The 1841 Liberty Head quarter eagle, or “Little Princess,” is a legendary rarity and rightly deserving of 100 Greatest U.S. Coins status. For decades it was thought that only Proof quarter eagles were produced in 1841. Circulated examples exist, but most researchers thought they were mishandled Proofs that entered had circulation. Recent in-depth research has led some to conclude that a portion of circulated examples are actually circulation-strike specimens. The matter is still being debated among experts of the series. Recently, a coin certified by PCGS as MS60 was sold auction in March, 2024 for $288,000.

The origins of the “Little Princess” label are unknown, but some have attributed the name to Abe Kosoff, a dealer who was active from the 1940s until the 1970s. Abe Kosoff was also one of the founders of the Professional Numismatists Guild.

The 1841 quarter eagle has an uncertain history: it was struck in Proof format, but the U.S. Mint did not begin to sell Proofs to the public until 1859, and prior to that, Proofs were struck for special circumstances only. Another curiosity is that no quarter eagle circulation strikes were produced in 1841 per Mint records (however, these are not always complete). Furthermore, the Philadelphia Mint struck quarter eagles for circulation every year from 1834 to 1862 (except for 1841).

Why the coin was struck remains uncertain. There may have been no demand for quarter eagles that year, and therefore the Mint struck only about 20 to 25 Proofs. One numismatist speculated that a group of foreign dignitaries visited Philadelphia in 1841 and the quarter eagles were presented as gifts. However, the fact that nearly every 1841 quarter eagle was discovered in the United States refutes that theory. Regardless of how they came into existence, the 1841 quarter eagles have had a storied past in numismatic circles. For many years, it was assumed that only a handful of specimens were known. In fact, one example sold privately for $3,000 in 1930. As more coins surfaced, the coin’s value decreased sharply, with one specimen selling for $605 at auction in 1940. Today, it is believed that 15 to 18 are known.

In recent years, the value of an 1841 “Little Princess” has soared. Circulated examples in About Uncirculated condition now fetch over $100,000. The finest we have seen was a PF-65 Ultra Cameo that brought $253,000 at auction in 2004. That coin traces its pedigree to the sale of the Adolph Menjou collection. The National Numismatic Collection of the Smithsonian contains two examples of the 1841 quarter eagle: a Gem coin from the original Mint Collection, and a circulated Proof coin that was part of the Lilly Collection.