Reported mintage: 90
Estimated number of pieces known: 9-12 (10-13 % of original mintage)
Characteristics: Dies heavily polished before striking, especially noted in the fields. Obverse dentils are filled in front of portrait, clear behind it. Small dots appear in the dentils under the date, which is placed high in the field and slightly to the left. First numeral one has base appearing long and thin, second numeral has base short and thick. Last digit is noticeably lower than other digits, but at about the same distance to dentils as the first numeral. Reverse is that of the new type, apparently of a new die but no noticeable features are seen.

Comments: Ninety quarter eagles were produced in Proof on April 5, 1861 at the Philadelphia Mint, exactly a week before the Confederate attack on Fort Sumter which would start the American Civil War. Like the previous years, and those yet to come, this mintage is very deceiving when determining the true rarity of this Proof issue. First of all, mintage was down twenty-two pieces from the previous year, which meant twenty percent of the mintage of 1860. Actual sales this year might have been similar, with an estimated twenty-five to thirty pieces sold to collectors. The remaining number is believed to have been sold after sales had ended, and never left the Mint.

Interestingly, this issue is slightly scarcer than the 1860 Proof quarter eagle, and in fact might be the rarest quarter eagle struck in Proof format of this decade. General collecting interest was low, and despite the relatively large mintage it becomes apparent that the supply at first was much higher than the demand. How different this is with the present situation, where less than a handful Proof 1861 quarter eagles have appeared at public auction during the last decade. These include the Trompeter specimen in 1992 (“Gem Brilliant Proof”), the Pittman specimen in 1994 (Reportedly now graded PCGS PR-66 and finest known) the Bass specimen in 2000 (PCGS PR-64) and a specimen sold in 2005 (PCGS PR-65DCAM).

With so few auction appearances and public offerings it is not difficult to realize the true rarity of these Proof gold coins, as many of the issues from this decade. While mintages had become higher than the previous decades and sales were somewhat higher as well, only a very small percentage of coins struck have survived to the present day. Those that did, come in various states of perseveration, but if carefully stored since their mintage they can be true pieces of art. Some of these coins do have problems, like some slight wear from handling or even short circulation. Other ‘problems’ might correctly be identified and used as identification marks, such as lint marks, which appear to be visible on just about any example of this very rare Proof issue. It goes beyond saying that these will not lower the value of these coins, as they were present on the coin since the day of their mintage.