Circulated Barber Quarters: Key & Semi-Key Dates

by Greg Reynolds

Barber quarters were minted from 1892 to 1916. Here on the CAC site, please find my discussion of circulated Barber quarters of the nineteenth century and my overview of circulated Barber quarters of the twentieth century. There are also guides to collecting Barber quarters in MS-64 to -65 grades. The present topic is keys and semi-keys in VF-20 to AU-55 grades. Of course, some budget minded collectors may wish to save money by acquiring representatives of the keys that grade below VF-20.

I recommend buying representatives of many dates in the series before tackling the semi-keys and the keys, which tend to be relatively expensive. While collectors should not expect to become experts, it is a good idea to learn at least a little about and ‘get an idea’ of a series of coins before acquiring the most expensive coins in that series.

The keys to the series of Barber quarters are rarer than any business strike Barber dimes and rarer than the scarcest dates in the series of Barber half dollars. All three keys were minted in San Francisco: the 1896-S, the 1901-S and the 1913-S.

The key date status of the 1896-S tends to cause collectors to forget about the 1896-O, which is clearly a semi-key. Fortunately for budget-minted collectors, 1896-O quarters are not extremely expensive, though they are very scarce.

On April 12, 2023, Stack’s Bowers sold a CAC approved VF-25 grade 1896-O quarter for $384. On April 2, 2023, GreatCollections sold a CAC approved VF-30 grade 1896-O quarter for $553.30.

Although the 1896-S is relatively expensive, one does not have to cost a tremendous amount. On July 21, 2024, GreatCollections sold a CAC approved, PCGS graded Good-06 1896-S for $771.10. On Oct. 27, 2024, GreatCollections sold a CAC approved, NGC graded Good-06 1896-S for $793.10. On Nov. 16, 2023, Stack’s Bowers sold a CAC approved VG-08 1896-S for $1260. On Nov. 13, 2022, GreatCollections sold a CAC approved VF-30 1896-S for $4766.30.

Higher grade 1896-S quarters tend to be available to those who can afford them. In Very Fine to AU grades, there are dates in the series Barber quarters that are almost as difficult to find as the keys and semi-keys.

In my article on nineteenth century, circulated Barber quarters here on the CAC site, I mention 1897-O, 1897-S 1898-O and 1898-S quarters. It can be very difficult to find CAC approved Barber quarters of these dates in the VF-20 to AU-55 grade range. It is a good idea to be on alert for them, and to seriously consider each as it becomes available.

In the VF-20 to AU-55 grade range, relatively original, naturally toned 1899-S quarters are much scarcer than most experts realize. In some ways, the 1899-S is a semi-key.

As of Feb. 23, 2025, the CAC population of 1899-S quarters is just thirty-five, thirty-two with stickers and three in CACG holders. For CAC stickered or CACG graded 1899-S quarters, I searched the online auction archives for GreatCollections, Stack’s Bowers and Heritage.

GreatCollections had not sold a CAC approved, circulated 1899-S since a stickered, PCGS graded VF-35 1899-S realized $201.30 on Dec. 21, 2014. I could not find a record of Stack’s Bowers having ever sold a CAC approved, circulated 1899-S quarter.

Heritage sold a CAC approved AU-58 grade 1899-S for $1200 on Oct. 14, 2020. I did not see a record of Heritage ever selling a CAC approved 1899-S quarter that grades under AU-55. Even so, these can be found at local or regional coin shows by persistent collectors. Again, I suggest that collectors with free time and some extra funds carefully select some circulated Barber coins and send them to CACG in Virginia Beach. A more general point is that the extreme scarcity of ‘better date’ Barber quarters in the VF-20 to AU-55 grade range is largely unrecognized.

The 1901-O

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Mostly because of the fame of the 1901-S, collectors do not talk much about the 1901-O, which is a true semi-key. They are available. As of Feb. 20, 2025, the CAC population is sixty-six, sixty with stickers and six in CACG holders. The CAC population of 1901-O quarters is thus almost twice as high as the population of the just mentioned 1899-S quarters.

On March 6, 2022, GreatCollections sold a CAC approved F-12 grade 1901-O for $221.10. On April 7, 2024, GreatCollections sold a CAC approved VF-25 grade 1901-O for $486. On May 8, 2024, Stack’s Bowers sold a CAC approved XF-40 grade 1901-O for $900.

The 1901-O is “similar to the 1898-O, 1908-S and 1909-O in scarcity in most circulated grades,” stated David Lawrence Feigenbaum in The Complete Guide to Barber Quarters (Virginia Beach: DLRC Press, Second Edition, 1994, p. 58).  David Lawrence Feigenbaum, the late father of current Whitman CEO John Feigenbaum, emphasized the scarcity of the 1901-O in Extremely Fine (XF) to AU grades, and implied that such coins with natural toning are elusive. I agree. A budget minded collector may wish to focus on acquiring a CAC approved Fine to Very Fine grade 1901-O.  

