The Type 1, 1796 Draped Bust, Small Eagle quarter has a small eagle and a high price. These coins in good condition can cost around $10,000, while superior grades can fetch far greater prices. In 2022, an MS66 uncirculated gem coin sold for an incredible $1,740,000.
Finding rare coins in spare change is unlikely, but finding a 1796 quarter in couch cushions is nearly impossible. Any coin collector who finds this 1796 quarter gets a piece of history and a little fortune.
Design and distinctiveness First US Mint quarter dollar: 1796 Draped Bust quarter. Alexander Hamilton passionately advocated for the U.S. Mint in 1796 to develop and manage official U.S. currency.
Americans traded state-issued cash and foreign coinage for goods before the Coinage Act of 1792. Spain's popular milled $1 coin, which was broken into eight easier-to-spend portions, inspired the first U.S. quarter dollar coin.
On the "heads" side of the 1796 Draped Bust quarter, Robert Scot depicted Lady Liberty with flowing hair and virtually bared décolletage. The "tails" side shows a pipsqueak eagle spreading its wings.
The first minting of this quarter had no mint mark or denomination since the coin's size and weight of silver would have conveyed its value without words.
Market, rarity, value Early U.S. Mint operations were inefficient and error-prone, and the new federal currency system received design and material criticism. In 1798, the Draped Bust quarter's obverse's small eagle was replaced by a heraldic one, which was modified in 1804.
Understanding the early U.S. Mint's instability helps explain this 1796 Draped Bust's enduring worth among collectors. Philadelphia's cobblestone streets were still adjusting to the new government, Mint, and federal money.
Only 6,146 1796 Draped Bust quarters were coined. These earliest quarters are supposed to have survived just 10% of their already-small mintage due to time and metal melting.
Prices will vary by grade, but even the low auction prices for certified 1796 quarters are considerable in 2025 and likely to remain so. Serious coin collectors value this piece of U.S. currency history and try hard to find good examples.
Coin grading experts PCGS report two 1796 quarter sales in 2025, with auction amounts of $9,000 and $24,000.