Coin Specifications

Category: Early Quarters (1796-1838)
Mint: Philadelphia
Catalog: KM-44
Composition: Silver
Fineness: 0.8920
Weight: 6.7400g
ASW: 0.1933oz
Melt Value: $3.01 (11/28/2014)
Diameter: 27mm
Numismatic specification data provided by Krause Publications NumisMaster.
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1827/3 RESTRIKE B-2 25C PF obverse 1827/3 RESTRIKE B-2 25C PF reverse


Images courtesy of Heritage Auctions (HA.com)
  
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Description & Analysis

Walter Breen and other researchers theorize that, despite a recorded original mintage of 4,000 pieces for this fabled rarity, most (or perhaps all) of those coins were actually dated 1825. Breen pegged the number of Originals coined at 12, although that number is uncertain. Apparently 10 or so Originals can be accounted for today, with perhaps 15 silver Restrikes and a few copper pieces.

As the rarity of this issue was recognized early on, the Mint produced Restrikes in at least two different striking periods ('Period One/Class II' and 'Period Two/Class III'), distinguishable by different die states. The so-called Period One Restrikes show little die rust and are struck over Bust quarters. The Eliasberg specimen, the example Bowers and Merena offered in their 1992 Somerset sale, and possibly one other piece belong to this category. Many numismatists believe that those coins were struck in the late 1850s, roughly the same time period as the 1804 silver dollar Restrikes. But that fails to explain how Bust quarters would have been apparently available at so late a date, nor why the advanced die rust on the so-called Class III or Period Two Restrikes seems to indicate a striking date that is much later yet.

A telling note exists in the Breen 1992 update to the Browning classic, The Early Quarter Dollars of the United States 1796-1838: 'Die states: I. Relatively unrusted dies, Uncirculated or dull Proof. Issue of 1858-early 1859. II. Heavily rusted dies. Proofs. Issues of 1859-1860, silver, copper.'

While Walter Breen occasionally indulged in flights of imaginative thinking, acceptance of his premise here requires the numismatist to believe that the original 1827/3 obverse die lay around for 32 years or so without rusting much, then acquired a great deal of rust in a period of one year between the two striking periods!

A more logical, but, admittedly, equally undocumented explanation might be that the first Class II/Period One Restrikes were made in the early 1830s, when Bust quarters were still common and little rust would have accumulated on the obverse die, and that the later Class III/Period Two restrikes were produced in the late 1850s or early 1860s--a period when many clandestine rarities emanated from the Mint--by which time extensive oxidation of the obverse die had taken place. (Of course, if one assumes that the Mint had Bust quarters available as late as the 1850s, it could equally be that the Period One Restrikes were produced then, and that the Period Two pieces could have been produced, say, in the early 1870s.)

In his 1992 revision of the Browning reference, Walter Breen identified 14 pieces, including four examples from Period One, and 10 examples from Period Two.

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


GRADE SUMMARY

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Price Guide

Last Updated: 7/25/2014

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1827/3 RESTRIKE B-2 25C PF
  GVGFVF4045505355586061626364656667686970
Base $ - - - - - - - - - - - - 40000 57500 70000 78500 135000 - - - -
$ - - - - - - - - - - - - - -
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Census

 
NGC GRADE SUMMARY

Total Graded: 10
Low Grade: 62
Average Grade: 64
High Grade: 66


Upcoming Auctions


Auction Prices Realized

A random selection of coins is shown below.

Images
Date
Service
Grade
Auction House
Sale / Lot
Price
8/7/2000 PCGS PF 63   Heritage Auctions Philadelphia 2000 #232, 232/Lot# 5784 $32,200.00
5/30/2005 PCGS PF 63   Goldberg May 30 - June 16, 2005 Pre-Long Beach Coin Auction, 31/Lot# 179 $42,550.00
7/12/2007 NGC PF 66   Heritage Auctions 2007 Summer F.U.N. (July, West Palm Beach, FL) Signature Coin Auction #442, 442/Lot# 671 $126,500.00
1/7/2009 NGC PF 66   Heritage Auctions 2009 January Orlando, FL FUN Auction #1121, 1121/Lot# 3735 $86,250.00
4/28/2009 NGC PF 66   Heritage Auctions 2009 April-May Cincinnati, OH (CSNS) US Coin Auction #1124, 1124/Lot# 2332 $63,250.00
7/31/2009 NGC PF 66   Heritage Auctions 2009 August Los Angeles, CA US Coin Auction #1128, 1128/Lot# 1082 $69,000.00


NGC Registry

NGC Registry Score 1827/3 RESTRIKE B-2 25C PF
 PrAgGVGFVF4045505355586061626364656667686970
Base5836592260076089616962486324640064736545661667536820743185151051513762159351111
5864595060346115619562736349642464976568666167757023779291811159714486159351110
0000006349642464976568666167757023779291811159714486159351100
0000006374644865216592670767977227815398481267915210159351100
1827/3 RESTRIKE B-2 25C PF Cameo
 PrAgGVGFVF4045505355586061626364656667686970
Base5836592260076089616962486324640064736545661667536820743185151051513762159351111
5864595060346115619562736349642464976568666167757023779291811159714486159351110
0000006349642464976568666167757023779291811159714486159351100
0000006374644865216592670767977227815398481267915210159351100
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