1838 $2.50 Classic Head Quarter Eagle, NGC AU58

We at AUCM are delighted to offer for consideration a small treasure from our glorious numismatic past: an 1838 $2.50 Classic Head, graded NGC AU58. Coinage from that period of our history usually had low mintages and quite low survival rates. Much U.S. gold coinage from that time had a higher value as bullion and consequently vanished from--or rarely saw--everyday circulation. This specimen is a cherished survivor, one that would be ideal for the collector 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 silver--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.