'Unusual' 1804 Draped Bust quarter dollar graded Poor 1 sells for $881 in Long Beach Expo auction

Portion of Market Analysis Column from June 30, 2014, issue of Coin World
By , Coin World
Published : 06/14/14
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The following post is pulled from Coin World editor Steve Roach’s Market Analysis column in the June 30 issue.

Heritage Auctions’ June 4 to 8 auctions held during the Long Beach Expo brought more than $16 million. 

As is often the case with these major auctions, a gold double eagle led the bidding. An 1854-O Coronet $20 double eagle graded AU-55 by Numismatic Guaranty Corp. brought $381,875. Heritage’s roster lists 21 known examples and this one is among the finest known. 

In an auction that offers more than 6,000 lots, many other scarce coins are offered that, while not the finest known, still provide solid values for buyers. Below is one of these coins.

The coin: 1804 Draped Bust quarter dollar, Poor 1, $881.25

The story: When a coin is graded Poor 1, you know that it has some stories to share. This 1804 Draped Bust quarter dollar represents an unusual example in that the date is full, even though almost everything else — including virtually the entire reverse — is gone. It’s also unusual in that it doesn’t have major problems beyond a lot of wear.

The Draped Bust quarter dollar was first issued for circulation in 1796 with the Small Eagle reverse design. No quarter dollars were struck from early 1797 until 1804 when the Heraldic Eagle type began and continued to 1807. 

By 1804, the Heraldic Eagle reverse design appeared on all of the silver denominations: half dimes, dimes, quarter dollars, half dollars and dollars. 

PCGS estimates that perhaps 400, or so, examples of the 1804 quarter remain from an original mintage of 6,738 pieces. This is the only example the firm has graded Poor 1. At $881.25, it is one of the least expensive 1804 Draped Bust quarter dollars to sell in recent years. 

Read more of Steve Roach's latest Market Analysis: 

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