United States Early Quarters
1796–1838 • Draped Bust • Capped Bust • The 1823/2 Overdate
Early U.S. Quarters Value Guide
Draped Bust & Capped Bust — Key Dates and Typical Values
| Date / Type | Mintage | Good (G-4) | Fine (F-12) | VF-20 | AU-50+ | Shop |
|---|---|---|---|---|---|---|
| 1796 Draped Bust (Small Eagle) | 6,146 | $15,000+ | $36,000+ | $45,000+ | $79,000+ | Shop |
| 1804 Draped Bust (Heraldic Eagle) | 6,738 | $8,000+ | $15,000+ | $30,000+ | $100,000+ | Shop |
| 1805–1807 Draped Bust (common date) | Varies | $300 | $700 | $1,800 | $6,000+ | Shop |
| 1815–1828 Capped Bust (Large Size) | Varies | $150 | $350 | $800 | $3,500+ | Shop |
| 1823/2 Overdate | 17,800 delivered* | $35,000+ | $60,000+ | $80,000+ | $95,000–$246,750 | Shop |
| 1827/3 Original (Proof only) | ~12 proofs | Proof only | — | — | $300,000–$705,000 | Shop |
| 1828 "25/50 C." Error | Varies | $400 | $1,000 | $3,000+ | $10,000+ | Shop |
| 1831–1838 Capped Bust (Reduced Size) | Varies | $70 | $150 | $350 | $1,800+ | Shop |
Early U.S. quarters cover every quarter dollar struck from 1796 through 1838, which means two designs: the Draped Bust and the Capped Bust that replaced it. Because the Mint made so few of them, and because most spent decades in circulation, even worn examples carry real premiums today. The figures above reflect typical certified retail ranges. However, eye appeal, toning, and die variety can push any individual coin well above or below them. *The 1823 delivery figure covers all quarters delivered that year, and most of those coins were likely dated 1822.
For the later designs, our U.S. quarters overview covers every series from 1796 to the present, while the coin price guide lists values across all U.S. denominations. If you already have a coin in hand and aren't sure of its date or grade, start with What's My Coin Worth? before you compare prices.
Origins of the Early U.S. Quarter
Congress authorized the quarter dollar in the Coinage Act of 1792, yet the denomination sat near the bottom of the young Mint's priority list. Cents, half dimes, and dollars all entered production first. The Mint didn't strike its first quarters until 1796, and it stopped after just 6,146 pieces. In addition, silver depositors chose which denominations they wanted back, and few of them asked for quarters.
What followed was one of the most broken production runs of any U.S. coin. No quarters appeared from 1797 through 1803. Production resumed in 1804 with a new heraldic eagle reverse, then halted again from 1808 through 1814, a gap tied to coin shortages around the War of 1812. After that, the 1820s brought several more skipped years, and steady annual output only began in 1831.
This stop-and-start history explains why early quarters bring such strong prices today. Low mintages, heavy circulation, and two centuries of attrition left very few high-grade survivors from any date before 1831. As a result, collectors treat the series as two related types, the Draped Bust (1796–1807) and the Capped Bust (1815–1838), separated by that seven-year shutdown.
The Draped Bust Quarter (1796–1807)
Robert Scot engraved the Draped Bust quarter, which takes its name from the flowing drapery across Liberty's shoulders. The portrait itself is usually credited to a sketch by Gilbert Stuart. For 1796, the Mint paired it with a small, slender eagle reverse that no other quarter shares. That makes the 1796 a true one-year type, and with only 6,146 struck, it ranks among the most important American rarities of any denomination.
Even so, a surprising number of 1796 quarters survive in high grades, probably because people saved them as souvenirs of the first quarter dollar. The best of them set the denomination's record when a Mint State example brought $1,740,000 at Heritage in January 2022, still the highest price ever paid for a U.S. quarter.
When quarter production resumed in 1804, the reverse switched to a heraldic eagle adapted from the Great Seal of the United States, clutching arrows and an olive branch. Collectors treat the 1804–1807 coins as their own sub-type. In particular, the 1804 is a key date, with just 6,738 struck and fewer than 400 known today. The 1805 through 1807 dates had mintages in the low six figures, so they're easier to find, although they remain scarce next to later series. The 1806/5 overdate is the most popular variety in this group.
The Capped Bust Quarter (1815–1838)
After the War of 1812 gap, quarter production resumed in 1815 with a new design by John Reich. His Liberty wears a soft cap with a band reading LIBERTY, a style he had already used on other denominations. Collectors call the 1815–1828 coins the Large Size type because they measure about 27mm across. This sub-type also holds the series' biggest names: the 1823/2 overdate, the proof-only 1827, and the 1828 "25 over 50 C." engraving error.
In 1831, chief engraver William Kneass revised the design, and the Mint began striking quarters in a close collar at a smaller 24.3mm diameter. These Reduced Size quarters ran through 1838 with much higher mintages and steady yearly production. For that reason, 1831–1838 dates cost far less than anything earlier. Then in 1838, Christian Gobrecht's Seated Liberty design replaced the Capped Bust, and it stayed on the quarter for the next 53 years.
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