What is the oldest quarter? Coins and currency have a long and fascinating history. If you’ve ever wondered what the oldest coin or quarter is, you’ve come to the right place.
If you’re short on time, here’s a quick answer to your question: The oldest quarter is likely a quarter minted in 1796 during the early days of the United States.
In this comprehensive guide, we’ll explore the history of coins, provide background on early American currency, identify the first US quarters, and spotlight the 1796 quarter to uncover why it’s considered the oldest.
The Evolution of Coins Through History
Earliest Coins Emerged in the 7th Century BC
The first coins emerged around the 7th century BC, invented independently by the kingdom of Lydia in present-day Turkey. These early coins were made of electrum, a natural alloy of gold and silver. They were a huge improvement over previous forms of currency like livestock and commodities, allowing for more efficient trade.
Coins then spread to Ionia, Greece, and Persia within a century. Ancient Greeks started using silver coins around 680 BC. Coins shaped commerce and economies all over the ancient world by facilitating transactions without bartering.
Silver & Gold Coins Become Dominant in Ancient Greece & Rome
Precious metals became the standard for ancient coinage. Silver Athenian Owls were struck in Athens around 515 BC, gaining international prestige. Athenian Owls featured the owl of Athena on one side and a portrait of Athena on the other.
The silver Denarius coin emerged in Rome around 211 BC and would become the most widely circulated coin. Gold Aureus coins were also introduced in the 1st century BC as higher denomination coins intended for significant transactions.
Ancient Greek and Roman coins shared common designs like notable rulers, gods/goddesses, animals, plants, objects, and text. Coins spread cultural meaning beyond their economic functions. At their peak, over 40 mints produced Roman Imperial coins across the Mediterranean.
Coinage Spreads & Evolves in Medieval Europe
As civilizations changed hands over time, so too did coinage. Medieval England produced silver Pennies starting from 755 AD under the direction of King Offa. These first English coins even copied earlier Roman coin designs.
By approximately 1200 AD, a significant commercial revolution happened in medieval Europe. Rising prosperity increased the demand for coins. instead of silver, gold coins became the preferred currency for large transactions while low-value tin and copper coins circulated among commoners. By the 15th century, coinage use was widespread from the Mediterranean to the Baltic.
While ancient coins were often crude disks of precious metal, medieval coinage evolved considerably in technique, incorporating more refined designs and inscriptions. Water-powered and wind-powered mills were adapted for minting coins on a large scale.
The coinage of the medieval ages truly laid the foundations for modern cash economies.
Early American Currency Before the Quarter
Before the establishment of the US dollar and the minting of coins, early American colonists relied on a variety of mediums to facilitate trade. These included commodity monies like tobacco, wampum beads, gold dust, and Spanish dollars, as well as bartering and unstable paper money printed by the Continental Congress to help finance the Revolutionary War.
Barter, Commodities, and Foreign Coins Used as Early US Currency
Bartering of goods and services was very common in the early colonial economy. Commodities like tobacco, wampum (beads made from shells), rice, and animal pelts served as primitive currencies. The Spanish dollar coin, containing silver, was also widely used and trusted by colonists.
According to historical records, Spanish dollars amounted to almost 80% of the currency used in transactions. Foreign coins from Spain, England, and Portugal provided the majority of specie money until the US Mint opened its doors.
Continental Congress Issues Paper Currency in 1775
To fund the Revolutionary War, the Continental Congress began issuing paper currency in 1775 called Continentals or Continental dollars. These Continental currency notes were not backed by silver or gold and quickly became worthless due to oversupply and counterfeiting.
The phrase “Not worth a Continental” came about after people lost faith in the Continental currency. Unfortunately, the notes caused severe inflation and loss of savings for many early Americans during this time period.
The US Mint Opened in 1792, Producing Early Copper Cents & Silver Coins
It wasn’t until April 2, 1792, that the US Mint was established in Philadelphia to standardize coins nationally. Some of the first coins ever minted included copper cents and half cents in 1793, silver half dimes in 1794, and silver dollars in 1794-1795.
