Following the small mintage of 1796, U.S.
quarter production came to a halt. Since the role of a
twenty-five cent coin was being filled by the Spanish Two Reales
(better known as “two-bits”), the Mint opted to direct their scarce
resources elsewhere.
What’s more, bullion owners preferred the more
convenient silver dollar in exchange for their deposit.
Quarter production resumed in 1804. The obverse
featured the same
Draped Bust Liberty from 1796, but the reverse now displayed a large,
sometimes called “Heraldic”, eagle. The small eagle was perceived to
convey weakness, so the Mint switched to a more robust bird.
The 1804 Draped Bust Large Eagle Quarter is by far the rarest of the
Heraldic Eagle type. Only 6,738 pieces were coined, and of that number,
only a small fraction survives today. This great rarity always
generates excitement amongst the collector class when offered for sale.
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