlonega (D) issues from Southern gold-producing regions are especially popular. These mints operated only 1838-1861 and produced limited quantities.

Grading and Authentication

Wear Points

For Coronet types, check Liberty's hair and the eagle's feathers. For Indian Heads, examine the headdress feathers and bonnet details - the incused design shows wear differently than traditional raised designs.

Counterfeits

Due to gold content and numismatic value, quarter eagles are frequent targets for counterfeiters. Third-party grading (PCGS, NGC, CAC) provides authentication and adds marketability.