1854-S Liberty Quarter Eagle: Only 54 Struck, First Year
Coin Encyclopedia · 9 min read · Published November 7, 2026
Fifty-four. That is the whole mintage of the 1854-S Liberty quarter eagle — 54 $2.50 gold coins struck at San Francisco in 1854, in the mint's opening year, and one of the great rarities of American gold. The coin is not a first year in the ordinary sense. It is the first quarter eagle from a mint that would become the largest gold coin producer in the nation, struck in a run so small that it barely counts as a run at all. If you think you have one, read this whole page before you do anything else, because there are only 54 in the world, and almost all of them are already known.
This page is about that number. The 1854-S is the first quarter eagle struck at San Francisco, designed by Christian Gobrecht, struck in the first year of a mint that opened to coin the gold of the California gold rush. Our guide has not yet researched grade-by-grade figures for this date, so the table below is empty. The history is not.
San Francisco's first two-and-a-half
The San Francisco Mint opened in 1854, built to coin the gold of the California gold rush where it was found, rather than shipping it to Philadelphia. The mint's first year was a rush of its own: double eagles, eagles, half eagles, quarter eagles, and gold dollars, all struck in the first months of operation, all carrying the S mint mark that collectors now chase. The quarter eagle was the smallest part of that first-year production — 54 coins, against tens of thousands of double eagles.
That number needs context. The quarter eagle was a working coin, struck for commerce, and the San Francisco Mint's priority in its first year was the big coins — the double eagles and eagles that carried the most gold. The quarter eagle was struck only when the presses were free, in a single short run, and then the mint moved on. Most of those 54 coins went into commerce in California, wore down there, and were melted in later years. The survivors are the coins that were saved by accident, tucked away, forgotten, and found decades later.
The S mint mark sits on the reverse, below the eagle, and it is the first thing to find. A quarter eagle dated 1854 without an S is a Philadelphia coin, struck in large numbers. A quarter eagle dated 1854 with an S is a San Francisco coin, struck in 54, and one of the rarest dates in the series — or a fake. The letter is the coin, and on this date, the letter is also the warning.
The grade table, still to be researched
The table below is our researched collector estimates from the live guide, reviewed November 5, 2026. Grades our guide has not researched yet are shown as “—”, not guessed. For this date, that is every grade. No grade-by-grade figures are catalogued yet, so the table below is a statement of what we do not yet know, not a set of numbers to lean on.
| Grade | Estimated value |
|---|---|
| Good (G-4) | — |
| Fine (F-12) | — |
| Extremely Fine (XF-40) | — |
| About Uncirculated (AU-50) | — |
| Mint State 60 (MS-60) | — |
| Mint State 65 (MS-65) | — |
An empty table on a coin struck in 54 can feel wrong, and it is worth saying why it is there. The grade table is built from researched figures, and a coin with 54 survivors does not produce grade-by-grade figures in the ordinary way. There are not enough examples to build a table. There is a mintage, and there is a story, and the honest figure for this coin comes from the coin in hand, graded by a professional, and from the live feed on this page when newly reported results land. No one should quote you a figure for an 1854-S from a guide alone — and no one should quote you a figure for one at all without certification.
Fifty-four coins, and the fakes they attract
A coin struck in 54 attracts counterfeits, and the 1854-S is no exception. The fake is simple: take a common 1854 Philadelphia quarter eagle, add an S, and an ordinary gold coin becomes a great rarity. Here is how to catch it.
First, weigh it. A genuine quarter eagle weighs 4.18 grams and measures 17.9 millimetres across — a cast copy feels light and often shows tiny bubbles or seams under magnification. Second, look at the S itself under a loupe against a known genuine example: a real S sits in the correct position, below the eagle, with the right shape and depth. An added S sits too high, too shallow, or at the wrong angle, and the metal around it often shows tool marks. Third, check the design: Gobrecht's Liberty has crisp hair and a clean coronet, the eagle's feathers are sharp, and the lettering is even. A cast copy looks soft, with mushy details.
