Reich’s Capped Head Proof
Quarter Eagle (1821-1834): In 1808 John Reich designed
a capped draped bust quarter eagle. This one-year type is
extremely rare and there was no proof mintage. However,
in 1821 Robert Scot, despite advanced age and failing eyesight,
designed a quarter eagle, which resembles Reich’s
earlier design.
The new Liberty faces left wearing a smaller Phrygian cap
inscribed with LIBERTY. She is surrounded by thirteen stars
with the date below. Because the effigy is truncated at
the neck, the head is larger than on the previous issue.
Also the stars form a complete arc above Liberty, unlike
the 1808 design where the cap interrupted them. The reverse
is similar to the 1808 issue. It shows a heraldic eagle
facing left holding arrows and an olive branch in its talons.
The legend UNITED STATES OF AMERICA is interrupted by the
wing tips and arcs above. The denomination 2½ D.
is below. The motto E PLURIBUS UNUM is on a ribbon that
arcs from one wing tip to the other. Dentils are near the
edge on both sides of the coin.
In 1823 Robert Scot died, and the Mint hired William Kneass
to take his place. Kneass was a bank-note engraver. He was
hired to improve the existing designs of all coinage series.
In 1829 he did this for the quarter eagle. The new design
had smaller stars, smaller letters, a redrawn Liberty, and
a redrawn eagle. It also had a high, plain raised rim because
of the use of a closed collar. The new collar imparted a
reeded edge and gave the coins a standard diameter.
Although the Red Book, A Guide Book of United States Coins,
lists no proof coins for the Capped Head quarter eagle,
they were made in each year. All are prohibitively rare.
Few survived without being impaired. Most likely many were
spent during the “Hard Times” of 1837 to 1844.
The total proof mintage is estimated to be fewer than 150
coins.
The census reports of both major grading services show
the following population numbers for proof coins: 1821 (6),
1822 to 1830 none, 1831 (5), 1832 none, 1833 (3), and 1834
none. These numbers may be even smaller because of resubmissions
and crossovers.
Kneass’ Proof Quarter Eagle
1834 to 1839: William Kneass designed the quarter
eagle known as the Classic Head. The obverse is similar
to the Large Cents of 1808 to 1814. Liberty faces left,
her hair loosely tied with a band on which is inscribed
LIBERTY. She is surrounded by thirteen stars with the date
below. The reverse shows a heraldic eagle similar to the
previous Capped Bust issue. Dentils surround the designs
of both sides of the coin.
The weight, fineness, and size were reduced from the previous
issue because old gold coins were going to bullion dealers
who shipped them out for melting. The essential visual difference
is that the banner with E PLURIBUS UNUM has been omitted.
This change was made so the new coins would be immediately
identified.
On January 29, 1824 William Kneass was appointed Chief
Engraver of the United States Mint. Before his appointment,
he had a careed as a book illustrator doing engravings.
He died in 1840, and Christian Gobrecht, who had been his
assistant, became the Engraver.
In 1835 the portrait of Liberty was made taller than before.
In the following year there were three different varieties,
the head that was used in 1834, the redesigned one of 1835,
and a new one that would be used again in 1837. In 1838
the head was slightly modified again.
No proof issues are listed in the Red Book A Guide Book
of United States Coins for the Kneass quarter eagles. However,
researchers have identified approximately 50 for the entire
series. Both major grading services show a combined total
of 30 proof coins, and this number does not account for
resubmissions and crossovers. Needless to say, any proof
quarter eagle of this type is an extremely rare coin.
The dates and quantities that have been certified by both
services are as follows: 1834 (12), 1835 (2), 1836 (7),
1836 [head of 1835] (2), 1837 (1), 1838 none, 1839 (3).
