Estimated number of pieces known:
12-15 (34-43 % of original mintage)
Characteristics: Possibly
struck from two different obverse, as per Breen, but difference
appears to be minimal, if indeed two difference dies were
used. Obverse that is usually found has date high, with
1 almost touching the bust, but 0 farther away. Numerals
are all close. A few small rust pits from the die are usually
seen around the truncation of the bust. If indeed another
die was used, this will show a slightly different placement
of the date, and will lack the rust pits. From the very
few auction appearances, however, we have been unable to
discern this second obverse die. Reverse is that of the
previous years, with no noticeable futures, except that
the dentils near the bottom touch where they are separated
at the upper half of the die.
Comments: With a mintage
of just 35 pieces (25 delivered on February 3, remaining
10 delivered June 1) it goes beyond saying that the Proof
1870 quarter eagle is a very rare coin. In fact, most numismatic
researchers have mentioned the fact that not every coin
of the miniscule mintage was released to collectors, and
that as much as ten pieces never left the Mint and were
consequently melted. While we certainly agree that not every
coin of the mintage was released, we can not precisely say
what the actual number of released coins was. Until a firm
and contemporary document turns up in the Mint archives
it will be mostly guess-work and comparing to mintages of
the same denomination and era.
As low as the original mintage was, as rare
are auction appearances of this elusive date. Studying auction
catalogs of the last couple of decades, we have only been
able to identify about five individual examples that have
been sold at public auction, including impaired pieces.
As such, the estimated number of examples is mostly based
on earlier references, and the inclusion of this extremely
rare Proof issue in major collections and museums. Both
the Smithsonian institution as well as the American Numismatic
Society has an example of this Proof quarter eagle in their
respective collections. As such, at least ten pieces are
believed to be on the market, at least theoretically.
With such low mintages and populations,
it is very difficult to say anything useful as to the overall
quality of these pieces. The average 1870 Proof quarter
eagle is well produced from polished dies and planchets,
although not every piece will display fully frosted devices
and reflected fields. Furthermore, as is the case with virtually
every Proof quarter eagle of the 1860s and 1870s, some have
been cleaned or dipped, or otherwise damaged. While these
are usually avoided by serious collectors and investors,
they are often the only possibility for many people to own
an example of this prized rarity. Yet, price levels are
relatively low, compared to issues which are more available.
As such, the 1870 Proof quarter eagle can be correctly be
classified as a rare issue which is underrated, and thus
relatively affordable. Obviously, this is only the case
if one is actually able to find a specimen.
