Estimated number of pieces known:
14-16 (56-64% of original mintage).
Characteristics: Low and
heavy date on obverse, almost touching the dentils directly
under it. The date numerals are large, possibly from a dime
punch, and as usual on these dies the 8 and 6 are placed
somewhat higher. The final numeral, 9, is lower than all
others and overall the date slants up slightly to the right.
The reverse was also previously struck to strike the 1868
Proof quarter eagles, and possibly had been used since 1864,
and features some minor die lines close to the eagle A further
die line is seen on the obverse, above the L in LIBERTY,
a characteristic that was first mentioned by Walter Breen.
Comments: The 1869 quarter
eagle is a very interesting issue, struck in the turbulent
times that are called the reconstruction period. Last of
a series struck in one of the most written-about, eventful
and historic decades, it had a mintage of just 25 Proofs.
This makes it, together with the 1865 and 1868 Proof quarter
eagles, the lowest mintage of this decade in Proof. Very
few collectors could afford Proof coinage at the time, let
alone Proof gold coinage, usually sold in sets only. The
business strike mintage of this year was very low as well,
with less than 5,000 pieces struck for circulation.
The estimated number of survivors of this
issue has remained fairly stable for this issue. David Akers
had only seen a few Proofs by the end of the 1970s. Walter
Breen, in 1977 suggested twelve to fifteen known, and in
1988 this had changed to “possibly fifteen”.
The cataloger of the Trompeter collection, sold by Superior
in 1992, also mentioned the latter. Current estimates are
usually quoted at fifteen to twenty, but we do not think
that more than fifteen individual Proofs survive. A few
of these have been impaired, and others are included in
Museum collections. We think that perhaps no more than eight
truly original examples are available to collectors and
investors, at most. With the addition of perhaps five impaired
examples, the rarity of this date in Proof can certainly
not be underestimated.
Without doubt, the population reports of
the major grading companies have been heavily influenced
by resubmissions, a problem that occurs with every low-mintage
coin from the 19th century. In this case, NGC and PCGS combined
have graded more Proof 1869 quarter eagles than the original
mintage of 25 pieces, which is the perfect indication why
such population reports should be treated with care. This
is a problem with many rare Proof gold of this era (which
is just about every Proof gold coin) and limits the estimated
number of survivors to the very few auction appearances
of this issue. Over the last decade, about half a dozen
pieces have been auctioned, including at least one coin
which sold at two different auctions. This is a piece graded
Proof-62 by PCGS, and which doubled in price between 2002
and 2006. A strong indication of the rising interest in
Proof coins of this denomination and decade, and a trend
which has been seen with many of the rare Proof gold coins
in virtually every grade.
