Deep gray surfaces with lighter silver highlights. A small cleaned area is visible at lower obverse. The quarter dollars of 1831 were minted to the extent of 398,000 coins. As the first year of this design type, it is most likely that the entire mintage consisted of coins actually dated 1831. This coinage included seven varieties from four obverse and five reverse dies.

This issue marks the beginning of the reduced size series of Capped Bust quarter dollars. The designs were slightly modified, most notably on the reverse which is lacking the scroll and motto E PLURIBUS UNUM. These coins were minted each year through 1838 when the new Liberty Seated design made its debut within this denomination. These eight years featured 36 different die varieties, with four of those unknown to Browning in 1925. The Russell J. Logan Collection of small size Capped Bust quarters included 33 of the 36 known varieties, lacking just 1831 B-7, 1836 B-5, and 1837 B-6.

Late die state with both die cracks described by Browning. The first crack from end of olive leaf through UNITED STATE actually begins faintly at the border below left side of 2. The other crack, from center of 5 and top of C continues through the arrowheads and faintly to final A.