The story of Dave Schaefer and his exciting discovery of a rare Seated Liberty quarter dollar showcases the rewards that come from a keen eye and dedication to coin collecting. Schaefer stumbled upon this unique coin in an eBay listing, recognizing it as a variety that few other collectors would have spotted. His find – an 1840-O Seated Liberty, With Drapery, Large O quarter dollar – is incredibly rare, with fewer than 50 examples known to exist. With this discovery, Schaefer joins a select group of collectors who have come across such an exceptional find, and his story highlights the thrill of the hunt for rare coins.
| Feature | Details |
|---|---|
| Coin Type | Seated Liberty Quarter Dollar |
| Date | 1840 |
| Mint Mark | Large “O” from the New Orleans Mint |
| Variety | Briggs-1A |
| Rarity | Estimated 40-50 known examples |
| Condition | Very Fine (VF), shows evidence of cleaning and slight bending |
| Estimated Value | $2,000 to $2,500 (based on condition and market estimates) |
| Grading | Details grading (due to cleaning and damage) |
| Key Features | Drapery added at Liberty’s right elbow, recut stars, curved date, short eagle claws |
| Minting Location | New Orleans Mint |
| Market Trends | Value depends on condition, with undamaged examples fetching $3,000 or more |
H2: What Makes the 1840-O Seated Liberty Quarter Dollar So Special?
The Seated Liberty quarter dollar, especially one like Schaefer’s, is rare and sought after. It’s part of the Seated Liberty series, a collection of coins representing Lady Liberty. The coin in question is particularly valuable due to its distinct features – a Large “O” mint mark from the New Orleans Mint and additional “drapery” at Liberty’s right elbow. This variety was designated by coin expert Larry Briggs as Briggs-1A and is highly prized by collectors.
H2: Discovering the Rare Find on eBay
Schaefer discovered this rare coin on eBay in April, listed without any reference to its unique features. After recognizing it as the rare Briggs-1A variety, he purchased it for under $80, a small price considering the potential value. The coin was not mentioned as a rare variety, making this an “unattributed” find. Schaefer was in the right place at the right time, with his familiarity with the coin’s unique details enabling him to make an impressive purchase.
H2: Determining the Value of Rare Coins
Coin values can vary greatly based on a few key factors, such as condition, rarity, and demand. Seated Liberty experts suggest that this coin, if well-preserved, could fetch several thousand dollars. Schaefer’s coin is in a “Very Fine” condition with some wear, and it shows evidence of cleaning and has a slight bend. While these issues affect its market value, it’s still a prized possession with estimates ranging from $2,000 to $2,500.
Conclusion
The discovery of the 1840-O Seated Liberty quarter dollar by collector Dave Schaefer highlights the exciting potential within the coin collecting world, especially when it comes to rare and historic pieces. Schaefer’s find, a rare Briggs-1A variety, underscores the importance of research, patience, and a keen eye for detail in the collecting community. His story serves as a reminder that valuable treasures can sometimes be uncovered in the most unexpected places, such as online auction platforms.
For enthusiasts and collectors alike, understanding the historical significance, condition, and unique characteristics of coins like the 1840-O Seated Liberty quarter is key to making informed decisions and potentially uncovering valuable items. As the market for rare coins continues to evolve, knowing the features that make a coin rare—such as specific mint marks, design variations, and preservation level—can offer an edge in this intriguing hobby. Schaefer’s success with his find highlights not only the potential monetary rewards but also the fulfillment of preserving and appreciating a piece of American history.
FAQs
Q1: What makes the 1840-O Seated Liberty quarter dollar so valuable?
A1: The 1840-O Seated Liberty quarter is valuable because it is a rare variety with fewer than 50 known examples. The coin features a unique “Large O” mint mark from the New Orleans Mint, and its design includes special features like the drapery at Liberty’s right elbow. Coins from this series are often sought after by collectors due to their historical significance and scarcity.
Q2: How did Dave Schaefer discover the rare 1840-O Seated Liberty coin?
A2: Dave Schaefer found the rare 1840-O Seated Liberty quarter dollar on eBay while browsing listings. He noticed that the coin was not attributed as a rare variety but recognized it as the Briggs-1A variety. He purchased it for under $80, a price much lower than its potential market value, thanks to his knowledge of rare coins.
Q3: What is the Briggs-1A variety?
A3: The Briggs-1A variety refers to a specific type of 1840-O Seated Liberty quarter that was identified by coin expert Larry Briggs. It is characterized by a curved date and specific features like recut stars and added drapery at Liberty’s right elbow. This variety is particularly rare and is highly sought after by collectors.
Q4: What does the “Large O” mint mark on the 1840-O Seated Liberty quarter mean?
A4: The “Large O” mint mark indicates that the coin was minted at the New Orleans Mint. The size of the “O” mint mark makes it distinct and easy to identify, which adds to the rarity and value of the coin. The mint mark is positioned to the left of Liberty’s feather, making it a key feature for collectors.
Q5: How can I tell if I’ve found a rare coin like the 1840-O Seated Liberty?
A5: Identifying a rare coin involves knowing the key features of the coin, such as the mint mark, design variations, and condition. For the 1840-O Seated Liberty quarter, look for the Large “O” mint mark and the drapery at Liberty’s right elbow. Also, check the condition—coins that are well-preserved or in good grade are more valuable. Researching rare varieties and using references like Larry Briggs’ work can help.