Then stop, and send it to PCGS or NGC. On a coin struck in 54, a professional opinion is not a luxury. It is the only way the market will accept the coin at all. An uncertified 1854-S, however genuine it looks, will be treated with suspicion by every serious buyer. Certification is also the only way to establish the grade, and on a coin this scarce, the grade is everything.
Specs and the metal floor
The 1854-S quarter eagle weighs 4.18 grams and measures 17.9 millimetres across, struck in 90% gold and 10% copper. It holds 0.12094 troy ounces of pure gold — the same specification as every Liberty quarter eagle from 1840 to 1907. If you have handled any $2.50 gold coin, the 1854-S feels identical in the hand: small, solid, and unmistakably gold.
Metal floor: — The live melt figure on this site is calculated only for the $1 gold dollar, whose specification the Worker carries. Larger gold — $2.50, $5, $10 and $20 — has no live melt specification yet, so this page shows “—” for the metal floor rather than a computed figure. The weight above is the honest check: a genuine coin matches it, and a light coin is not genuine.
That weight is also the first authentication check. A genuine quarter eagle is 4.18 grams, and a counterfeit in base metal will be far too light. A gold-plated copy will be close in weight but soft in detail, with mushy feathers and a dull, lifeless surface. Weigh the coin first, before anything else. If it is not 4.18 grams, the conversation is over.
A first-year mint, in miniature
The 1854-S quarter eagle is a first-year mint in miniature. The San Francisco Mint opened in 1854 to coin the gold of the California gold rush, and its first year produced all five gold denominations, from the gold dollar to the double eagle. The quarter eagle was the smallest of them, struck in the smallest numbers, and it is the coin that shows the mint's first year most clearly: a new mint, building its capacity, striking what it could, when it could, in the numbers the gold allowed.
That is the demand. San Francisco collectors need it. Quarter eagle collectors need it. Rarity collectors need it. And every one of them is chasing 54 coins, struck in a mint's opening year, in a mintage that barely counts as a mintage. The result is a coin that trades rarely, through established channels, with certification, at figures that reflect its scarcity. If someone offers you an 1854-S at a fraction of what a rarity should command, it is not a bargain. It is a fake, or a different coin, or a story that will not survive five minutes with a grader.
Latest reported results for this coin
Checking for newly reported results…
Your 1854-S quarter eagle questions, answered
What is an 1854-S Liberty quarter eagle worth?
Our guide has not yet researched grade-by-grade figures for this date, so the grade table below shows — for every grade. With only 54 struck, it is one of the great rarities of San Francisco gold in any grade, and a professional grade is the only reliable way to value one.
Why were only 54 struck?
1854 was the first year of the San Francisco Mint, and the mint was still building its capacity. The quarter eagle was the smallest part of its first-year production, and most of the mint's gold went into double eagles and eagles.
How many 1854-S quarter eagles survive?
Our catalog records the mintage of 54 but no survivor figure, so none is stated here. Genuine examples are extremely scarce in any grade, and the coin is one of the rarest dates in the Liberty quarter eagle series.
What makes the 1854-S quarter eagle so rare?
It is the first quarter eagle struck at San Francisco, in the mint's opening year, with a mintage of 54. First-year branch-mint coins with tiny mintages are the rarest dates in American gold.
How do I check an 1854-S quarter eagle?
Weigh it at 4.18 grams and measure 17.9 millimetres, then examine the S mint mark and the design under a loupe. On a coin struck in 54, certification from PCGS or NGC is the only way the market will accept it.
Check your 1854-S
An 1854-S is 54 coins, and one of the great San Francisco rarities. Weigh it, find the S, and let a grader settle the rest. Run the date and mint mark through the free Coin Value Checker for an instant estimate, or get a Grade-or-Not verdict on whether your coin is worth certifying. The full gold guide is here: Gold Dollar Coin Values by Type and Date.
For learning only: this guide is educational, and the figures here are researched estimates, not a promise of what any single coin will bring. An 1854-S should be authenticated and graded by professionals before any decision is made.
This guide is for education — learn the coin first, and get a professional opinion before buying or selling.