1802/1 DRAPED BUST $2 1/2, STARS MS65
JUST 3,035 STRUCK. SOLE HIGHEST GRADED.
1802/'1' DRAPED BUST $2.5 - TYPE 2 $2.50
In 1802, Thomas Jefferson gave his second State of the Union Address to Congress. However, unlike George Washington’s State of the Unions and ones of the modern era, this address was submitted to Congress in the form of a written report. Jefferson’s rationale behind this was that standing in front of Congress and dictating to them would be too similar to when the British Monarch would stand before Parliament with a list of mandates. This form of the State of the Union remained for over a century. It was Woodrow Wilson who, finding Jefferson’s method impersonal, elected to read his address to Congress and began the current tradition.
The Capped Bust Right Quarter Eagle of 1796-1807 is the work of Robert Scot. The first examples delivered in 1796 do not display stars as part of the obverse design, but all subsequent pieces display an arrangement of this popular device type around Liberty's portrait. Mintages remained limited throughout the entire series due to a lack of demand among contemporary gold bullion despositors, and no Quarter Eagles were struck with the dates 1799, 1800, 1801 or 1803. With fewer than 1% of the original mintages believed extant, all issues in the Capped Bust Right Two-and-a-Half series are understandably rare and infrequently encountered in today's market.