Collecting rare coins can sometimes lead to incredible discoveries. Recently, an eagle-eyed collector named Dave Schaefer made a thrilling find on eBay: he bought one of the rarest types of Seated Liberty quarter dollars for under $80, a price far lower than its actual value, which could reach several thousand dollars. This special coin, known as the 1840-O Seated Liberty, With Drapery, Large O quarter dollar, is incredibly rare, with fewer than 50 examples known to exist. Schaefer’s find is now being featured in the Liberty Seated Collectors Club’s newsletter for June 2024.
| Feature | Description |
|---|---|
| Coin | 1840-O Seated Liberty Quarter Dollar |
| Mint | New Orleans Mint (identified by the “O” mint mark) |
| Design Type | Seated Liberty (Obverse 1 with Drapery) |
| Unique Variety | Briggs-1A, known for its Large “O” mint mark and specific die characteristics |
| Condition of Schaefer’s Coin | Very Fine (VF) details with some cleaning marks and scratches, slightly bent |
| Estimated Value | $500 – $1,000 due to condition; undamaged VF examples can be worth $3,000 or more |
| Distinct Features | – Large “O” mint mark on reverse (positioned to the left of the eagle’s feathers) |
| – Slanted date and recut stars on the obverse | |
| – Added drapery at Liberty’s elbow | |
| Discovery Platform | eBay |
| Price Paid | Under $80 |
| Estimated Known Examples | Fewer than 50 in existence |
| Discovery Details | Dave Schaefer found it in April, recognized as rare due to the “Briggs-1A” designation described in the Briggs guide |
What is the Seated Liberty Quarter Dollar?
The Seated Liberty quarter dollar is an American coin design that was used between 1838 and 1891. It shows Liberty, the symbol of freedom, sitting on a rock holding a shield. In one hand, she holds a pole topped with a cap, symbolizing freedom, while the other hand holds a shield, showing the nation’s strength. This design was created by Christian Gobrecht and has been admired by collectors for its beauty and history. Over the years, various versions of the Seated Liberty quarters were created, each with slight changes that make some coins more valuable and desirable to collectors.
One of the rarest variations is the 1840-O Seated Liberty quarter dollar with a special Large “O” mint mark on the back. The “O” stands for the New Orleans Mint, where the coin was made. The “With Drapery” detail refers to the extra folds in Liberty’s gown, which were added that year. Coins from the New Orleans Mint are often rare, and this version, known as Briggs-1A, is especially scarce.
How Schaefer Found the Rare Coin on eBay
Schaefer discovered this valuable coin during an eBay search. In April, he noticed a listing for an 1840-O Seated Liberty quarter dollar that the seller did not recognize as the rare Briggs-1A variety. Schaefer realized the coin was a Briggs-1A, a variety described in “The Comprehensive Encyclopedia of United States Liberty Seated Quarters” by Larry Briggs. Briggs’s reference guides collectors in identifying different types of Seated Liberty quarters, helping them spot rare varieties.
Schaefer used eBay’s “Buy It Now” option to purchase the coin immediately for under $80. He described this find as a “right place, right time” moment, and he wasn’t expecting to discover anything special while casually browsing on eBay. “There was even one person watching the listing when I clicked to buy it,” he noted. After buying it, he took clearer photos that showed the true details of the coin.
Why the 1840-O Seated Liberty Quarter is So Rare
The Briggs-1A variety is rare for a few reasons. First, it uses a special design, called Obverse 1, where the date slants slightly downward from left to right, and several stars are recut, meaning they were engraved twice to make them stand out more. Liberty’s right elbow also has drapery, or folds, which was a new feature at the time.
On the reverse (back) of the coin, the large “O” mint mark is positioned to the left, lining up with the eagle’s feathers. This “Large O” mint mark from the New Orleans Mint and the coin’s design details make it highly collectible and valuable. When the Briggs reference was published in 1991, only 16 of these coins were known, giving it a high rarity rating of R-6, which means very few exist. Experts today estimate that only 40 to 50 of these coins exist, and most are in low condition or have damage.
