The Rhode Island quarter, the third quarter released in 2001 honors the "Ocean State." Featuring a vintage sailboat gliding through Rhode Island's famous Narragansett Bay, and an image of the Pell Bridge in the background, with the design showcasing Rhode Island's most popular sport-sailing.

With more than 400 miles of coastline, Rhode Island, the smallest state in the Union, has more than 100 fresh water and salt water beaches. Known as the "sailing capital" of the world, Rhode Island was home to the World Cup for more than 50 years. Narragansett Bay is crucial to the architecture of Rhode Island. An inlet of the Atlantic Ocean, extending into eastern Rhode Island, the Bay receives four major rivers, and has several islands.

Selection of the design began when Governor Lincoln Almond issued an order authorizing the Rhode Island State Council on the Arts to organize a Coin Concept Advisory Panel. More than 500 design concepts were submitted to the panel and three finalists were chosen. Rhode Island residents were invited to vote for their favorite design at area libraries, the Statehouse and via the Internet. The sailboat design was declared the winner, earning 57 percent of the 34,566 votes cast.