Specifications: Edge:
Reeded Weight: 4.18 grams (64.5 grains) (.1344
troy ounces) Diameter: 17.5 millimeters (Note: The
Red Book A Guide Book of United States Coins incorrectly
lists the diameter as 18.2 millimeters.) Composition: (1834 to 1836) 89.92%
gold, 10.08% copper
(1837 to 1839) 90.00% gold, 10.00% copper Gold Content: (1834 to 1836) 3.759
grams (58.00 grains) (.1208 troy ounces)
(1837 to 1839) 3.762 grams (58.049 grains) (.1209 troy
ounces)
Gobrecht's Proof Quarter Eagles
1840-1907: Christian Gobrecht's Quarter Eagle was
produced without substantial modification from 1840 to 1907,
the longest span in any United States coinage series. It
uses the Coronet design which shows Liberty facing left,
her hair tied tightly in beads, except for two curls one
down the back of her neck and the other on the side below
her ear, with LIBERTY inscribed on the coronet. She is surrounded
by thirteen stars, and the date is below the truncation.
The reverse shows the heraldic eagle facing left holding
arrows and olive branch it its talons. The inscription UNITED
STATES OF AMERICA arcs around it, interrupted by the wing
tips, and the denomination 2 ½ D. is below. The denomination
is separated from the legend with dots. The weight remained
the same, but the diameter was reduced from the previous
issue to 18 millimeters.
The coinage act of 1865 specified that
motto IN GOD WE TRUST should be added to all coins large
enough to accommodate it. The Mint interpreted this law
to mean that the motto had to be added to silver coins larger
than the dime and gold half eagles, eagles and double eagles.
Because of its size, the quarter eagle was exempt.
Beginning in 1859 a modified reverse design
was used on business strike and proof Philadelphia coins.
It had smaller letters and arrowheads. Some pieces in 1859,
60, and 61 were struck with the old design after the change
was made.
As an anti-counterfeiting device, these
coins were completely hubbed except for the date and mint
mark. The dates were entered by hand. In 1873 a new 3 was
used because the old one was the “closed 3”
and was easily mistaken for an 8.
In 1848 an excess of gold came from California
to Philadelphia for coinage. Coins from this gold deposit
were struck with the abbreviation CAL on the reverse above
the eagle. Proofs are extremely rare. Forgeries have been
made by privately punching CAL into regular 1848’s.
Some proof-like pieces have been sold as proofs. Three proofs
are said to have been in the Longacre estate; although,
NGC and PGCS have none reported.
The Red Book, A Guide Book of United States
Coins, lists no proof coins until 1859. Yet the grading
services have 41 listed. Of course, this number probably
contains duplication because of resubmissions and crossovers.
The first year, 1840, had 1 listed. The most in these early
years was in 1841 with 15. Both 1842 and 1847 had none listed.
For the next decade, the proof mintage numbers ranged from
25 to 112, the grading services show 8 to 30 reported. The
proof coins of 1863, with a combined population 12, are
exceedingly rare because it is a proof only year and no
business strikes were made. (Forgeries of the 1863 proof
coin were made by altering the 8 of an 1868 or by removing
the mint mark from a 1863-S.) The mintage numbers remain
low in the 70’s but climb to a high of 349 in 1900,
after which they taper off to 154 for the last year. The
population reports show 10 to 30 coins for the decade of
the 70’s. For the 80’s the populations range
from 28 to 66. The 90’s show 42 to 220, and the Twentieth
Century dates show 94 to 349.
Examples of eighties proof are the 1885
and 1898. The original mintage for 1885 was 87. NGC reports
23 in all grades and PGCS shows 18. For 1898 there was a
mintage of 165. NGC reported 91 proofs in all grades.
Pratt’s Indian Head Proof
Quarter Eagles 1908-1929: Bela Lyon Pratt, a student
of Augustus Saint-Gaudens designed this coin and the similar
half eagle. They were different from what had preceded in
that the designs were incused. The background of the prior
issues had become the foreground. The design was sunk into
the field and shown in relief. The design was not popular
with the public. As soon as they were issued, objections
were made. It was said that the incused features would retain
dirt and the coins would be unsanitary. They were also too
easily counterfeited and couldn’t be stacked, and
the design was not natural.