In Feigenbaum’s books, there is much discussion of minor varieties of Barber coins that are usually only noticed by specialists, such as the repunching of numerals on the obverse dies and the hub-doubling of reverse dies. There are only a small number of people who collect die varieties of Barber coins, and some such varieties require skills to identify.

In my opinion, an interested collector should assemble sets by date (and mint location) before even thinking about acquiring subtle varieties. It is enjoyable, time-consuming and challenging to collect Barber quarters ‘by date’; there is no need to include die varieties in sets. I am impressed, though, by the science-minded collectors who learn much about little-known die varieties of Barber coins and manage to find them. Different collecting plans are suitable for different collectors. Besides, most collectors cannot or will not spend large sums of money on individual sets, and adding many die varieties would increase the costs of each set. Some Barber quarters are expensive, especially the 1901-S.

The Queen

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The 1901-S is the queen of Barber quarters. Personifications of liberty on U.S. coins and medals are typically female.

I theorize that Charles Barber’s engravings of liberty on dimes, quarters and halves are related to heads on some nineteenth century coins of France that are based upon the Ancient Roman goddess Ceres. While not exactly the same, these French heads of Ceres predate and are notably similar to Charles Barber’s heads of liberty. Designs of many U.S. coins were influenced by designs of earlier coins in Europe, though U.S. coins became famous in their own right.

The queen of Barber quarters is justifiably famous. When I was a kid, she was a topic of conversation with my friends, though not one of us actually owned a 1901-S quarter. At small or regional coin shows, it was hard to even have a chance to see one. At most mid-size coin shows that I attended, there were zero 1901-S quarters on the bourse floor, though there usually were 1896-S and 1913-S quarters available.

Budget-minded collectors may like the fact that GreatCollections sold a CAC approved Fair-02 grade 1901-S for $3053.61 on June 4, 2023, and Stack’s Bowers sold a CAC approved AG-03 grade 1901-S quarter for $3480 on Dec. 4, 2024. Higher grade 1901-S quarters cost much more.

On Sept. 15, 2024, GreatCollections sold a CAC approved Good-04 grade 1901-S quarter for $4979.70. On Nov. 20, 2024, Heritage sold a CAC approved Good-06 grade 1901-S quarter for $7200.

Back on Aug. 17, 2021, Stack’s Bowers auctioned a CAC approved AU-55 grade 1901-S for $43,200. A collector may realistically hope to purchase a CAC approved VF-20 to -30 grade 1901-S for less than $32,500, though such an opportunity will not present itself often. The 1901-S is much scarcer than all other daters in the series of Barber quarters, and is thus highly demanded by collectors who wish to complete sets.

The 1908-S

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As discussed in my articles on MS-64 to -65 grade Barber quarters, the 1907-S and 1908-S are especially scarce in particular grade ranges. In VF-20 to AU-55 grades, the 1907-S is a ‘better date,’ yet is not close to being a semi-key. In VF-20 to AU-55 grades, the 1908-S and also the 1899-S could be fairly categorized as semi-keys or almost so.

The substantial CAC population of fifty-four 1908-S quarters overall may be misinterpreted by beginners. In grades above Fine-12, the 1908-S is scarcer than many other dates that have lower CAC populations.

As examples, the CAC population of the 1895-O is thirty-seven and the population of the 1895-S is just twenty-five, yet the 1908-S is much scarcer than either of these in grades above F-12. The CAC population of the 1896 is just forty-six, although it is not very scarce. Most surviving 1896 quarters have never been submitted for certification.

Indeed, a majority of surviving VF-20 grade Barber quarters overall are uncertified. For most dates in the series, it is not financially worthwhile for dealers to submit VF grade Barber quarters to grading services.

Dealers have a strong profit-motive to submit Very Fine and higher grade 1908-S quarters to CAC. A VF-20 grade 1908-S has a medium retail value above $250 and an AU grade 1908-S has a medium retail value of at least $900. Really appealing VF to AU grade 1908-S quarters are hard to find.

Back on Aug. 16, 2015, Heritage sold a CAC approved AU-53 grade 1908-S for $646.25. If Heritage offered this same coin in August 2025, it would be likely to realize a higher price. On Dec. 14, 2014, GreatCollections sold a CAC approved VF-20 grade 1908-S for $209. If GreatCollections sold the same coin in 2025, there is a good chance that this same coin would realize more.