1924 Standing Liberty Quarter : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

Sculptor Hermon Atkins MacNeil’s Standing Liberty Quarter may be one of the most aesthetically pleasing designs for a circulating American coin, but its striking characteristics were a constant source of frustration for the United States Mint. Among its flaws was the placement of the date atop a raised step at the bottom of the obverse, exposing this key identification feature to excessive wear. Within a few years of production, it was clear to the Treasury Department that “dateless” quarters were going to flood the channels of commerce.

When a similar issue had played out with James Earle Fraser’s Buffalo Nickel, the Mint lowered the mound element and placed the denomination within a sunken exergue. It was never able to fix the date issue, however, and some collectors would eventually dip the coins in acid to bring up an outline of the coin’s date.

The 1924 Standing Liberty Quarter would be the last issue with this version of the obverse. In 1925, the Mint employed a fix similar to the one undertaken with the reverse of the nickel, sinking the inside of the step to protect the date with the raised elements surrounding it.

Nevertheless, the Mint did try to adjust the date slightly in 1924, thinning the numerals, but it did not resolve the issue to the Mint’s satisfaction.

Understanding the Certified Market of the 1924 Standing Liberty Quarter

2024 marks the centennial of the 1924 Standing Liberty Quarter, as well as the 38th year of commercial third-party grading. We’ve been told on numerous occasions, by multiple inside sources, that key figures at the leading grading services once believed that most of the gradable classic-era United States coins would be graded by the mid-to-late 1990s.

In retrospect, this pessimistic outlook did not account for the numerous modifications to “market grading” standards that would take place in the 2000s onward, or the obvious financial incentives to cherrypick choice material for regrading.

When comparing the certified population of NGC and PCGS coins from 2007, when dealer J.H. Cline published the Fourth Edition of Standing Liberty Quarters, to census data collected in November 2024, we see a significant increase in the number of high-end 1924 Standing Liberty Quarters. Most are concentrated at the MS66FH level, which has seen a population increase of 200% at PCGS and 50% at NGC.

This resulted in a marked decrease in prices realized at auction. Previously selling for $1,500 or more, coins at this level now go for $750 to $900. Of course, outliers remain at this level and at MS67FH, where a nicely toned example in a PCGS “Rattler” holder sold for MS68FH money. The holder, the coin, and its assumed upgrade potential drove that enthusiastic price.

Coins of the Just Having Fun Collection

Two 1924 Standing Liberty Quarters from the amazing Just Having Fun Collection are worth noting. The Standing Liberty Quarters from the Just Having Fun Collection were sold by Stack’s Bowers in August 2012 and generated much attention. Both 1924 quarters featured rich “Wayte Raymond” toning along the periphery. The “finer” of the two graded PCGS MS68+, but lacked Full Head detail. The Full Head coin graded PCGS MS67+FH. These connoisseur coins will demand premium prices whenever offered.

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1924 Standing Liberty Quarter Market Data and Noteworthy Specimens

PCGS MS67FH was a pop-three coin in 2003. The first PCGS MS67+FH was made before late 2015.

Top Population: PCGS MS67+FH (2, 11/2024), NGC MS68FH (4, 11/2024), and CAC MS67FH (7:0 stickered:graded, 11/2024).

