1868 Seated Liberty Quarter Value Guide (P-Mint & S-Mint)

1868 Seated Liberty Quarter: A Classic Rarity in Silver

The 1868 Seated Liberty Quarter features the Type 5 'With Motto' design used from 1866-1891

The 1868 Seated Liberty Quarter represents one of the most intriguing years in 19th-century American coinage, combining low mintages with survival rate challenges that create significant value across all grades. All 1868 quarters feature the Type 5 "With Motto" design, struck in 90% silver on planchets weighing 6.22 grams with a diameter of 24.30 mm.

Three distinct issues define this year: the Philadelphia business strike with just 29,400 pieces struck, the San Francisco business strike with 96,000 pieces that becomes a major condition rarity in high grades, and a proof issue limited to 600 pieces. Values range from $250 for a heavily circulated San Francisco example to over $82,000 for a top-grade specimen.

This guide provides comprehensive market valuations, identification techniques, grading diagnostics, and authentication guidance for collectors and investors pursuing these classic silver quarters. Understanding the distinct rarity profiles of each mint's production is essential to making informed acquisition decisions in this specialized market.

How to Identify Your 1868 Seated Liberty Quarter

Type 5 quarters display the motto IN GOD WE TRUST on a ribbon above the eagle

All 1868 quarters belong to the Type 5 "With Motto" design, the definitive characteristic being the presence of a ribbon inscribed "IN GOD WE TRUST" positioned in the field above the eagle on the reverse. This design was used from 1866 to 1873 and again from 1875 to 1891, distinguishing it from earlier Type 4 quarters that lack this motto.

The obverse displays Liberty seated on a rock, facing right, holding a shield in her left hand and a pole topped with a Liberty cap in her right hand. Thirteen stars arc around the upper periphery, with the date below. The reverse features a heraldic eagle with outstretched wings, holding arrows and an olive branch, surrounded by the inscription "UNITED STATES OF AMERICA" and the denomination "QUAR. DOL."

The S mint mark appears below the eagle, directly above the letters AR in QUAR. DOL.

Mint Mark Identification

The mint of origin is determined by examining the reverse for a mint mark located below the eagle and directly above the letters "AR" in the denomination "QUAR. DOL." Philadelphia-struck coins, including all business strikes from this mint and all proof strikes, bear no mint mark. San Francisco coins display a small "S" mint mark in this location, often described as "wormlike" in appearance for this period.

Business Strike Versus Proof Distinction

While both strike types were produced at the Philadelphia Mint, they exhibit fundamentally different characteristics. Proof coins feature deeply mirrored, highly reflective fields resembling a mirror, achieved through multiple strikes using specially prepared, polished dies. Business strikes display a satiny or frosty mint luster that is not reflective. Proofs also exhibit sharp, squared-off "wire rims" and exceptionally complete design details throughout, whereas business strikes have more rounded rims and may show areas of strike weakness. Some high-grade business strikes can be "proof-like" with somewhat reflective surfaces, but these lack the deep mirror fields and sharp wire rims characteristic of genuine proofs.

1868 Seated Liberty Quarter Price Guide & Market Values

Market values for 1868 Seated Liberty Quarters vary dramatically based on mint mark, grade, and strike type. The intrinsic silver melt value of approximately $8.80 (based on 0.1800 troy ounces at $48.90/oz spot price) is negligible compared to numismatic premiums, which range from 1,600% for common circulated examples to over 9,000% for top specimens.

1868 Philadelphia (No Mint Mark) Business Strike

Wear progression from heavily circulated (G-4) to nearly uncirculated (AU-50) grades

The Philadelphia issue's minuscule mintage of just 29,400 pieces establishes it as a fundamental rarity in any state of preservation. This scarcity is absolute, not conditional, making problem-free examples difficult to locate across all grades. Uncirculated specimens are exceptionally rare and represent major acquisitions for advanced specialists.