In 1905 William Bigelow, an art connoisseur
and friend of President Theodore Roosevelt, was sent to
evaluate a large art collection that was donated to the
government. Following this project, Roosevelt sought Bigelow’s
advice on coinage designs. Bigelow commissioned his friend
Bela Lyon Pratt to make the new coins. Pratt had studied
under Saint-Gaudens and was also his assistant. In 1890,
at the suggestion of Saint-Gaudens, he went to study in
Paris at the Ecole des Beau Arts, where he received many
awards for his work. In 1893 he returned to America where
he sculpted for the Columbian Exposition. Later he became
an instructor at the Boston Museum School.
His works include a medal for Harvard President
Eliot, a bicentennial medal for Yale University, a figure
for the Sears Monument in Cambridge, and many other sculptures,
busts, and medals. At the Panama-Pacific Exposition in 1915,
he had an exhibit of seventeen pieces that won a gold medal.
The quarter eagle design was similar to
his half eagle. He chose an authentic looking Native American
head in profile looking left wearing a realistic headdress.
Above is the word LIBERTY and below is the date. Six stars
are on the left and seven are on the right. The reverse,
in homage to Saint-Gaudens, shows the standing eagle facing
left. Below it are arrows and an olive branch. E PLURIBUS
UNUM is in the left field and IN GOD WE TRUST is in the
right. UNITED STATES OF AMERICA, separated by dots, arcs
above the eagle, and the denomination 2 ½ DOLLARS
is below. The mint mark on the reverse was the highest point
and it showed wear first.
The Pratt quarter eagles were issued from
1908 to 1915 and from 1925 to 1929; however, no proofs were
minted in the years 1925 to 1929. In total 1,827 proof coins
of this design were issued from 1908 to 1915. Both major
grading services show a combined total of 1001 proof coins
for all dates. In 1908 236 matte proof coins were made.
Although not very popular, many were probably saved because
of the newness of the design. The combined total of both
grading services shows 220 for the first date. In 1909 139
were minted and 80 are reported by NGC and PGCS. The largest
proof mintage was 682 in 1910. Of that number only 170 have
been reported. In 1912 197 were minted. Of those, 83 have
been reported. In 1913 165 were minted. Of those, 90 have
been reported. The next to last year, 1914, was also the
next to smallest mintage with 117. The grading services
reported 117 for that year. The last year was the smallest
mintage. With 100 coins minted only 74 have been reported
by both services. It is important to note that these numbers
are probably lower because of duplication caused by resubmission.
1821 $2.50 Capped
Head To Left, Large Diameter. This is the inaugural proof
issue for the quarter eagle series. Exact mintage data
is not known for this year but it is extremely rare, as
are all proofs of this type, and it is estimated that
only 4-5 pieces are in existence today. This issue has
been scarcely seen offered over the past three decades
at auction.
1824 $2.50 Capped
Head to Left, Large Diameter, 4 over 1. Truly proof coins
from this year are all but unknown with a single pristine
example residing in the National Numismatic Collection
at the Smithsonian Institution. However, there are several
examples known which exhibit proof obverses and business
strike reverses.
1825 $2.50 Capped
Head to Left, Large Diameter. Experts conflict on whether
or not this issue even exists at all with the greatest
estimate being no more than 2 known. The famed Eliasberg
example has even been debated as to whether or not it
was indeed a proof or rather a polished coin.
1826 $2.50 Capped
Head to Left, Large Diameter, 6 over 5. No existing issues
from this year have been certified by a grading service.
Mintage data is not confirmed but of the original pieces
believed produced it appears that none have survived.
None have appeared in the marketplace in decades and those
seen prior cannot be confirmed as true proofs.
1827 $2.50 Capped
Head to Left, Large Diameter. As with the 1826 issue,
none are known to exist from this year. A single, one-sided
proof example has been seen but no true proofs have been
verified.
