Almost half a million coins were struck in 1838 when the new quarter debuted. The Seated Liberty coins were considered an aesthetic and technical improvement on the Bust quarters that preceded them, but officials at the mint couldn’t leave well enough alone.

In 1840, Robert Ball Hughes was hired to fine-tune the design. Robes (called drapery by numismatists) were added at Lady Liberty’s left elbow, to fill in the void between her elbow and leg. Hughes also plumped her up a bit. It’s not clear, in retrospect, if any of these changes were really necessary.

By 1851, the silver in four quarters was worth more than a dollar’s worth of gold, which prompted speculators to melt down millions of dollars worth of the coins. Naturally, this caused a serious shortage of quarters. To address the problem, in 1853 Congress agreed to reduce the weight of the quarter and the shortages disappeared. For coin collectors, the result is that coins from 1851 and 1852, particularly those minted in New Orleans, are rather expensive.

To differentiate the lighter coins from the heavier ones, arrows were placed on either side of the 1853 date on the coin’s obverse. On the other side of the coin, dramatic rays were added behind the eagle, as if it was being lit from behind. But the rays added a costly step to the minting process, so in 1854, they were removed.

By 1856, it was felt that the public now understood that quarters from 1853 on were lighter than those that had come before them (most of which were out of circulation anyway). So the arrows, too, were removed.

Quarter-coin production continued throughout the Civil War, by the end of which the nation felt itself in need of the healing balm of religion. To that end, in 1866, a ribbon with the words "In God We Trust" was placed above the eagle’s beak on the reverse of seven different types of gold and silver coins (the two-cent piece got the phrase first in 1864). Quarters minted in Carson City during the early 1870s are the rarest of this series.

The quarter’s weight was increased again in 1873, so back came the arrows on either side of the coin’s date. Again, the quarters minted in Carson City that year are the rarest—just 12,462 were struck compared to 1,271,160 in Philadelphia. Seated Liberty Quarters with arrows on either side of the date continued in 1874, but the arrows were removed in 1875. The coin’s design remained stable until 1892, when the Barber quarter, or Liberty Head, was introduced.

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