Condition Matters in Coin Collecting
The value of Schaefer’s find depends on its condition. The coin shows VF (Very Fine) details but has some cleaning marks and scratches. It is also slightly bent. In the world of coin collecting, any damage or cleaning can lower a coin’s value, as collectors prefer coins that are as close to original condition as possible. Because of these issues, Schaefer’s coin would be rated with “Details” grading, which reflects its flaws.
To get an idea of its value, Schaefer compared his coin to another example that a dealer is selling for nearly $3,000. This other coin is certified Fine 15 by the Professional Coin Grading Service (PCGS), which is a respected grading organization for coins. Given his coin’s issues, Schaefer estimates it might be worth between $2,000 and $2,500.
Greg Johnson, another expert on Seated Liberty coins, points out that an undamaged coin in VF condition would be worth $3,000 or more. However, he suggests that Schaefer’s coin, due to its damage, might only fetch between $500 and $1,000, as there aren’t many buyers for damaged coins in such a small collector’s market.
Key Features of the Briggs-1A Variety
According to Briggs’s research, the Briggs-1A coin is part of a transitional design. Here’s what makes it unique:
- Obverse Design (Front): It has a slanted date, with some stars recut for emphasis, and added drapery at Liberty’s elbow.
- Reverse Design (Back): The coin has a Large “O” mint mark, placed to the left of the eagle’s feathers. This is called the “Mint mark left” positioning. Additionally, the eagle’s claws are short and sharply curved, which is a distinctive feature of this die.
These small design changes make the Briggs-1A variety very special to collectors. Small differences in coins, like the placement of a mint mark or the curve of the date, are fascinating to people who study U.S. coins and collect rare pieces.
The Thrill of Finding Rare Coins Online
Schaefer’s experience highlights the thrill of hunting for rare finds online. On platforms like eBay, many coins are listed without the seller knowing their true value or rarity. Experienced collectors like Schaefer can use their knowledge to identify rare coins and get them at bargain prices. For Schaefer, it was the “right place, right time” scenario, but it also took a keen eye and knowledge of coin varieties to make this amazing discovery.
Conclusion:
Dave Schaefer’s discovery of the 1840-O Seated Liberty quarter dollar on eBay shows how patience, knowledge, and a bit of luck can lead to extraordinary finds in the world of coin collecting. This rare coin, with its unique features and historical importance, is a perfect example of how even small details in a coin’s design can make it incredibly valuable. For collectors, the excitement of finding such treasures, especially on platforms like eBay, can be a rewarding experience that brings history to life.
FAQs
1. What makes the 1840-O Seated Liberty quarter dollar so rare?
The 1840-O Seated Liberty quarter dollar, particularly the Briggs-1A variety, is rare due to its unique features: the Large “O” mint mark from the New Orleans Mint and the additional drapery on Liberty’s elbow. Fewer than 50 of these coins are known to exist, and most are in low or damaged condition.
2. How can I identify a Briggs-1A variety of the 1840-O Seated Liberty quarter dollar?
Look for specific characteristics on the coin. The date should appear slightly slanted downward from left to right, with some stars appearing recut. The reverse side should have a large “O” mint mark positioned left of the eagle’s feathers.
3. Why is condition so important in coin collecting?
Condition significantly affects a coin’s value. Coins in original or undamaged condition are highly desirable to collectors. Damage, such as cleaning marks, scratches, or bends, can decrease a coin’s value. Schaefer’s coin, for example, has a lower estimated value due to such issues, even though it’s a rare find.
4. Where can I find rare coins like the Seated Liberty quarter dollar?
Rare coins can occasionally be found on online marketplaces like eBay or at auctions, coin shops, and collector conventions. Knowledgeable collectors who know what to look for may sometimes spot undervalued listings on these platforms.
5. How much is an 1840-O Seated Liberty quarter dollar worth?
The value varies based on condition. An undamaged coin in Very Fine (VF) condition might be worth around $3,000 or more. Coins with damage, like Schaefer’s, may be valued between $500 and $1,000.