Draped Bust Small Eagle Quarter (1796)
Mint Mark Information

“Two bits” is an expression most people have heard of, but few know its meaning let alone its origin.

For many years prior to the establishment of the US Mint in 1792, Spanish coins from Mexico were used by American colonists. It took eight Spanish reales to equal one peso (a peso was often called a dollar by the colonists).

Spanish dollars were sometimes cut up into eight pieces, or bits, to help ease small change transactions. Thus, the phrase “two bits” became synonymous with a quarter of a dollar, which equals 25 cents. There were also many Spanish coins of two reales face value in circulation worth the same amount.

In 1796, the US Draped Bust Quarter appeared. Mint officials decided not to issue quarters in 1797 and beyond because the “two bit” Spanish money was amply filling this role in commerce. Scarce resources that would have been used to strike the quarter were diverted to areas of greater need.

When US quarter production resumed in 1804, a larger eagle on the reverse had replaced the smaller eagle from 1796. Thus, the 1796 Draped Bust Quarter is only quarter having a small eagle reverse.

Draped Bust Quarter Obverse

Draped Bust Quarter
Small Eagle Reverse

The following table indicates there are no Mint Marks to be found on the Draped Bust Small Eagle Quarter:

The reason there are no Mint Marks on this early United States quarter is that the only federal coining facility in existence in 1796 was the Philadelphia Mint, which did not start using the "P" Mint Mark until 1942. The 1796 Quarter pictured at right was provided courtesy of Goldberg Coins.

The 1796 Draped Bust Quarter is one of the great rarities in US numismatic lore. It has an incredible track record of price increases over a period of many years.

Once in a while, you might find one for sale on eBay. It will cost a lot, but the only real downside risk is getting stuck with a fake. For this reason, bid ONLY on coins being sold by reputable dealers that have been certified by PCGS, NGC, ICG, or ANACS. As you might suspect, the 1796 Quarter is a favorite of counterfeiters, due to its very high coin value.

If any happen to be available for sale on eBay, you will see it in the eBay portal below (if not, there appears by default some other item unrelated to coins.

1796 Draped Bust Quarter