1796 25C VF35 NGC
The Mint Act of 1792, provided for the coinage of a quarter dollar denomination, "each [coin] to be of one fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain pure, or one hundred and four grains of standard silver." The dollar "unit" was to be exchangeable on par with the Spanish milled dollar, which dominated local commercial channels along with its subsidiary denominations. Thus, the United States quarter was equal to the Spanish two reales piece, or "two bits." The inaugural coinage was only 6,146 pieces, after which the denomination was not coined again until 1804. The 1796 is a one-year type with a Small Eagle reverse. Examples are known in low circulated grades all the way through Mint State, and collectors seek examples across the spectrum. Listed at $34,750 in “VF” in the NGC price guide and $45,000 in the PCGS price guide.