Minted by the Joseph Brothers circa 1853 but without a date. Total PCGS population graded to-date (8/2015) is 24 coins. There are 6 in this grade of MS62 with 11 finer.
Ex. Lot 123 from the April 2013 Holabird/Kagin Americana auction sale of the Jack Totheroh collection where it realized $2,585 (99% above the then PCGS published price guide of $1,300) and was described as:
No Date (1853) round ¼ Dollar, BG-203, Rarity 6, Die State I (perfect dies). Similar obverse to BG-202, but with only 12 stars, denomination changed to ¼ DOLLAR. A fine example of Joseph Brothers’ work. Very Rare.Sharply struck Brilliant Uncirculated, hint of toning in fields. PCGS MS62. This coin is so rare that there are only 14 auction sales records since 1983. Prior sales records do not discuss die varieties. This coin is probably in contention for finest depending on your assesment of gradeflation. Serial# 26703040. Totheroh Collection HKA#63335. See this on Icollector
Obv: Same narrow Liberty head as B.G.201 &202, but with 12 stars. 1st star does not touch the bust point. 8th star touches the rim and is away from the top bun.
Rev: Raised rim. Beaded ring between the rim and wreath. 1-4 DOLLAR within wreath. All berries on left branch are on the inside.