1796 $2.50 Liberty Gold No Stars PCGS AU-55

The 1796 No Stars quarter eagle stands as one of the most historically significant early American gold issues, representing the very first year the United States Mint produced a $2.50 gold coin. Authorized under the Coinage Act of 1792, this inaugural type was struck in Philadelphia in extremely limited numbers, with a total mintage of just 963 pieces - exceedingly small by any standard. The No Stars variety, lacking the constellation of stars on the obverse that would appear on later 1796 issues, is the rarer of the two types struck that year and commands particular respect among specialists in early US gold. As numismatist Ron Guth has noted, this is one of the most historic and important US gold coins ever produced, a distinction that becomes more apparent the closer one looks at the survival record.

Estimates of surviving examples have varied considerably among leading authorities. David Akers placed the number at 30 to 40 pieces, refuting earlier claims of only 15 to 20 known. Heritage Auctions catalogers estimated 80 to 100 survivors in their landmark January 2007 sale, while PCGS experts place the surviving population at 100 to 125 pieces. Of the examples with confirmed images on record, only 28 different coins have been documented, all grading AU or better - and just eleven of those reach Mint State 60 or higher. At the pinnacle of the condition census sits a PCGS MS-65 example, the finest known by two full points, which sold for $1,725,000 in January 2008. Locating a problem-free example is genuinely difficult: many survivors show lintmarks of varying sizes, and some exhibit adjustment marks, typically in the center of the obverse. Even several of the finest known pieces carry minor mint-caused defects, a testament to the challenging production conditions of the early Philadelphia Mint.

The obverse presents a right-facing draped bust of Liberty wearing a conical cap, with flowing hair and bold facial detail beneath the legend LIBERTY and the date 1796 at the base. The design, attributed to Robert Scot, carries the restrained elegance of the Federalist era. As Akers observed, most specimens show some weakness in the hair curls around the face, and a number exhibit minor die deterioration at the E of LIBERTY - characteristics inherent to the issue rather than signs of mishandling. The reverse displays a heraldic eagle with spread wings, clutching arrows and an olive branch, with a striped shield on its breast, a ribbon inscribed E PLURIBUS UNUM, a cloud and arc of sixteen stars above, and the legend UNITED STATES OF AMERICA encircling the field, with well-defined devices and readable legends throughout. Akers also noted that the majority of known pieces are prooflike or at least partially so, lending many survivors an especially distinctive appearance for the type.

PCGS has certified this coin AU-55, reflecting light wear confined to the highest points with significant original mint luster remaining in the protected areas. The surfaces display an appealing warm golden color consistent with original skin on an early gold coin of this age and type. At this grade level, the coin retains considerably more detail and luster than most circulated survivors of this issue, and the absence of distracting problems places it among the more desirable examples one is likely to encounter. The 1796 No Stars $2.50 is among the most coveted issues in all of early American numismatics, and an AU-55 example is a rarely available holding for the advanced collector of early US gold. The coin pictured is the exact coin you will receive.

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