The Liberty Cap Quarter Eagle gold coin was first issued in 1796 with a face value of $2.50. This issuance was authorized by the Mint Act of April 2, 1792, however the actual denomination value was not represented on the coin. The first in the line of gold quarter eagle coins was the Capped Bust to Right model,1796-1807, designed by Chief Engraver Robert Scot.

The obverse displays Lady Liberty donning a head turban which was in vogue among women during the latter part of the 18th century. For some time, the turban was inaccurately considered, by several experts, to be the liberty cap originating in ancient Rome, like most other United States coinage. The reverse design was the first to display an eagle featuring a shield across its chest.

Fewer than 20,000 Cap Head Quarter Eagles were actually minted. Growing hostility between Europeans and Americans during the late 1790s and early 1800s resulted in the increase of European gold prices. Bullion dealers further exploited this state of affairs by acquiring American gold coinage in exchange for comparatively cheap Mexican silver. These dealers exported the coins to Europe and melted them for a substantial profit, as their value in gold far exceeded their face value. The threat of war limited the production of all U.S. gold coins. As a result, the eagle quarters were discontinued, and the half eagle mintage were made exclusively for banks, until eventually ceasing in 1808.

New Design For Quarter Eagle

In 1808, a new Quarter Eagle, designed by a German engraver Robert Reich, was released. This updated design depicted Liberty facing left, wearing a cap with “liberty” written across the trim . The eagle featured on the coin was a bit more realistic than the earlier design. The wings were extended and it sat on top of an olive branch, clutching a set of arrows. Reich’s reverse design remained on U.S. coinage for the next one hundred years.

The new design survived for quite some time in other U.S. coinage, but the Capped Quarter Eagle, was soon discontinued after only one year as the result of profiteering by bullion dealers. Only one set of 1808 die casts was made, many numismatists to believe the original was damaged after the 2710 pieces were produced.

Redesign of Quarter Eagle

In 1821, this coin resurfaced, with another new design created by Robert Scot after Reich resigned from the mint. Scot’s new design for the Capped Head to Left coin was really just a modified version of Reich’s 1808 design. Many believed Scot, with failing sight, had become too old to completely redesign the coin. One of the most obvious differences was in size, as the new design was smaller in diameter. The new Capped Head to the Left quarter was minted in very limited amounts. This coin never fully served its purpose due to constantly being exported overseas and melted down for its gold content.

Collectors Items

The Liberty Cap Quarter Eagle was rare in its time and even rarer to find now. The Early Quarter Eagles, which date from 1796 to 1834 are worth a substantial amount of money and are prized collector items. According to past value trends, collectors of these extremely rare coins can expect a highly profitable return on their investment, should they opt to sell.

Collectors that have the opportunity to buy Early Quarter Eagles must be certain the coin is certified by a top grading service. These rare coins are often subject to counterfeits. Grading is also essential as only a few points on the 70 point grading scale many end up costing a collector a significant amount of money. New collectors can use the following links to determine the value of these coins:

Sources:

US Coin Values Advisor
NG Coin

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