1829 $2.50 Capped
Head to Left, Reduced Diameter. It is estimated that 5-7
of this issue still exist today. However, the last piece
traded at auction in 1982 so their appearance in the marketplace
is extremely infrequent. It should also be noted that
due to technological advances this is the first year that
proofs were struck which were easily identified as such.
1830 $2.50 Capped
Head to Left, Reduced Diameter. As with other early quarter
eagles, many examples from this year are proof like in
nature and confused with true proofs of which possibly
only 2 are known. It should be noted that there is not
a single proof example held in the National Numismatic
Collection attesting to the rarity of this issue.
1831 $2.50 Capped
Head to Left, Reduced Diameter. Like other early dates
from this series, proof like business strikes do exist.
The estimate of true proofs is 3-4 pieces. This is one
of the few early proof quarter eagles to have recently
appeared at auction as an NGC PR-63 example fetched $74,750
at auction in April 2009.
1832 $2.50 Capped
Head to Left, Reduced Diameter. A mere 2 pieces are the
most generous estimate of this date by experts. Mintage
figures are unknown but the last piece purported to be
a genuine 1832 proof came to auction 60+ years ago.
1833 $2.50 Capped
Head to Left, Reduced Diameter. The Elias berg specimen,
in PF66 condition traded hands in 1982 and is the last
time this issue was seen on the market. A gem cameo coin
resides at the Smithsonian Institution and potentially
one or two more exist. Yet another extremely rare coin
from the proof quarter eagle series.
1834 $2.50 Capped
Head to Left, Reduced Diameter, With Motto. The 1834 issue
stands out as unique because both proofs and business
strikes from this year are very rare. No proofs have been
certified of this date and in the last two decades no
coin claiming to be a proof has seen the open market.
1834 $2.50 Classic
Head, No Motto On Reverse. 1834 saw the conclusion of
the Capped Head to Left, Reduced Diameter, No Motto quarter
eagle and the birth of the Classic Head, No Motto on Reverse
version. The latter is of lighter weight than its predecessor
and is the type that was included in the famed King of
Siam Proof Set. Estimates of its surviving population
are a relatively robust 7-11 pieces as this is the first
proof quarter eagle to find the auction block at least
occasionally over the past 20 years.
1835 $2.50 Classic
Head, No Motto On Reverse. Experts seem to agree that
this issue has four known survivors. The last to trade
publicly was the Pittman coin sold in May 1988 for $176,000.
The others are a PR64 example housed in the National Numismatic
Collection, the Eliasberg specimen now on display at the
ANA headquarters as part of the Bass Collection, and a
final piece last sold publicly in 1954.
1836 $2.50 Classic
Head, No Motto On Reverse. As with other early quarter
eagle proof gold coins, no exact mintage data is available
for this date. Survival estimates are from 5-7 pieces.
Included in this number is a deep cameo PR66 piece in
the National Numismatic Collection at the Smithsonian
Institution as well as famous pedigreed examples from
the Pittman, Bass, and Colonel E.H.R. Green collections.
It should be noted that the 1836 issues are seen weakly
struck in the center.
1837 $2.50 Classic
Head, No Motto On Reverse. Just 2 pieces from this date
are believed to exist placing this issue on equal footing
with the rarest of the rare in proof United States gold
coins. The last sale of one of these at auction was in
2003 when a PCGS PR66 (CA) graded specimen fetched an
impressive $241,500. This coin is pedigreed to both the
Elias berg and Bass collections. The other resides at
the Smithsonian Institution.
1838 $2.50 Classic
Head, No Motto On Reverse. There is some dispute as to
whether this coin even exists. However, a lone proof example
resides in the Harry Bass collection currently on display
at the American Numismatic Association. As of this writing,
not others are known.
1839 $2.50 Classic
Head, No Motto On Reverse. Prior to the 1980’s,
this coin was not confirmed to exist. At this time, 3-4
examples are estimated to have survived. Adding to its
claims to rarity is the fact that there is no example
in the esteemed National Numismatic Collection at the
Smithsonian Institution. In the last decade, there have
been two auction sightings of this date, presumably the
same example.
