As a type coin, the 1808 quarter eagle has few peers. Struck for only one year and then only in limited numbers, the issue has been a recognized rarity for generations and the focal point for many numismatists. Johann Matthaus Reich, better known as John Reich, was born to a family of Bavarian clockmakers and engravers and became an accomplished engraver in is own right. Reich came to Philadelphia from Bavaria in 1800 and soon found work at the still-new Mint. The Chief Engraver, Robert Scot, was not enthusiastic about having what he felt as competition and instead gave Reich minor tasks instead of engraving coins. Reich had a powerful advocate in Mint Director Robert Patterson, who managed to secure for Reich a long-overdue promotion to the position of Assistant Engraver. Immediately Patterson directed Reich to redesign the nation's coinage from top to bottom, beginning with the half dollar and half eagle, a task he took to with relish. The new designs were quickly adopted and both denominations employed them well into the 1830s. Next, he set his eyes on the cent and quarter eagle. For the quarter eagle, Reich used a similar motif as he employed for the half dollar and half eagle: Liberty faces left and wears a large cap inscribed LIBERTY with stars arranged 7 on the left and 6 on the right, with the date below Liberty's bust. She wears a dress that is pinned at her shoulder with an oval ornament. Reich also signed his work on the obverse with a hidden "signature" of sorts by marking the final star on the lower right with a small notch - a feature he used until 1817 when Reich finally left the Mint's service after a request for a raise was denied. The reverse was a complete redesign from previous years. Scot's formal Heraldic Eagle design was scraped in favor of a more naturalistic eagle standing with its wings stretched up and facing left. Its breast is protected by the shield, and in its left claw is the olive branch while the right claw clutches three arrows - a departure from Scot's eagle which has the arrows in the left claw, the position of honor in heraldic terms. By moving the olive branch to the left claw, Reich was demonstrating the nation's move towards peace. The legend UNITED STATES OF AMERICA surrounds the eagle above, the motto E PLURIBUS UNUM is placed on a raised ribbon above the eagle, stretched between the standing wings. Below the eagle is the mark of denomination, 2 1/2 D., the first time such a mark was employed on the quarter eagle. It was felt that adding a mark of value on the coins would further acceptance of America's coins in international commerce.

The quarter eagle denomination was never particularly popular in commercial channels, where preference was given to its bigger cousin, the half eagle. Only 2,710 quarter eagles were struck in 1808 all from one pair of dies. On the obverse, a die crack runs from the top of Liberty's cap to the stars on the right believed to appear on almost every piece as no specimen in a perfect die state are presently known. On the reverse a small thin vertical die scratch on the left wing edge below the eagle's beak caused by an accidental slip of an engraving tool, providing another important diagnostic mark. With little interest from banks and merchants, production of the quarter eagle was suspended until 1821, this time with a new design since Reich had long since left the Mint.

For many years, the rarity of the 1808 quarter eagle was somewhat overstated. Some numismatists claimed as few as 35 to 40 remained extant, but with the advent of the certification services and tracking, the numbers have since been modified to a more realistic 125 to 200 specimens. Even with the higher survival rate, the issue is downright scarce by any measure. The remaining population of 1808 quarter eagles are generally found at the higher circulated grade levels especially in AU, testimony to their modest use in trade. A small number of uncirculated pieces are known in numismatic channels and are notably scarce. As a one year type coin, competition between early gold specialists, quarter eagle aficionados and type collectors has been fierce for decades and will continue to be so for years to come.

The example to the left was sold by Stack's Bowers Galleries in the D. Brent Pogue Part I Auction, where it realized $2,350,000.