1796 $2.50 Stars MS (PCGS# 7647)

FUN08 PN

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    3059
  • Grade:
    MS65
  • Price:
    $1,006,250.00
Lot Description
1796 $2 1/2 Stars MS65 NGC. CAC. Breen-6114, Bass-3003, BD-3, R.5. BD Die State b. This is the only Gem quality 1796 With Stars quarter eagle certified. The next finest examples grade MS63, and the population goes downward from there. NGC and PCGS have combined to grade just 14 pieces in all Mint State grades, and that total undoubtedly includes several resubmissions. There are certainly less than 10 true Mint State examples of this issue still in existence today. In all grades, the total estimated population is only 40 to 45 coins from a mintage generally believed to be 432 coins. Historical Commentary The Mint Act of 1792 authorized all of the gold and silver coins that would eventually be struck by the young Philadelphia Mint. After property was acquired, construction of the actual buildings was completed, and all was ready to produced the Nation's first coinage, copper, silver, and gold. Despite completion of the physical components and acquisition of the necessary equipment, coinage of gold and silver could still not be accomplished as the bonding requirement for key employees was too strict. These employees were unable to meet the original requirement of $10,000 bond to insure against possible loss. Rittenhouse approached Congress with a request to reduce this amount, which they eventually did. The new requirement was $5,000 bond, a more reasonable figure for the time. It was understood that steps would be put in place for these bonded employees to only have access to a limited amount of gold and silver at any one time, further reducing the risk to the government. Finally, all was set for production of precious metals coinage. Silver dollars and half dollars were coined for the first time late in 1794, followed by other silver denominations. Half eagles and eagles came next, with the first gold coins struck in July 1795, and finally the quarter eagles were produced beginning in September 1796 with the No Stars issue. Even after all was set for production of go
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