Auction results for the MS-66 grade illustrate dramatic volatility, with a CAC-approved example realizing $69,000 in 2010 compared to $14,687 for a standard MS-66 in 2016. This underscores the profound premium commanded by superior eye appeal and third-party endorsements at the highest grade levels.

1868-S San Francisco Business Strike

Uncirculated grades show progressive improvement in surface quality and eye appeal

The 1868-S quarter exemplifies a classic condition rarity. While its 96,000-piece mintage is more than three times that of Philadelphia, these coins saw extensive circulation serving the commercial needs of the American West. PCGS population data estimates only 15 examples surviving in MS-60 or better, with a mere two coins grading MS-65 or better across all services. This creates a dramatic value reversal at high grades, where the San Francisco issue commands higher prices than its lower-mintage Philadelphia counterpart.

The all-time auction record for any 1868 business strike quarter belongs to this MS-67+ San Francisco example, demonstrating how extreme condition rarity can exceed the value of lower-mintage issues. For 19th-century branch mint coins, high-grade survival rate often proves a more potent driver of peak value than original mintage figures.

1868 Philadelphia Proof Strikes

CAM and DCAM designations indicate increasing contrast between frosted devices and mirrored fields

The Philadelphia Mint produced 600 proof quarters specifically for collectors, struck multiple times using specially prepared dies and planchets. The quality of contrast between mirrored fields and frosted design elements determines whether a coin receives Cameo (CAM) or Deep Cameo (DCAM) designations, which dramatically affect value.

Standard Proofs (no contrast designation) represent the most commonly encountered proof format:

Cameo and Deep Cameo Proofs exhibit pronounced contrast between frosted design elements and deeply mirrored fields, representing the pinnacle of the minter's art. These designations command substantial premiums:

Grading Your 1868 Seated Liberty Quarter

First areas to show wear: Liberty's hair, breast, knee (obverse); eagle's head, neck, claws (reverse)

Accurate grading of Seated Liberty Quarters requires understanding key wear points and distinguishing circulation wear from weak strikes. The Type 5 "With Motto" subtype (1866 and later) was struck in lower relief than earlier issues, which can result in coins that appear lightly worn even in uncirculated condition.

Key Wear Points

On the obverse, the first areas to show wear are Liberty's hair above her ear, her left breast, and her right knee. As wear progresses, detail is lost in the folds of her dress and the vertical shield lines. On the reverse, initial wear appears on the eagle's head and neck, followed by the tops of the claws and wing tips. The ribbon bearing "IN GOD WE TRUST" and the arrow fletching show wear relatively early in the circulation process.

Circulated Grades (G-4 through AU-58)

Good (G-4): The date remains readable, but Liberty's features are heavily worn with minimal detail remaining. The shield may be partially worn away, and peripheral lettering may show weakness. On the reverse, the eagle appears as a flat silhouette with no feather detail.

Very Fine (VF-20): Liberty's hair shows moderate detail above the ear, with some separation visible. Dress folds are distinct, though worn on the high points. The shield retains most vertical and horizontal lines. On the reverse, the eagle displays partial feather definition, and the ribbon motto remains clearly legible.

Extremely Fine (EF-40): Light wear is evident on Liberty's breast, knee, and hair, but most design details remain sharp. All dress folds are distinct, and the shield shows complete definition. The reverse eagle exhibits strong feather detail with only slight wear on the highest points of the head, neck, and wing tips.

About Uncirculated (AU-50/58): Traces of wear appear only on the very highest points: Liberty's breast, knee cap, and the hair curls above the ear. Mint luster is present in protected areas but interrupted by light friction on high points. The reverse shows minimal wear on the eagle's head and wing tips, with strong remaining luster.

Mint State Grades (MS-60 through MS-67+)

Mint State coins show no trace of circulation wear, though they may exhibit bagmarks, contact marks, or other post-strike impairments from handling and storage. Grading at this level focuses on surface preservation, luster quality, strike sharpness, and overall eye appeal.

MS-60/62: Full mint luster is present, but numerous bagmarks and contact marks are visible, particularly in the fields and on Liberty's cheek. Strike may be average to below average, with some softness on high points.