1840 $2.50 Liberty
Head. 1840 saw another design change for the quarter eagle
and the Liberty Head type was produced. As with earlier
types, there are no hard mintage figures from this year.
Opinions vary on survival numbers but the only confirmed
proof example resides in the Smithsonian Institution.
The whereabouts of other rumored examples, as many as
3, are unknown.
1841 $2.50 Liberty
Head. It is widely held that only proofs were struck this
year and with a surviving population of just 15-20 pieces
that makes this date an ultra rarity. There is much conjecture
about the circumstances in which only proofs would have
been produced and while no absolute answers have been
uncovered, the fact remains that no business strike specimens
have surfaced. Any quarter eagles known from this year
display the characteristics of proof coinage regardless
of the presence of any wear. Several appearances of this
date have been seen at auction with prices escalating
each time.
1842 $2.50 Liberty
Head. With just a single piece known, this date is yet
another in the long list of extremely rare coins found
in the proof quarter eagle series. That specimen, originally
taken from the United States Mint cabinet now resides
at the Smithsonian Institution.
1843 $2.50 Liberty
Head. There is no official mintage data for this date
but no more than 5 are believed to exist to this day.
Two of these were included in complete 1843 Proof Sets.
Another is housed at the Smithsonian Institution.
1844 $2.50 Liberty
Head. Just 2 proof quarter eagles of this date are known.
One resides as part of the National Numismatic Collection
in the Smithsonian Institution and the other is the Pittman
example.
1845 $2.50 Liberty
Head. Yet another very rare issue from the quarter eagle
series. Only 3 or 4 examples of this date are known with
one of those being a permanent part of the National Numismatic
Collection. The last specimen that publicly traded hands
was in July 2004 at auction.
1846 $2.50 Liberty
Head. Two examples of this date are held in permanent
collections at the Smithsonian Institution and the American
Numismatic Society, respectively. Beyond that, possibly
no more than two others exist and are held in private
hands. Its last public appearance was a PR63 specimen
sold at auction in 1991.
1847 $2.50 Liberty
Head. A lone example of this extremely rare date is part
of the National Numismatic Collection at the Smithsonian
Institution. None are known to have traded publicly.
1848 $2.50 Liberty
Head. Three examples of this date are known to exist with
one of those being at the Smithsonian Institution. The
others are the Pittman and Trompeter examples which have
been seen traded publicly in the past decade. All proofs
from this year exhibit a minor die chip on Liberty’s
neck which is not evident on business strikes.
1850 $2.50 Liberty
Head. A single example of this coin was uncovered in Europe
in the early 1980’s and last traded hands in 1995.
This should be noted as it not unreasonable to expect
that other examples of rare date United States gold coins
may eventually be located.
1854 $2.50 Liberty
Head. This is another date represented by a single surviving
example. This coin was first seen in 1976 when it was
offered in the American Numismatic Association sale. The
coin currently resides in the Harry W. Bass Collection
which is on loan to the ANA.
1855 $2.50 Liberty
Head. This date is also in dispute as to its existence.
Experts differ on whether any were struck at all with
the most liberal estimate being possibly 2 examples. This
has not been confirmed.
1856 $2.50 Liberty
Head. Of the original mintage it is estimated that 3-4
examples of this date have survived. In that number are
the piece held at the Smithsonian Institution as well
as the Eliasberg example which last traded in 2002.
1857 $2.50 Liberty
Head. Survival estimates for this date are 2-3 pieces.
One of these is part of the National Numismatic Collection
and another is the Trompeter specimen. A third piece is
rumored to exist but is unconfirmed.
1858 $2.50 Liberty
Head. This marks the final year in the series where mintage
numbers are unknown. Survival estimates are 4-6 coins.
One of these is in the Smithsonian Institution and another
is in the American Numismatic Society Collection reducing
the population available to collectors/investors even
further. Despite that fact, this date has appeared at
auction several times in the past decade.
