1863 Quarter Eagle - The 1863 quarter eagle
was only struck in Proof format, and is of great rarity
as such. 30 pieces were produced for collectors, who, in
the middle of the Civil War could hardly spend much on gold
coinage. As such, all Proof mintages of Civil War coins
are low, but not always as much in demand with business
strikes being produced as well. No business strikes of this
issue were created, however, and it is one of the true rarities
in all series of American coinage.
All 1863 quarter eagles were struck on March
23 of that year, from a single die pair. The number of survivors
has been estimated to be between 15-20 examples, with 2
examples locked up in the Smithsonian Institution, and at
least 5 to 8 examples cleaned or otherwise mistreated. As
a result, supply is rather limited and this issue is seldom
offered publicly at all in problem-free condition.
The outbreak of the Civil War a few years
earlier was the direct reason that no business strikes were
made of this legendary issue. After the government had suspended
all specie payments, both gold and silver quickly disappeared
from circulation. Mintages of coins made in Philadelphia
suddenly dropped, with the following mintage figures for
business-strike Philadelphia quarter eagles for the first
Civil War Years:
After the Civil War ended, mintages would
slowly increase again. It was not until the late 1870’s,
long after the Civil War that both gold and silver coins
publicly circulated again. As a result, new coinage was
not really necessary, and with the Civil War raging on in
1863, the economics were not on the best side either. Another
situation with no need for new circulating money would rise
in the early 1880’s again, for completely different
reasons. However, by then, the Mint had understood that
there were collectors and often created business strikes
of given date just for the reason to prevent the Proofs
of becoming ultra rarities.
As can be expected for an issue with such
a low mintage, the populations of this issue are very low
as well. However, it can be assumed that even those numbers
are inflated by many resubmissions in hope of a higher grade.
This will especially be the case with Non-Cameo vs Cameo
pieces, as the Cameo pieces will bring a strong premium,
even for such a rarity. Deep Cameo 1863 quarter eagles are
of the greatest rarity, with only 4 ever being graded by
PCGS and NGC. Cameo examples are very rare as well, and
the majority of all known pieces do not display enough frost
to warrant a Cameo designation at all.
The fact that no pieces were produced for
circulation makes it easy to distinguish any 1863 quarter
eagle as Proof. As an example, the Norweb examples of this
date only graded PR-45. If it were another, more common
issue that coin would not always be identified as being
a Proof, which usually holds a premium over a circulation-strike.
Whatever the grade is a 1863 quarter eagle is in, it is
destined to be of the greatest rarity and importance, destined
for the finest set and always an eye-catcher at auctions.