MS-63/64: Fewer and less distracting marks are present. Luster is strong and relatively unbroken. Strike quality is typically above average, with good detail in Liberty's hair and the eagle's feathers. Eye appeal is pleasing.

MS-65/66: Minimal surface marks, exceptional luster, and outstanding eye appeal characterize these grades. Any marks present are minor and require magnification to detect. Strike is typically sharp, and original surfaces show no signs of cleaning or environmental damage.

MS-67 and Higher: Nearly perfect coins with microscopic imperfections only. These represent the finest known examples and command premium prices. The record-setting MS-67+ 1868-S exemplifies this exceptional preservation.

Proof Grades

Proof coins are graded similarly to mint state coins but with emphasis on the quality and preservation of the mirrored fields. Hairlines from cleaning or improper storage are particularly detrimental to proof grades. The presence of Cameo (CAM) or Deep Cameo (DCAM) contrast adds significant value, as these designations indicate superior die preparation and striking.

Strike Versus Wear

A critical skill in grading these coins is distinguishing true circulation wear from weak strike characteristics. A weak strike will show incomplete design details but may retain full mint luster over the entire surface, including the incompletely struck areas. Genuine wear removes luster from the high points first, creating a distinct difference in surface texture between worn and protected areas. San Francisco coins of this era commonly exhibit weak denticles (the tooth-like rim features) due to poor die finishing at the branch mint, which is a strike characteristic rather than wear.

Die Varieties of the 1868 Seated Liberty Quarter

Specialists in the Seated Liberty series pursue specific die marriages documented in The Comprehensive Encyclopedia of United States Liberty Seated Quarters by Larry Briggs, the standard reference for these attributions. Two notable varieties exist for 1868.

1868 Proof Obverse / Business Strike Reverse Mule

Researcher Greg Johnson documented an extremely rare mule error created by pairing a proof obverse die with a business strike reverse die. This represents a significant mint error, as these die types were never intended to be used together. The diagnostic features are specific and well-defined:

Obverse diagnostics (Briggs Obverse 2 - Proof Die):

• Date positioned high in field (position 7), sloping slightly upward from left to right
• Visible repunching on the "1" to the north of the primary digit
• Recutting visible inside the upper loop of the final "8"
• Distinctive large die lump attached to the letter "B" in "LIBERTY"

Reverse diagnostics (Briggs Reverse A - Business Strike Die):

• Clear recutting on the letters "Q" and "OL" in the denomination "QUAR. DOL."
• Specific pattern of fine, parallel die scratches visible between the vertical lines of the heraldic shield

Due to its extreme rarity, no reliable public pricing exists for this mule variety. Its value would be determined at auction, but it would undoubtedly command a substantial premium over both standard business strikes and standard proofs of equivalent technical grade, likely reaching five figures or more depending on condition.

1868-S Briggs 1-A Die Pair

Numismatic research indicates that all known 1868-S quarters were struck from a single die pair, designated Briggs 1-A in the standard reference. This makes attribution straightforward, as any genuine 1868-S quarter will exhibit the characteristics of this die marriage.

Diagnostics: Late die state examples may show minor die cracks below the first and last stars (stars 1 and 13) on the obverse. A common production characteristic is the presence of weak denticles, particularly on the reverse, attributed to poor die finishing practices at the San Francisco branch mint during this period.

As all 1868-S quarters are of the Briggs 1-A variety, there is no associated value premium for the attribution itself. Market value is determined entirely by the coin's grade, surface quality, eye appeal, and overall preservation. Collectors should note the die state when cataloging specimens, but this primarily serves as a research tool rather than a value determinant.

Mint Errors on 1868 Seated Liberty Quarters

While the research material does not document major, consistently recurring error types specific to the 1868 quarter, the minting technology of the era makes several error types plausible. Any such error would command a significant premium due to combining two sources of rarity: the scarce host coin and the error itself.

