1926 American Sesquicentennial Quarter Eagle : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

Americans of the 1920s seemed so preoccupied with enjoying the present that celebrating the past was destined to take a back seat. Even so, there were those who still recognized the nation’s heritage. Among the ways in which Americans of the Roaring ‘20s marked these occasions was the issuance of commemorative coins that recognized statehood centennials, the Monroe Doctrine, the arrival of the Pilgrims, and various other highlights of United States history.

Perhaps the most significant celebrations, however, centered around the Sesquicentennial, or one-hundred-fiftieth anniversary, of the War of Independence. Two coins were issued recalling important battles, but the most important event of all was the signing of America’s Declaration of Independence, dated July 4, 1776. This momentous occasion was remembered through the minting of commemorative silver half dollars and gold quarter eagles bearing the dual dates 1776 and 1926.

Both coins were authorized by legislation that passed on March 3, 1925. This bill also created the National Sesquicentennial Commission to oversee celebrations planned for the anniversary year of 1926. The centerpiece of these events was a Sesquicentennial Exposition in Philadelphia, the birthplace of the American Republic. It was hoped that profits from the commemorative coins would offset the cost of this fair, and great prospects were held for their sale. Once again forgetting the sad history of commemorative coin programs and their high percentage of unsold coins, Congress authorized the minting of up to one million half dollars and 200,000 quarter eagles for the Sesquicentennial.

The Commission also sought the coining of an unprecedented $1.50 gold coin as part of its ambitious scheme to offer a series of coins depicting important events from the nation’s first 150 years. To these would be added a commemorative one-dollar note. Not keen on commemoratives of any kind, Treasury Secretary Andrew Mellon disapproved of all but the half dollar and quarter eagle, the only coins to survive in the final draft of the bill.

As Chief Engraver George T. Morgan had recently passed away, the United States Mint assigned to his successor, John Ray Sinnock, the task of designing the two coins and preparing models for them. However, the Sesquicentennial Commission was not enthusiastic about Sinnock’s concept for the half dollar. It engaged outside artist John Frederick Lewis to create something better, leaving only the preparation of final models for Sinnock.

The Chief Engraver scored with his sketches for the quarter eagle, however, and only the Commission of Fine Arts was left to overcome. Its sculptor member, Lorado Taft, must have found them acceptable, as the Commission gave its approval on March 25, 1926. Regardless, this approval included suggestions that some of the lettering be rearranged and that the sun and its rays be omitted from the reverse. Unfortunately, this second suggestion was not followed.

The Sesquicentennial Exposition was held in Philadelphia from June 1 to November 30, 1926, and it featured major exhibits in the arts, sciences, and industries. A few of these, however, were not finished in time for Opening Day and for some weeks afterward. The Exposition was not publicized nationally and received little support from the Federal Government. Its success depended entirely on the willingness of visitors to spend money at the various concessions since the fair was funded almost entirely through commercial ventures and bonds.

Opening Day was rainy and miserable, and it proved a bad omen. The excitement generated by that city’s Centennial fair 50 years earlier was lacking. Although nearly six million people attended the 1926 event, few opted to buy commemorative half dollars at $1 apiece or quarter eagles at $4 per coin. In May and June 1926, the Philadelphia Mint optimistically coined the full authorization of one million halves and 200,000 quarter eagles, yet only 140,592 and 45,793 were sold, respectively. The remaining balance, including assay pieces (528 for the half dollar and 226 for the quarter eagle), were returned to the Mint at the close of the Expo and subsequently melted.

Both coins were modeled in extremely shallow relief, and many design elements are difficult to discern. On the quarter eagle, the sun’s rays are invisible on some coins and have been described as looking like a fingerprint when they do show. Despite these deficiencies, both issues are attractive when well-preserved.

Such coins form a minority of the survivors, however. The quarter eagle is found frequently with signs of careless handling suffered both inside and outside the Mint. As many were purchased by non-numismatists, they were subject to poor storage, as well. Coins with numerous small contact marks are common; these will grade anywhere from AU55 through MS63. Examples that grade higher are scarce, with Gems that grade MS65 being particularly elusive. The luster on these coins ranges from a subdued frostiness to a much more brilliant frost. Wear first appears on the obverse at the bottom of the scroll; on the reverse, check the clock tower just above the roof line.