1859 $2.50
Liberty Head. Despite the recorded mintage of this date
it is excessively scarce. Clearly the vast majority
of this issue was melted over the years as survival
estimates are less than 10 pieces known today. It has
sporadically shown up at auction as recently as 2005.
1859
Proof Quarter Eagle
1860 $2.50
Liberty Head. The largest recorded mintage of quarter
eagles to date does not make this issue readily available.
Quite to the contrary it is estimated that only 10%
or less of that number survive. The last specimen to
appear at auction was in 2000. Two design elements that
should be noted on proofs are the use of the new reverse
as well as a sharply downward slanting date biased to
the right. 1860
Proof Quarter Eagle
1861 $2.50
Liberty Head. Despite the eruption of the Civil War,
the United States again issued proof gold quarter eagle
coins in 1861. This first Civil War issue in the series
has a surviving population estimated at no more than
20 pieces and is only infrequently seen on the market.
Proof issues from this year were all struck with the
New Reverse and are hairlined lightly. Civil War coinage,
especially gold coinage, is always popular and in demand
with collectors/investors making this a highly sought
after issue. 1861
Proof Quarter Eagle, 1861
Civil War Date Quater Eagle NGC AU58CAC
1862 $2.50 Liberty
Head. As hopes for a quick resolution faded and the divided
nation settled into bloody struggle, the United States
Mint issued the second Civil War quarter eagle proof coin.
This issue had a much reduced mintage from the prior year
but survived in roughly the same numbers at 15-20 pieces.
Civil War coinage, especially gold coinage, is always
popular and in demand with collectors/investors making
this a highly sought after issue.
1863 $2.50 Liberty
Head. During the third year of the Civil War, no business
strike quarter eagles were minted making the proof the
only issue in the series to bear this date. The result
is an extremely scarce, popular, and sought after rare
coin. Of the original mintage, 20 or less are believed
to survive today. This combination of factors has resulted
in strong market demand for any examples and very strong
prices. In 2007, an NGC PR66 (DC) example sold at auction
for $149,500.
1864 $2.50
Liberty Head. The fourth Civil War proof quarter eagle
is no less rare than the others in the sub-series. Even
though mintage was increased, the surviving population
for this date is approximately the same as the others
at 20-25 pieces. Though business strikes were issued
in 1864, they are scarce and so there is also added
demand for this issue by the date collector. This is
another issue seldom seen in the market which always
commands strong bids at auction. 1864
Proof Quarter Eagle
1865 $2.50
Liberty Head. 1865 saw the end of five long bloody years
of Civil War and the United States preserved as a single
nation. It also saw the issuance of the fifth and final
Civil War quarter eagle proof gold coin. The survival
estimate for this issue is 17-20 examples remaining,
with a good number of these preserved in less than gem
proof condition. Civil War coinage, especially gold
coinage, is always popular and in demand with collectors/investors
making this a highly sought after issue. 1865
Proof Quarter Eagle
1866
Proof Quarter Eagle. 1866 $2.50 Liberty Head. The
first proof quarter eagle of the post Civil War era has
proven to be quite elusive. Survival estimates are 22-25
pieces of the original mintage. In the past decade, a
mere handful of these have seen the market.
1867
Proof Quarter Eagle. 1867 $2.50 Liberty Head. While
the mintage of this date is nearly twice that of the 1866
issue, it survives only in slightly greater numbers with
estimates placing it at some 30 or so pieces known. As
a result, this date appears on the market with much the
same infrequency as the aforementioned date.
1868
Proof Quarter Eagle. 1868 $2.50 Liberty Head. This
issue has one of the lowest mintages of the 1860’s
yet survives in roughly the same numbers as many of the
dates with estimates placing the remaining population
at 18-20 examples. This is yet another date seen only
occasionally in the market over the last two decades.
1869
Proof Quarter Eagle. 1869 $2.50 Liberty Head. The
final proof quarter eagle of the decade is represented
by an estimated 20 surviving pieces of which at least
some are of less than gem proof quality. In the past decade
a handful of pieces ranging from PR62 to Pr64 have made
it to auction.
