Estimated number of pieces known:
12-14 (48-56% of original mintage)
Characteristics: High and
large date, centered to the left, from a Dime punch according
to Breen. Tip of 1 is very close to truncation and bottom
close to rim, but none of these points are actually touching.
The numerals 1 and 8 are very close, almost touching at
the bottom as well. 8 6 8 are more widely spaced, and are
well away from the other design elements of discussion.
Heavy die lines are seen on the lower part of the die, obviously
from excessive die polishing before any coins were struck.
Reverse die is open for discussion. Some researchers have
argued that it was the same die, in use since 1864, while
others have mentioned the possibility of a new die. We think
the former would be correct, as all the characteristics
are the same, including the roughness in the fields that
are usually seen with dies that have been polished many
times before striking. No other characteristics are noted,
except the open dentils all around the rim on the reverse.
Comments: The 1868 Proof
quarter eagle is one of those issues that gives is valuable
insight into other issues from the same era. In this case,
this comment relates to the mintages. Proof quarter eagles
that were struck earlier in the 1860s often had larger mintages,
but still approximately the same number of pieces known.
With a mintage of 25 pieces, it can be, although carefully,
be estimated that this number is also the actual number
of released Proof quarter eagles during the previous years.
This appears especially likely when one looks at the mintages
during the following decade, which were all at or close
to 25 pieces. So shortly after the American Civil War, with
not much money to be spend, few collectors could afford
Proof gold, which were usually only sold in sets. By 1868,
it appears that the Mint realized this, and adjusted their
mintages.
Needless to say, any 1868 Proof quarter
eagle is of the greatest rarity, and offerings are rare
and infrequent. Most are graded around the gem level or
slightly lower, but as always the population reports need
to be taken with a grain of salt (lots of it actually).
In fact, this date is rarer than the famous 1863, and this
is the case with many of the late 1860s issues. Despite
these having low circulation-strike mintages as well, it
is the non-existence of any circulation strikes in 1863
that causes the excitement around that date. However, it
did make the 1868 Proof quarter eagle a true sleeper in
the series, which is hardly ever encountered in any grade,
and when it does, usually sells very fast.
A study of the auctions of the last decade
has only revealed three individual offerings of a Proof
1868 quarter eagle. It is apparent that the majority of
the population is locked up in specialized collections,
with at least one piece permanently impounded in a museum
collection as well (the Smithsonian has an example). Others
have been damaged, cleaned or otherwise impaired, and are
usually not graded by the major grading services. For the
collector, this leaves an extremely limited number of coins
available on the market, indicating why this coin is such
a difficult and underrated date.