Coins greatly improved commerce by providing a trusted medium of exchange backed by the US government’s guarantee. This set the foundation for the US currency we recognize today.
The First US Quarters are Minted in the Late 18th Century
The Coinage Act of 1792 Authorizes Silver Quarter Denominations
The origins of the quarter can be traced back to the Coinage Act of 1792. This pivotal legislation authorized the first official silver coins of the United States, including quarter dollars containing 24.1 grams of pure silver.
While earlier private and state-commissioned coins circulated in colonial America, it wasn’t until this act that a federal quarter denomination was officially approved.
First US Quarters Struck in 1796 Feature Lady Liberty Design
It wasn’t until 1796 that the first federal quarters entered circulation. Bearing an image of Lady Liberty and a majestic bald eagle, these inaugural quarters were made at the first United States Mint in Philadelphia.
Though crude by modern standards, the classic flowing hair design graced all early American quarters of the late 18th and early 19th centuries.
Early Quarters are Made of Silver With High Collectible Value
Those original quarters were composed of 89.24% silver. Early quarters from 1796-1964 also featured this precious metal composition. Now highly prized by coin collectors, these historic silver quarters can fetch prices from the hundreds to tens of thousands of dollars depending on mintage figures and condition.
| Denomination | Composition 1796-1964 | Current Composition |
|---|---|---|
| Quarter Dollar | 89.24% silver, 10.76% copper | 91.67% copper, 8.33% nickel |
While modern quarters contain useful nickel for durability and copper for golden color, those centuries-old silver strikings retain an enduring legacy as the first quarters ever minted.
The Famous 1796 Quarter – The Oldest Quarter
Only 1,500 1796 Quarters Were Minted
The 1796 quarter is a highly coveted coin among collectors due to its rarity and historical significance. Only about 6,000 coins were minted, making it the rarest and most valuable quarter in the entire US coin series.
The quarters were among the first coins minted after the construction of the US Mint in Philadelphia in 1792 under the Coinage Act.
The fledgling United States was struggling economically in the 1790s after the Revolutionary War. There was not much demand for large quantities of coins. This resulted in tiny original mintages for early American coin denominations like the quarter.
Finding an example of the 1796 quarter today is akin to discovering buried treasure.
1796 Quarters Feature Crude Early US Mint Craftsmanship
The early US Mint’s coin dies and striking quality was rather crude and primitive compared to later issues. 1796 quarters showcase this lack of sophistication in their production and design aesthetics.
The coin displays a simple “Liberty Cap” design on the obverse. The reverse depicts a scrawny eagle perched on a wreath and banner. Details on both sides of the coin are not boldly rendered or well-defined by today’s standards.
But the 1796 quarter has an intriguing folk art charm and looks consistent with the early experimental US Mint coinage emissions.
Less Than 100 1796 Quarters are Believed to Still Exist
It is estimated that fewer than 100 examples of the rare 1796 Draped Bust quarter can still be accounted for. Most of these coins are held in major museum collections or in private numismatic holdings locked away from the public.
When an original 1796 quarter does appear at auction, it generates tremendous excitement. In 2021, an extremely fine example certified by PCGS sold for over $1.5 million. Most other early quarters do not even come close to reaching this incredible price threshold.
But the 1796 stands in a class of its own as a numismatic trophy representing the dawn of US Mint silver coinage over 225 years ago.
What Is The Oldest Quarter – Conclusion
As we’ve explored, coins have an extensive global history spanning back over 2,500 years. While early American colonists relied on barter and foreign coins, the first official US currency emerged in the late 18th century after the US Mint opened its doors.
Of all the rare, early American coinage, the 1796 quarter is considered the oldest and most valuable quarter ever produced. With only 6,000 originally struck and less than 100 of the 1796 quarters still in existence today, these crudely made quarters represent the fascinating beginnings of US numismatic history.