1870
Proof Quarter Eagle. 1870 $2.50 Liberty Head. There
is some dispute amongst experts as to the true remaining
population of this issue. Some estimates are from 22-25
pieces while others are more conservative believing it
to be more in the range of 12-15 examples. What is known
for sure is that in the past two decades this coin has
been quite scarce with only a handful making it into the
major auctions.
1871
Proof Quarter Eagle. 1871 $2.50 Liberty Head. As is
common with proof quarter eagles of this era, this issue
is quite elusive with perhaps 12-15 known to exist. Despite
this fact, over the past 5 years at least a few of these
have indeed been traded in the market. This should be
seen as an anomaly and any offering of this date should
garner attention.
1872 $2.50 Liberty
Head. Survival estimates for this date are from 12-20
coins which may or may not be influenced by grading service
resubmissions which always must be considered when ultra
rare coin populations are discussed. Regardless, this
issue is only seen occasionally at auction. At least two
examples reside in the National Numismatic Collection
and the American Numismatic Society Collection respectively.
1873 $2.50 Liberty
Head, Close 3. Business strikes of this date come in both
Open 3 and Close 3 types but all proof issues are of the
latter variety. Typical of proof gold quarter eagles from
this era, this date has a surviving population estimated
to be 18-20 pieces. It should be noted that some business
strikes exhibit proof like qualities.
1874 $2.50 Liberty
Head. Some 15 or so examples of this issue are estimated
to exist. Of that number, one resides in the National
Numismatic Collection at the Smithsonian Institution and
the other is part of the American Numismatic Society Collection.
Pedigreed pieces from the Eliasberg, Bass, and Trompeter
Collections have seen the auction block in the past two
decades.
1875 $2.50 Liberty
Head. A scant 400 circulation strikes minted in addition
to the proofs make any quarter eagle dated 1875 extremely
popular with collectors. Though population reports are
inflated by resubmissions, it is estimated 12-15 proofs
survive to this day. Prices are always very strong for
this date when seen at auction as well.
1876 $2.50 Liberty
Head. This issue has a fairly liberal surviving population
relative to the other dates in the decade with estimates
of 28-30 pieces still remaining. Surprisingly though,
it is no more commonly seen in the market than the others
and has surfaced less than a half dozen times at auction
since 2000.
1877 $2.50 Liberty
Head. 12-14 examples of this issue are believed to survive
today from the original coins struck. A significant number
of these are flawed in some way. No firm reasons are known
for this but perhaps many of them saw circulation or were
mishandled. Accordingly, superb gem coins from this date
warrant particular attention.
1878 $2.50 Liberty
Head. Ever popular with collectors of proof quarter eagles,
this date has a mere 10-12 pieces known today. Two of
these reside in the National Numismatic Collection at
the Smithsonian Institution and the American Numismatic
Society Collection respectively. Of the pieces in private
hands, such famous pedigrees as Pittman and Bass are represented.
Any offering of this date is notable as only a handful
trade hands in a given decade.
1879 $2.50 Liberty
Head. This is yet another rare coin from a rare series.
Perhaps 20-25 of the original mintage have survived but
this issue is no more commonly seen on the market than
other scarcer date proof quarter eagles. A PR64 cameo
example resides in the Smithsonian Institution as part
of the National Numismatic Collection.
1880 $2.50 Liberty
Head. Mintage for this year edged higher than the previous
three years. Likewise survival estimates are a bit larger
as well at 28-30 pieces. However, this issue is seen at
auction with the same frequency as other issues from the
decade.
1881 $2.50 Liberty
Head. The 1881 issue is seen with a bit more frequency
in the market than the previously issued proof quarter
eagles. Examples may come to auction once or twice per
year. It is estimated that as many as 35 of the original
mintage still survive. Of that number, grades vary widely
and superb gems should garner particular attention.
