Reported mintage: 35
Estimated number of pieces known: 12-14 (34-40% of original mintage)
Characteristics: Date very low in field, numerals 1 and 2 slightly lower than 8 and 6, but date relatively even compared to later dates. Heavy die scratches are seen inside the 2, most likely due to extensive polishing of the dies. Walter Breen suggested that it might be an 1862/1, like the one business strike variety that is labeled as such. This seems unlikely, however, as the other numerals do not appear to match those of 1861. Because of the small mintages in both these years it would also seem unlikely that the Mint would produce two 1861 Proof obverse dies. Reverse is that of 1861 (perhaps 1860 as well), but slightly less heavily polished, making the lettering appear somewhat lighter in the field.

Comments: After producing a relative large number of Proof quarter eagles from 1859 for a very low demand, the Mint lowered its mintage to a mere thirty-five pieces in 1862. Unlike the previous years, most, if not all of these were sold, but a similar number of pieces are known to exist as the previous years. All Proof quarter eagles, and in fact all Proof gold coins of this year were struck and delivered on February 16 of the 2nd year of the American Civil War. It is unknown if all 35 pieces were sold, and even if they did it would a very reliable scenario that at least some examples were released until circulation after the War.

As with most complete sets of Proof gold coinage from this era, there are only two complete, original sets known to exist. One has resided in the Mint collection since the day of Minting, and now is in the Smithsonian institution. Another resides in the collection of the American Numismatic collection, and supposedly was traded on a few occasions before it was immersed in that collection. More complete sets, including that from the Garrett collection were complete until the mid 20th century, but were later broken up and the coins are now scattered around in various collections, often unattributed.

Most of the surviving coins are in higher condition, but some coins exist with light friction wear, from either rough handling or short circulation. Reflectivity and cameo contrast varies from coin to coin, but most will have excellent eye-appeal, black/white surfaces when titled and watery fields. Lint marks remain to be a problem, but are excellent identification marks to pedigree coins to previous auction appearances.

This coin is much underrated, and when it comes available usually sells for a relative low price compared to the rarity of the coin. The next year the Philadelphia Mint did not struck any business strike quarter eagles, leaving collectors only with the limited supply of Proof gold coins. While that issue is slightly more available than the 1862, it is much more expensive due to the demand for inclusion in advanced date sets. Because of this, any experienced collector has to consider every single offering of a Proof 1862 quarter eagle it its on his want list. Examples are seldom offered, and with the sesquicentennial of the American Civil War approaching these ultra-rare coins are destined to see an increase in demand during the next couple of years.