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.
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,
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: