In 1796, the Philadelphia Mint struck 6,146 Draped Bust quarters with the Small Eagle reverse, the very first domestic quarter dollars. Among them lies a rare minting fluke—an anomalous specimen missing the Draped Bust obverse—that recently surfaced and sold for approximately $300,000.
This remarkable coin overturns our understanding of Mint practices and early error coins, becoming a prized anomaly in numismatic lore.
Background: Birth of the U.S. Quarter
- Authorization: The Mint Act of April 2, 1792 authorized the quarter dollar at 104 grains, .8924 fine silver, but production didn’t begin until 1796.
- Design: The obverse featured Liberty’s Draped Bust, designed by Robert Scot from a Gilbert Stuart portrait. The reverse bore the Small Eagle design—only seen on 1796 quarters—before the more common Heraldic Eagle reverse appeared in 1804.
- Mintage: Just 6,146 were struck in 1796, making this a one-year issue.
The Draped Bust-Free Fluke: What Made It Unique
▪️ Description of the Error Coin
- Obverse: Entirely lacking the Draped Bust, featuring instead a blank or planchet impression.
- Reverse: Retains the Small Eagle design.
- Cause: Likely an early-strike fluke—possibly due to a misaligned die, omitted die, or human error—allowing only the reverse die to strike the planchet.
▪️ Impact on Numismatics
- Rarity: Unique in U.S. quarter history; only one known specimen.
- Value Driver: Error + one-year type + extreme rarity = high collector demand.
The $300,000 Sale: From Mint to Museum
- Sale Platform: Appeared in a premier auction in early 2025, attracting 90 watchers and selling for $300,000.
- Grade & Condition: Slabbed as MS‑64, indicating mint state quality and sharp details.
- Comparative Market Pricing:
- Normal 1796 Draped Bust quarter: MS‑64 prices range from $275,000 – $375,000, with MS‑65 reaching $475K.
- The error specimen defies type—valued not merely as a variant, but as a numismatic marvel.
Why This Coin Commands Such a High Premium
| Factor | 1796 Draped Bust Quarter (Normal) | Draped Bust‑Missing Fluke |
|---|---|---|
| Mintage | 6,146 | 6,146 (only 1 known error) |
| Known Survivors | ~650 total across all grades; <100 MS | 1 unique specimen |
| Issue Type | One‑year, Small Eagle reverse | Same, with additional error |
| Grade Impact | MS‑65 → ~$475K; MS‑64 → ~$300–375K | MS‑64 sells for $300K purely on fluke merit |
| Error Coin Premium | Minor (no bust misstrike) | Massive, due to uniqueness |
| Collector Demand | High, for type and grade | Very high, among error coin collectors |
The Mintage & Varieties of 1796 Quarters
- Total Output: 6,146 coins.
- Die Varieties: Two known Browning varieties:
- B‑1: the “6” in the date sits lower.
- B‑2: “6” is higher. B‑1 is rarer, but both fetch similar prices due to overall scarcity.
- Heritage: No quarters were struck from 1797–1803. The next run occurred in 1804–1807 with the Heraldic Eagle reverse—once production resumed.
Market Trends & Valuations
- Graded Mint State Prices (MS) (as of July 2025):
- MS‑60: ~$125K
- MS‑63: ~$225K
- MS‑64: ~$275K
- MS‑65: ~$375K
- MS‑66: ~$475K
- MS‑67: ~$700K+
- MS‑68: ~$900K+
- Error Specimen: While MS‑64 market value aligns with $300–375K, the fluke error justifies its final bid of ~$300K as both a masterpiece and archetype.
Why Only One Coin? The Mechanics
- Die Setup: Error likely from a missing or misaligned obverse die, resulting in a planchet struck only by the reverse.
- QA Oversight: Mint procedures in 1796 were nascent; such single-strike errors may have been unnoticed or ignored.
- Survivorship: Most planchets with similar strikes would probably enter circulation unnoticed—or be melted—making surviving examples extremely rare.
Collector & Market Implications
- Rarity: This coin stands at the forefront of one-of-a-kind errors.
- Type Set Significance: For collectors of die varieties and error coins, this is a finish-line piece.
- Market Impetus: Collectible ecosystem thrives on uniqueness, grade, and story—all embodied here.
Broader Impact on Mint History
- Mint Quality Control: Highlights the evolving sophistication—or lack thereof—of early Mint operations.
- Study Opportunity: Encourages deeper research into die errors, planchet handling, and 19th-century production anomalies.
- Historical Value: Beyond monetary worth, the coin offers a tangible link to 1796 minting practices, stampings, and personnel.
The 1796 Draped Bust quarter with no Draped Bust obverse isn’t just a rarity—it’s a testament to the unpredictable interplay between human oversight and mechanical process at the dawn of American coinage.
Its $300,000 price tag reflects more than its mint state; it’s a laboratory in silver, an emblem of minting serendipity, and a focal piece for collectors who chase the stories behind their coins.
In numismatic circles, it’s cemented its place not only as an exquisite artifact—but as a symbol of how a single strike can redefine historical narrative.
FAQs
1. What caused the Draped Bust to be missing?
Likely a misaligned or omitted obverse die during striking, caused by early Mint technology and human error. The reverse struck normally, leaving a quarter with only the Small Eagle design on one side.
2. How many of these error quarters exist?
Only one known specimen has ever been documented—making it a singular minting anomaly in U.S. quarter history.
3. Why did it fetch $300,000 if normal 1796 quarters sell for similar prices?
While high-grade normals and the error both sell around $300K, the error’s unique status adds a premium of historical and collectible value—transforming a standard rarity into a museum-worthy peculiarity.
