Reported mintage: 30 Estimated number of pieces known: 16-20
(53-67% of original mintage) Characteristics: Obverse has a relatively
low date, but not as low as the previous year. Punched to
the right, with 1 and 8 very close and 6 and 3 spaced apart.
Numeral 8 appears slightly higher and is tilted right. 6
and 3 are relatively even but former is slightly higher.
Ear is completely filled, a unique characteristic for this
particular obverse die. Reverse is that of the previous
years, but once again less polished than 1862. Lettering
is now much lighter than when this die was extensively polished
before use in 1861.
Comments: The 1863 quarter
eagle is a very important issue, struck only in Proof format.
Production is said to have been limited to just a single
day, March 23, in which a total of just 30 pieces are believed
to have been produced and delivered. 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
four ever being graded by PCGS and NGC combined. Cameo examples
are very rare as well, and the majority of the 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 example of this
date only graded PR-45. More known examples are known in
higher grades, and as much as six or eight are impaired
by cleaning or damaging. The Smithsonian holds two examples
of this foremost rarity, one part of a complete Proof set
of this year. Interestingly, Walter Breen mentions that
the delivery of this set to the Mint cabinet (the predecessor
to the Smithsonian coin collection) took place on March
11, almost two weeks before the coins are said to have been
delivered. This is a very interesting comment, as it appears
the records of the Mint might have been incorrect for several
years of Proof coinage. Perhaps, mintages were completely
different for some years, or already had the examples that
were melted. We will probably never know for sure, but it
certainly indicates that the true rarity of a certain issue
can only be determined by the number of pieces known to
exist up to the present day.
The relative large number of pieces known
of this ultra rare date indicates an early interest from
collectors, who realized the potential value of this rarity.
More pieces are known to exist, relatively to the mintage,
than any other Proof quarter eagle of this era. It is also
more popular due to its status as one of the rarest quarter
eagles ever struck, and its mintage of just 30 pieces ranks
it has one of the lowest-mintage coins ever produced by
the US government. As explained above, the mintage might
have been higher, something which would certainly explain
the relative high number of survivors compared to the recorded
mintage. Perhaps the March 23 delivery did not include one
of the coins know in the Smithsonian Institution, which
would make it possible that more examples were struck but
not reported. Even if as many as 35 or 40 pieces were struck,
this issue is a premier rarity and one of the key dates
to a full set of Liberty quarter eagles.
