1838 $2.50 Classic Head Quarter Eagle, NGC AU58

Such coins from early American history typically have low mintages and quite low survival rates. Much of our gold coinage from that time had a higher value as bullion and thus disappeared from--or rarely saw--everyday circulation. This is one of the cherished survivors, one that would be the perfect addition to a collection of early U.S. gold.

Before the production of the $2.50 Classic Head quarter eagle in 1834, it was foreign silver, underweight foreign gold, and fractional banknotes that served as currency in day-to-day U.S. business transactions. Contemporary U.S. gold coins--with a bullion value in international markets that surpassed their face value in gold--were constantly the object of melting during the pre-1834 period. The Mint Act of 1834 dramatically changed that practice, producing gold coins that were reduced in weight so that they would circulate--which had not happened since 1795. U.S. Mint Director Samuel Moore wanted to get those new coins into the hands of consumers while concurrently withdrawing the gold coins of 1795-1813 from the public. Since he expected a huge demand for the new coins, Moore ordered Mint engraver William Kneass to develop a totally new design.