Off-Center Strikes

Off-center strikes occur when a planchet is not properly centered between the dies during the striking process. The value increases proportionally with the degree of misalignment, with strikes 10% to 50% off-center showing a full date being most desirable. A benchmark for the series can be found in an NGC-graded Seated Liberty Quarter (unspecified date) struck 20% off-center, priced at $1,869. An 1868-P quarter in VF-20 condition (base value ~$850) with a 20% off-center strike could easily command $2,000 to $3,000, or potentially much higher at auction.

Die Cracks and Cuds

A die crack appears as a raised, irregular line on the coin's surface, caused by a crack developing in the die face. A cud is a more dramatic manifestation where a piece of the die actually breaks away, leaving a raised, unstruck area of metal on the finished coin—typically along the rim. Minor die cracks are relatively common in this era and add minimal value unless prominent and well-positioned. However, a significant cud on an 1868 quarter could add several hundred dollars to the coin's base value, depending on size, location, and the desirability of the error to collectors.

Lamination Flaws

Lamination errors result from impurities or gas pockets in the silver alloy, causing a layer of the coin's surface to separate, flake, or peel away either before or after the striking process. Minor laminations are fairly common and have minimal impact on value. However, a large, dramatic lamination "peel" could add $50 to $200 or more to the coin's value, with the exact premium depending on the size, location, and visual impact of the flaw.

Repunched Dates

While the known repunching on the 1868 proof obverse die constitutes a die variety rather than an error, other examples of minor repunching on business strike dies could exist. These typically add a small premium and are of primary interest to specialists who pursue die diagnostics. Such variations would be designated as minor varieties rather than major errors.

The critical factor in error coin valuation is that the final value represents the combination of the host coin's base value plus the error premium. Given the already significant value of problem-free 1868 quarters, even modest errors can result in substantial total valuations when both rarity factors are considered.

Authentication & Counterfeit Detection

Cleaned coins show hairlines, unnatural brightness, or dull lifeless surfaces compared to original luster

The high value of 1868 Seated Liberty Quarters, particularly Philadelphia mint and high-grade San Francisco issues, makes them targets for counterfeiters and subject to various forms of post-mint damage that drastically reduce collector value. Proper authentication requires multiple verification steps.

Weight verification provides the most reliable non-destructive test. A genuine 1868 quarter should weigh very close to the 6.22-gram standard. Significant deviations are a primary red flag. Modern counterfeits are often underweight and struck from base metal alloys containing little to no silver, detectable with an X-ray fluorescence (XRF) analyzer used by professional grading services. Weight alone should be considered a screening tool, not definitive authentication, as skilled counterfeiters can achieve correct weight.

Strike characteristics reveal much about authenticity. Genuine coins were struck under high pressure, resulting in sharp design details throughout. Counterfeits made from casts exhibit a characteristic "pimply" or porous surface texture and soft, indistinct details. Small, random blobs of metal, particularly in recessed areas like the date or lettering, indicate trapped air bubbles in a casting mold. Edge reeding should be uniform and crisp on genuine coins, while cast counterfeits often show irregular or mushy edge details.

Die diagnostics provide definitive authentication for specialists. The date style, its position relative to the base, and the shape of the mint mark (for 1868-S coins) must match established diagnostics for known genuine die varieties. For the 1868-S, all genuine examples conform to the Briggs 1-A die pair characteristics. Counterfeits frequently display incorrect date placement or mint mark shapes that do not match genuine specimens.

Cleaning detection is critical, as harsh cleaning irreversibly damages original surfaces and drastically reduces value. Abrasive cleaning strips away the coin's original surface and mint luster, leaving a web of fine, parallel hairlines visible under magnification. Cleaned coins may appear unnaturally bright or have a dull, lifeless surface lacking the characteristic "cartwheel" luster of uncirculated silver. Subtle cleaning signs include dirt packed into crevices around letters and numbers, left behind after fields were wiped. Third-party grading services will designate cleaned coins as "Details" grades (e.g., "AU Details, Cleaned"), which trade at substantial discounts.

