A Controversial Quarter From 1916 Could Be Worth A Ton Of Money

Coin collectors use terms that can sound like a secret code to the uninitiated. For example a "die error" coin can be worth a ton of money on the collectors' market, if you can figure out what that means. Proof coin quarters with a rare "double-denomination" status are also coveted by collectors, as are wildly valuable dimes with missing "mint marks." While these terms might not make sense to the average person, there are two major elements that always cut through terminology to intrigue seasoned coin collectors and numismatic newcomers alike: story and scandal. The 1916 Type 1 Standing Liberty quarter is fully shrouded in both, even if the coin's figure is less so. 

The quarter features  Lady Liberty standing on its obverse (or heads) side, carrying a shield and wearing a garment that exposes her right breast. In the final version of the "Type 1" coin, Liberty stands between a star-studded gateway, even though earlier drafts placed her between two dolphins. On the reverse (or tails) side, an eagle swoops low through a border of stars. 

While the quarter's imagery wasn't designed to elicit the same excitement as, say, a peep show, nevertheless the figure's single bared breast had a scintillating effect on early 20th century prudes, patriots, and the coin-making powers-that-be. Interestingly, the scandals surrounding the semi-exposed figure stemmed from surprising sources, and the controversies behind this coin are part of what now makes it worth a small fortune: $48,000 at a 2005 auction, and between $3,120 and $37,200 for other high grades.

To better understand the price tag attached to this particular coin, it's important to know how it came to be in the first place. The 1916 Standing Liberty quarter was designed by Hermon Atkins MacNeil, who won an invite-only competition held by the brand new U.S. Mint director, Robert W. Woolley. Since Woolley was still new, he misinterpreted a piece of U.S. Treasury code saying he could change coin designs only once within 25 years to mean that he should. This misunderstanding turned the coin's redesign into a rush job. While MacNeil's neoclassical Standing Liberty quarter is widely considered one of the most beautiful coins in U.S. history, it's clear Woolley's race to produce it skipped over important quality-control processes.

MacNeil's design was approved in February 1916, and production on "Type 1" coins began in December 1916. The coins entered circulation that year and into 1917 — but with significant design modifications. Apparently, engravers at the Mint took artistic liberties with MacNeil's various design drafts. As a result, the coins' fine details easily rubbed away, the heads were weakly struck, and the eagle flew too low than was properly majestic. Only 52,000 bare-breasted coins were pressed before Congress called for modifications. The coin was then pulled from circulation, and redesigned to a fully clad Liberty in a suit of chain mail armor. However, for decades people maintained that the coin's redesign was inspired by public outcry, with the ongoing controversy of the coin's history undoubtedly contributing to it's value today.

While the scantily-clad quarter did draw some saucy commentary from the press, there isn't proof of public outcry. Rather, the public may have cried about the coin not being revealing enough. A contemporary Los Angeles Times reporter (via PCGS) disappointedly wrote that: "Miss Liberty is dressed up like a plush horse compared to Venus de Milo." Modern historians have similarly refuted the myth that prudishness put clothes on Liberty. 

Instead, changes were made to the quarter for a trio of not-so-scandalous reasons. For starters, MacNeil wanted to fix the Mint's unauthorized cosmetic changes to his work, while the Treasury wanted the coin to be more stackable, and therefore easier to store and spend. Plus, as the U.S. was readying to enter World War I — MacNeil wanted to make Liberty more battle-ready. MacNeil got his redesign wish in 1917, but another scandal was still on the horizon for this coin.

For years, model and actor Dora Doscher was known to be the woman who posed for MacNeil's Liberty. "The girl on the quarter" even attended a special memorial park dedication to MacNeil when she was in her 80s. However, in 1972, years after Doscher's death, former Broadway star Irene MacDowell revealed that she posed for MacNeil's Liberty. Some numismatists paint this news with the brush of scandal, but the truth is simply that both women did pose for MacNeil. Perhaps they are both the "girls" on this very valuable, very controversial quarter.