US Coins

1806/4 Capped Bust Quarter features gold toning: Market Analysis

An unusually toned 1806/4 Capped Bust gold quarter eagle grading MS-62 sold for $94,000 at the May 19 Pogue Collection auction.

Image courtesy of Stack's Bowers Galleries

Stack’s Bowers Galleries’ and Sotheby’s May 19 auction of 128 coins from the D. Brent Pogue Collection was the first of seven auctions that will place hundreds of rare coins in the marketplace. Here are three coins that represent different facets of the diversity and quality of his holdings. 

The Coin
1806/4 Capped Bust gold $2.50 quarter eagle graded Mint State 62

The Price 

The Story
It’s always a treat to encounter a gold coin with toning, such as this 1806/4 Capped Bust gold $2.50 quarter eagle graded Mint State 62 by Professional Coin Grading Service. Gold coins of this period were typically 91.67 percent gold and 8.33 percent silver and copper and since gold is nonreactive, toned gold coins are unusual. This one shows deep, copper-rose toning on both sides in a handsome and even pattern. 

This variety was created when an unused 1804-dated die was modified for use in 1806. 

The reverse adjustment marks are Mint made and typical, as the description notes, “Nearly all examples show significant adjustment marks and their inherent central softness, making a search for a perfectly made example at any level of preservation an essentially impossible task.”

It was last offered at public auction in 2000 at a Heritage sale. Then graded MS-60 by Numismatic Guaranty Corp., it sold for $13,225. At the Pogue sale it opened at a bid of $45,000 and rapidly rose to $80,000. With the 17.5 percent buyer’s fee, the colorful quarter eagle sold for $94,000, exceeding the estimate of $40,000 to $60,000.

Keep reading this Market Analysis:

1794 Flowing Hair half dollar realizes price tag north of $760,000 at Pogue Auction

1797 Draped Bust, 13 Stars Dime a rare find at the Pogue auction

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