• NGC MS68FH #3171262-001: As NGC MS67FH #1852166-001. Heritage Auctions, July 8, 2006, Lot 2311 – $6,325; “The Joseph C. Thomas Collection, Part One” Heritage Auctions, April 29, 2009, Lot 568 – $7,475; NGC MS68FH #3171262-001. Heritage Auctions, July 31, 2009, Lot 1108 – $16,100. Upgraded by one point. Mostly brilliant with faint lilac toning. Spot above U of TRUST. Discoloration between 9 and 2.
• PCGS MS68+ CAC #31091643: “Just Having Fun Collection,” Stack’s Bowers, August 7, 2012, Lot 11420 – $22,500 Reserve Not Met; Stack’s Bowers, June 20, 2013, Lot 1267 – $16,450; Heritage Auctions, January 7, 2015, Lot 4115 – $20,562.50; Heritage Auctions, January 5, 2017, Lot 5630 – $17,625. Just Having Fun on insert. Brilliant centers with rainbow toning along the periphery.
• PCGS MS68 CAC #25393890: As NGC MS68 #583257-004. Heritage Auctions, April 19, 2012, Lot 4223 – $5,175. As PCGS MS68 CAC #25393890. Heritage Auctions, October 18, 2012, Lot 3627 – $6,462,50; “The James Swan Collection of Standing Liberty Quarters,” Heritage Auctions, January 4, 2017, Lot 4098 – $7,050. Dark crescent toning along the top of the obverse.
• PCGS MS67+FH #29587698: As PCGS MS67. “The Just Having Fun Collection,” Stack’s Bowers, August 7, 2012, Lot 11386 – $14,100. Rainbow toning along the periphery. Dark spot above T in TRUST.
• NGC MS67+FH CAC #3414900-002: Heritage Auctions, February 3, 2012, Lot 4038 – $11,500. Brilliant.
• PCGS MS67FH CAC #4670068: Heritage Auctions, January 2025 – View. NEVADA on insert. Mostly brilliant with a faint coat of russet toning.
• PCGS MS67FH CAC #7003917: Stack’s Bowers, June 22, 2018, Lot 1339 – $24,000. Rattler. Lightly toned.
• PCGS MS67FH #25605148: Heritage Auctions, June 9, 2016, Lot 4472 – $6,462.50. Scattered brown and gold toning on the obverse.
• PCGS MS67FH #25638360: Heritage Auctions, January 7, 2016, Lot 5027 – $12,925. Thick band of rainbow toning along the periphery.
• PCGS MS67FH #25672588: Heritage Auctions, October 29, 2015, Lot 3237 – $14,100. Brilliant.
• NGC MS67FH #3643086-001: As MS67FH #1716403-002. Heritage Auctions, March 24, 2005, Lot 5646 – $5,347.50; Heritage Auctions, July 10, 2014, Lot 3739 – $4,846.88. As NGC MS67FH #3643086-001. Heritage Auctions, January 8, 2015, Lot 4743 – $3,818.75. Periphery spotted.
• PCGS MS67FH #25360262: Heritage Auctions, February 4, 2014, Lot 5124 – $9,400. Brilliant.
• PCGS MS67FH #25046782: Heritage Auctions, April 25, 2013, Lot 2620 – $9,987.50. Faint champagne toning.
• NGC MS67FH #3418128-001: Heritage Auctions, May 1, 2012, Lot 23710 – $4,168.75. Apricot toning on the left obverse side.
• PCGS MS67FH #25560550: Heritage Auctions, December 9, 2011, Lot 3780 – $8,050. Faint golden toning with colorful toning around Liberty’s head and upper shield.
• NGC MS67FH #3318113-004: Stack’s Bowers, January 4, 2011, Lot 607 – $4,312.50; Heritage Auctions, August 11, 2011, Lot 3884 – $4,312.50. Brilliant. Vertical streak below eagle’s wing. Residue at the top of the eagle’s wing and U.
• PCGS MS67FH #21083555: “The Western Hills Collection,” Heritage Auctions, June 2, 2005, Lot 6107 – $9,200; “Malibu Collection of Standing Liberty Quarters,” Stack’s Bowers, November 2010, Lot 1768 – $11,500. Walser on insert. Golden toning. Die crack from face to E. On the reverse, there are two small ticks under the eagle’s head.
• NGC MS67FH #1853298-007: Heritage Auctions, March 15, 2007, Lot 721 – $6,325; Heritage Auctions, April 29, 2009, Lot 569 – $4,600. Brilliant.
• NGC MS67FH #1979091-006: Heritage Auctions, April 9, 2007, Lot 681 – $6,325; “The Scott Rudolph Collection,” Heritage Auctions, January 8, 2009, Lot 2681 – $4,168.75.  Brilliant.
• NGC MS67FH #1647283-002: Heritage Auctions, May 9, 2007, Lot 583 – $4,887.50; Heritage Auctions, April 16, 2008, Lot 922 – $4,025; Heritage Auctions, June 26, 2008, Lot 915 – $4,096.99. Light dusting of tan toning. Dark spot under B of LIBERTY.
• NGC MS67FH #1504708-016: As NGC MS67FH #960752-003. Heritage Auctions, May 6, 2004, Lot 7126 – $5,520. Pop six, none finer, when offered. As NGC MS67FH #1504708-016. Heritage Auctions, February 15, 2007, Lot 3310 – $5,750. Russet toning along the top of the obverse.
• PCGS MS67FH #2677198: “The St. Louis Collection,” Heritage Auctions, January 9, 2003, Lot 6905 – $16,100. Pop 6, none finer, when offered. Red, orange, and magenta toning along the periphery. Golden toning washes over figure.

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Design

Obverse:

Lady Liberty stands in the opening of a wall or parapet, her right leg resting on the base and her left foot raised as if she is walking forward. Her long flowing gown, draped loosely and wrapped around her right arm, falls off the shoulders to reveal a chain mail armor vest. Her left arm holds a circular shield as if in a defensive posture; the shield displays the Union shield and several concentric rings, including a circle of raised dots or rivets near the edge. Liberty’s right arm is extended outward, resting on a portion of the wall, and her hand holds an olive branch. More loose drapery covers the bottom part of the shield, extends across the front of Liberty, and ends beneath the arm on the top of the wall.

The word LIBERTY arcs across the top of the coin, the “L” partially covered by the olive branch and “B” and “E” separated by Liberty’s head. Both wall sections display a rectangular panel of horizontal stripes, with IN GOD at the top of the left wall and WE TRVST similarly located on the right wall. Thirteen five-pointed stars form two columns along the wall edges next to the opening: seven to the left and six to the right (the top left star follows the “D” in GOD). The step upon which Liberty stands displays the date in raised numerals. The designer’s initial M is to the right of the bottom star in the right column. Inside the flat rim is a concentric ornamental ring consisting of two raised angular dots alternating with a short raised bar; the ring is broken by the step that displays the date 1924.

Reverse:

The center of the reverse shows an eagle in flight, headed to the right, wings outstretched and raised. Inside the flat rim is a concentric ring of UNITED STATES at the top and QUARTER DOLLAR at the bottom, with five five-pointed stars separating UNITED and QUARTER on the left and five five-pointed stars separating STATES and DOLLAR on the right. Three additional five-pointed stars are below the eagle, above QUARTER DOLLAR. OF AMERICA, in two lines and of smaller-sized letters, lies below UNITED STATES; below that text in even smaller letters is the motto E PLVRIBVS VNVM on two lines.

Edge:

The edge of the 1924 Standing Liberty Quarter is reeded.

Coin Specifications

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