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The Classic Head $2.50 gold coin is an American coin, also called a
quarter eagle The quarter eagle is a gold coin that was issued by the United States with a value of two hundred and fifty cents, or two dollars and fifty cents. It was given its name in the Coinage Act of 1792, as a derivation from the US ten-dollar Eagle (U ...
, minted from 1834 to 1839. It features
Liberty Liberty is the state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views. The concept of liberty can vary depending on perspective and context. In the Constitutional ...
on the obverse and an eagle on the reverse.


Economic conditions

The year 1834 witnessed tough economic times in the United States. President
Andrew Jackson Andrew Jackson (March 15, 1767 – June 8, 1845) was the seventh president of the United States from 1829 to 1837. Before Presidency of Andrew Jackson, his presidency, he rose to fame as a general in the U.S. Army and served in both houses ...
was opposed to the developing central bank of that era known as the
Second Bank of the United States The Second Bank of the United States was the second federally authorized Second Report on Public Credit, Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, the bank was chartered from February 1816 to January ...
. His aim was to reform a system which took power away from the states and concentrated it in the hands of a few. He recognized the potential for abuse and manipulation that was not necessarily in the best interests of the United States. His attacks on the fledgling central bank served to erode their power despite the fact that their charter did not expire until 1836. This allowed the president to introduce banking reform which was officially passed by Congress in 1836. It was known as the Deposit Act. In 1834, President Jackson began action to strengthen the U.S. economy. His goal was to retire the notes of the Bank of the United States prevalent in society at that time and to replace them with specie gold. In addition, he realized that the ratio between gold and silver must be adjusted if gold specie was to remain in circulation. At that time, the gold to silver ratio was 15:1 while in Europe, the ratio was 15.5:1. This led to the practice of melting down contemporary U.S. gold coins for profit because there was a slightly higher gold content than the face value. This practice led to significant coin rarities in the Capped Bust series of gold coins minted from 1808 to 1834. Gold specie fineness was reduced from .9167 fine to .8992 fine and the gold to silver ratio was increased to 16:1. This action was extremely astute and ensured that the new $2.50 and $5 coins would remain in circulation. These were the first widely circulated gold coins in US history.


Design

The new quarter eagle also saw a reduction in diameter from 20 millimeters to 18.2 millimeters and a reduction in weight from 4.37 grams to 4.18 grams. The new issue was designed by William Kneass and minted in Philadelphia, Charlotte (1838–39),
New Orleans New Orleans (commonly known as NOLA or The Big Easy among other nicknames) is a Consolidated city-county, consolidated city-parish located along the Mississippi River in the U.S. state of Louisiana. With a population of 383,997 at the 2020 ...
(1839 only), and Dahlonega (1839 only). The original 1834 dated Classic Head $2.50 gold coins come in two different varieties: the "Small Head” and the “Booby Head.”


Collecting

About uncirculated (AU) and mint state specimens may exhibit proof-like or semi proof-like surfaces. In general, a semi proof-like surface is somewhat reflective around the devices and the edge of the coin as well as around the portrait. Coins that have not been cleaned generally show an original patina manifested with various golden, orange colors and a thick "skin". Advanced collectors seek such specimens as opposed to cleaned, shiny examples. This series is highly collectible and are relatively easy to obtain and inexpensive for an early gold U.S. coin. The astute collector/investor will seek original, problem-free examples and avoid damaged and inferior coins, regardless of the grade. It is also wise to pursue coins authenticated and graded by a leading third party grading service such as
Numismatic Guaranty Corporation Numismatic Guaranty Company (NGC) is an international third-party coin grading and certification service based in Sarasota, Florida. It has certified more than 60 million coins. NGC certification consists of authentication, grading, attributio ...
(NGC) or
Professional Coin Grading Service Professional Coin Grading Service (PCGS) is an American third-party coin grading, authentication, attribution, and encapsulation service founded in 1985. The intent of its seven founding dealers, including the firm's former president David Hall, ...
(PCGS).


See also

*
Classic Head The Classic Head was a coin design issued by the United States Mint in the early 19th century. It was introduced for copper coinage in 1808 by engraver John Reich and later redesigned by Chief Engraver William Kneass. Dates minted * (John Reich ...


References


Bibliography

* * {{Obsolete United States currency and coinage Historical currencies of the United States United States gold coins Quarter Eagle Goddess of Liberty on coins Eagles on coins