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There were no quarters minted from 1808 to 1814, primarily because there was little demand for them. Early quarters were victims of Gresham’s Law, the economic axiom which states that if two competing currencies exist side by side, the least valuable will be spent and the other will be hoarded. In other words, “bad” money drives out “good.” The competing Spanish two-reales coins were legal tender at par with the heavier metal quarter, so the quarter coin was either hoarded or melted for its silver content. The Spanish coins satisfied the needs of commerce, so there was little need or motivation to produce large quantities of United States coins. Nevertheless, Capped Bust Quarters were issued in limited numbers by the mint in Philadelphia from 1815 to 1838.