A couple of Matte Proofs are known for the 1926 Sesquicentennial Quarter Eagle. These have a dull finish but much sharper details–although some design elements are still lacking due to poor modeling. Separate obverse and reverse die trials in copper and brass also exist, which are as sharp as the Proofs.

The quarter eagle was distributed without holders at the Exposition, but additional coins were marketed through the Franklin Trust Company of Philadelphia in small envelopes bearing its name and address in blue ink. Also found are Christmas card holders imprinted with the Liberty Bell and the anniversary dates; these were issued by the Bethlehem National Bank of Bethlehem, Pennsylvania. At least two issues of counterfeits have been made of the quarter eagle; authentication is recommended for any coin of this type.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS67 (37, 7/2024), NGC MS67 (1, 7/2024), and CAC MS66 (22:1 stickered:graded, 7/2024).

• NGC MS67 #1657499-002: Heritage Auctions, September 17, 2006, Lot 24805 – $47,437.50; Heritage Auctions, July 31, 2008, Lot 2150 – $46,000; Heritage Auctions, January 7, 2015, Lot 4460 – $25,850.
• NGC MS67 #1840251-011: “The Prinzi Trust Collection,” Heritage Auctions, January 4, 2007, Lot 3869 – $54,625. PRINZI COLLECTION on insert; Heritage Auctions, December 5, 2008, Lot 1713 – $35,937.50.
• NGC MS67: Swiss America; Dr. Merritt; Heritage Auctions, February 11, 2000, Lot 6601 – $41,400. Top pop, pop one (at either service) when offered. Heritage Auctions, June 3 2006, Lot 4745 – $48,875.
• NGC MS67 #1657499-002: Heritage Auctions, August 14, 2006, Lot 5741 – $46,000.

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Design

Obverse:

Sinnock’s design for the quarter eagle features a full figure of Liberty standing upon a partial globe. She is dressed in a long, flowing gown and wears a folded cap – somewhat reminiscent of our early coinage. In keeping with the style of the 1920s, she is slimmer and flatter-chested than the classical maidens and matrons of older U.S. coins. She faces the viewer’s left, where her right arm is outstretched, clutching the torch of freedom. In her left hand, she holds a long scroll that is supposed to represent the Declaration of Independence, although its proportions are entirely incorrect with respect to the actual document. The legends UNITED STATES OF AMERICA and LIBERTY are arranged in arcs around the periphery. The dates 1776 and 1926 appear to the left and right of her figure, respectively.

Reverse:

On its reverse, this issue displays a frontal elevation of the Pennsylvania State House, better known by its later name of Independence Hall (the bell once contained within is the famous Liberty Bell, now exhibited separately on Independence Mall within a glass enclosure). Above Independence Hall, divided by the belfry, is the motto IN GOD WE TRUST. Our national motto E PLURIBUS UNUM appears below. Arranged around the periphery is the legend SESQUICENTENNIAL OF AMERICAN INDEPENDENCE and the denomination 2 1/2 DOLLARS. Sinnock’s initials JRS are found above one wing of the hall at the right. The rays of the sun may be seen on only a few specimens, emanating from a point behind the hall. This feature is extremely shallow, even on the original models, and seldom shows distinctly.

Edge:

The edge of the 1926 Sesquicentennial quarter eagle is reeded.

Designer

John R. Sinnock became the eighth Chief Engraver of the United States Mint upon George T. Morgan’s death in 1925, holding the position until his death on May 14, 1947. In addition to being chosen by Mint Director Nellie Ross to design both the new Roosevelt dime and Franklin half dollar in 1946, Sinnock is responsible for engraving the 1926 Sesquicentennial American Independence half dollar and $2.50 quarter eagle gold coin for the 150th anniversary of the United States of America. Sinnock also helped sculpt the US Army’s modern Purple Heart medal for Military Merit by soldiers wounded in combat.

Coin Specifications

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