A RARE 1854 quarter has sold at auction for $2,640 due to an “improvised O mintmark.”
The rare and valuable quarter is called the 1854-O Huge O Quarter Dollar and had a small mintage of a little more than 1.48million.
Its large O mintmark indicated it was minted in New Orleans.
However, due to a speculated error, the mark is larger than most O mintmarks on any other coin from that year - or from any other.
It was given the grade XF45 which means it has complete details but minor wear on some of the high points.
Additionally, the Choice XF grade is one of about two dozen comparably graded or slightly finer coins available to collectors, according to Heritage Auctions.
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The scarce coin sold online for $2,640 earlier this month.
THE HUGE O VARIETY
As mentioned, the 1854-O Huge O Quarter Dollar is rare because of its unusual mintmark.
Because it is misshapen and larger than most, experts think the mintmark was either reworked or added by hand to a die that the Philadelphia Mint shipped to New Orleans - without a mintmark.
The Philadelphia Mint supplied every die to the branch mints and added the mintmarks before shipping out the dies, according to Professional Coin Grading Services (PCGS).
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PCGS noted that the certified population of the coins is about half that of the regular 1854-O Quarter Dollar which means it’s scarce but not super rare.
The coin was created by Christian Gobrecht, the third Chief Engraver of the United States, and sculptor Robert Ball Hughes.
OTHER RARE QUARTERS
While the recently sold quarter sold for much higher than its original value, others have sold for even more.
Just last year another 1854 O sold at auction for an impressive $13,800.
Similar to what made the other quarter so valuable, the O mintmark, this one had a much higher grade, AU-55.
Plus, an 1892 Barber Quarter sold for $35,250 due to its low mintage - just 964,079 were made.
It also gained value because of its nearly perfect condition with a grade of 67.
PCGS has only found two Barber quarters with a grade of 67 and none higher - adding to its worth.
COIN VALUES
Coin experts determine a coin's value based on a variety of factors.
This includes mintage, errors, demand, age, design, certification, and condition.
More importantly, coins are graded on a rigid scale - which is what collectors will pay big bucks for.
There are five main components when it comes to a grading scale including strike, surface preservation, luster, coloration, and eye appeal.
Coins are assigned a whole number between 1 and 70, with the highest figure being close to perfect.
HOW TO SPOT RARE COINS
Make sure to check your spare change for any rare pennies, nickels, dimes, and other coins as many of them could sell for thousands.
Typically, the most valuable coins are ones with a low mintage or an error, as collectors find those coins are some of the rarest.
Additionally, coin experts will pay top dollar if they are also well-struck.
A great website to check if your coins are worth anything is eBay.
You just need to search the full coin name, select the "sold" listing and then toggle the search to "highest value.”
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If you follow three steps, you may have a penny priced at over $10,000.
Plus, if your dime has full bands you could be almost $200,000 richer.
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