Environmental damage includes corrosion, toning issues, and PVC damage from improper storage materials. While natural toning can enhance value when attractive, harsh environmental exposure creates spots, stains, or corrosion that significantly impair both eye appeal and value. PVC damage appears as green residue or sticky spots, indicating reaction with polyvinyl chloride from old plastic flips.

Given the significant investment required for any 1868 quarter, it is strongly recommended that prospective purchasers insist on coins certified by reputable third-party grading services such as PCGS or NGC. These services provide professional authentication, accurate grading, and tamper-evident encapsulation, dramatically reducing the risks associated with purchasing these valuable coins.

Preservation & Storage Best Practices

Proper preservation is essential to maintaining the value and condition of 1868 Seated Liberty Quarters. Silver coins are susceptible to environmental damage, and improper handling or storage can result in irreversible degradation that significantly reduces both aesthetic appeal and market value.

Certified coins already housed in sonically sealed holders by PCGS, NGC, or other reputable services require no additional protection beyond the slab itself. These holders are designed to be archival-quality and provide excellent long-term protection. Avoid attempting to remove coins from these holders, as "cracking out" a coin voids its certification and exposes it to potential damage.

Raw (uncertified) coins should be stored in inert, archival-quality holders. Non-PVC plastic flips made from Mylar are acceptable for temporary storage, while rigid acrylic capsules provide superior long-term protection. Avoid older-style soft plastic flips containing polyvinyl chloride (PVC), which can chemically react with the coin's surface over time, creating green residue and permanent damage. Paper envelopes and cardboard holders can also cause environmental damage through sulfur compounds and acidity.

Environmental control is critical for long-term preservation. Coins should be stored in a stable environment with low humidity (ideally 30-40% relative humidity) and minimal temperature fluctuations. Excessive humidity accelerates toning and can promote corrosion, particularly in the presence of atmospheric contaminants. Exposure to sulfur compounds from rubber bands, wool, and some papers causes unsightly brown or black toning. A climate-controlled safe or safety deposit box provides optimal storage conditions.

Handling protocols minimize the risk of physical damage. When examining a raw coin, hold it only by its edges between thumb and forefinger. Never touch the obverse or reverse surfaces, as oils and acids from skin can leave permanent fingerprints that will tone darkly over time. Wearing soft cotton gloves provides additional protection. Always handle coins over a soft, clean surface to prevent damage if accidentally dropped.

For collectors maintaining a registry set or actively studying their coins, consistent adherence to these preservation standards ensures that specimens retain their original condition and maximum market value for future generations. The few minutes required for proper handling and storage represent a trivial investment compared to the substantial sums these coins command in today's market.

Frequently Asked Questions

Research Methodology & Data Sources

This guide synthesizes market data from multiple authoritative numismatic sources to provide comprehensive, current valuation information for 1868 Seated Liberty Quarters. Price guides from NGC and PCGS CoinFacts establish baseline market values, supplemented by documented auction records from Heritage Auctions and Stack's Bowers spanning 2009 to 2024. Retail pricing data from established dealers and PriceCharting provides additional market context.

Technical specifications, mintage figures, and die variety attributions reference The Comprehensive Encyclopedia of United States Liberty Seated Quarters by Larry Briggs, the standard reference for the series. Population data and survival estimates derive from PCGS population reports and research published at the Newman Numismatic Portal. Authentication techniques and counterfeit detection methods incorporate guidance from grading service resources and numismatic publications.

Market values for precious metals reflect spot prices as of late October 2025, accessed through Markets Insider, JM Bullion, and APMEX. All auction records cite the auction house, date, and grade where available to provide transparent sourcing.

Important disclaimer: Coin values fluctuate based on precious metals prices, market demand, and individual coin characteristics. The prices cited represent market ranges as of publication and should be used as general guidance rather than definitive offers to buy or sell. For significant transactions, consult current auction results, dealer listings, and consider professional appraisal. Actual realized prices may vary based on strike quality, eye appeal, certification service, and market conditions at time of sale.