FROM THE PUG COLLECTION. What a great way to start off this AMAZING set of early quarters. This coin more than proves that AU coins can have way more appeal than some Mint State coins! This coin is a SUPERB GEM AU, conservatively graded, and truly a marvel to behold. We cannot positively trace this old holdered beauty, but it is one that will delight any fastidious collector and is heads above what you would normally see for any 1796 quarter. B-1. Fully reflective fields give this distinctive coin a bold Prooflike flash in the fields on both sides. Clearly this was an early striking from the dies, while the polish was still fresh. Despite the barest trace of friction, the reflection does not break anywhere in the fields. The highest points show just minor wear, and the devices are essentially fully rendered by the dies. Robert Scot's design elements are nice and frosty, and the obverse has an almost cameo contrast. Both sides are awash in aqua, teal, lilac, and golden-tinged pewter color that is rich, and totally original. The Prooflike surfaces exaggerate any of the minor points of contact, but these are all toned over and none distract the naked eye. Some mint made adjustment marks are seen in the central obverse, again, these do not take away from the AMAZING, seductive visually allure-we have seen Mint State coins that do not have the life and stunning eye appeal of this SUPERB coin! The establishment of the United States mint came by way of the April 12, 1792 act of congress. This act called for the building, staffing, and requirements of the coinage system. Aside from a few patterns and 1,500 half dismes that were struck in 1792, coinage for circulation did not begin inside the walls of the first U.S. Mint until 1793, when half cents and cents were struck. No silver or gold coins could be struck until mint officials were able to post surety bonds. These were not posted until 1795, when the first half dollars, dollars, $5 gold and $10 gold coins were struck. There was no demand for quarters until 1796, when 6,146 quarters were struck, utilizing two pairs of dies. B-1 as here is slightly less common than the B-2, and is easily identified by the lower placement of the 6 in the date. This tiny mintage satisfied demand for the denomination until 1804. This is a one year only type with the small eagle reverse, by the time 1804 came around the mint was striking coins with the heraldic eagle reverse design. A coin that combines both first year of issue, and one year only status, the 1796 quarter is a classic "blue chip" rarity, in demand from collectors in all grades, and in all markets. PCGS 9, NGC 4, CAC 3. This is the only GOLD CAC 1796 quarter in any grade. The most recent PCGS-graded example was a dull, gray coin that sold back in July 2005! We sold a PCGS/CAC AU53 coin in our July 2018 Regency Auction for $76,375. That coin had nowhere near the colorful or vivacious look that this SUPERB GEM AU50 has. Indeed, this coin is nicer than the PCGS/CAC AU55 that sold in January 2015 for $96,938. Our consignor bought this coin from an old Legend Numismatics customer in November 2015 for $87,500 and based on its outstanding eye appeal, we have no doubt that price will be met when the hammer falls. Good luck! Cert. Number 4491235 PCGS # 5310