1882 $2.50 Liberty
Head. The surviving population of this date is believed
to be 40-45 pieces. Far from common, this date is seen
somewhat more frequently than the issues from the previous
decade. It should be noted that many circulation strikes
from this year are proof like and historically may have
been mistaken as true proofs.
1883 $2.50 Liberty
Head. Each year a few specimens from this date appear
at auction making it more readily available than earlier
issues. Survival estimates are 45-50 pieces remaining
from the original mintage. Most proofs from this year
display mirrored fields and cameo devices. It should be
noted that proof like circulation strikes exist as well
for this date.
1884 $2.50 Liberty
Head. It is believed there are 35-45 pieces remaining
from the original mintage for this date. True 1884 proofs
are commonly seen with cameo devices and deeply mirrored
fields. Another feature typical of this issue is the presence
of minor random lint marks. An interesting bit of numismatic
trivia is that the famed Bass collection contained 3 examples
of this date!
1885 $2.50 Liberty
Head. With 40-45 survivors in the hobby today, this issue
is found with about the same regularity as the other early
1880’s issues. One characteristic unique to this
date is the presence of a substantial number of examples
displaying marks and even hints of wear. This points to
the fact that for some still unexplained reason many saw
circulation. Therefore, gem condition proofs are very
rare.
1886 $2.50 Liberty
Head. While still a very scarce coin, this date was seen
in the market a half dozen times in 2009 making it more
readily available than the prior issues within the series.
Despite that fact, the survival estimates for this date
are not dissimilar from other 1880’s issues at 45-50
coins. It is an interesting side note that the famous
Eliasberg Collection did not possess a proof specimen
from this date.
1887 $2.50 Liberty
Head. In 1887 the proof quarter eagle was minted in excess
of the century mark for the first time since before the
Civil War. While mintage had risen significantly, the
number of pieces still in existence is only marginally
greater than previous years at 56-60. The presence of
minor lint marks resulting from die polishing is found
on many examples.
1888 $2.50 Liberty
Head. Survival estimates for this date are 55-60 pieces
from the original coins struck. In the past two years
a handful of specimens have made it to auction in PR63-PR65
grades making this coin at least somewhat more available
than most proof gold quarter eagles.
1889 $2.50 Liberty
Head. Strangely this year saw a dramatic reduction in
the number of proof gold quarter eagles minted to levels
not seen in a decade. Just as inexplicable is the fact
that mintage was increased the following year to numbers
akin to 1888. Whatever the reason, this makes the 1889
a sleeper within the series as the surviving population
is 30-35 pieces.
1890 $2.50 Liberty
Head. Survival estimates for this date are 50 to 60. True
proofs, as opposed to prooflike business strikes, show
the date slanting upward to the right, with the left base
of 1 in the date left of center and horizontal die-polishing
lines visible in MERIC. A proof 64 and a proof 61 sold
in a January 2011 Tampa, FL FUN coin auction lot #’s
5041 & 6761.
1891 $2.50 Liberty
Head. Survival estimates for this date are about 40 known
in all grades. Bases of 891 are faintly recut. The date
is high. The reverse does not have the shift on OF AMERICA,
which is seen on business strikes. They were sold as part
of four-piece Gold Proof Sets and they were also available
individually for $2.75. A proof 66 DC sold in a January
2011 Tampa, FL FUN coin auction lot # 5042.
1892 $2.50 Liberty
Head. Survival estimates for this date are 50 to 75 known
in all grades. The date is shifted to the left. The left
base of the 1 almost touches the center of a defective
dentil. The 2 is close to the end of the truncation. A
proof 62 cameo sold in the January 2110 Orlando, FL FUN
auction, lot # 3872.
1893 $2.50 Liberty
Head. Survival estimates for this date are 50 to 75 known
in all grades. The lower knobs of an extra 93 are seen
to the left of the bases of the 93 in the date. A proof
64 DC sold in the December 2009 Houston, TX US Coin Auction,
lot # 1569.
1894 $2.50 Liberty
Head. Survival estimates for this date are 60 to 80 known
in all grades. The date is centered. The left base of
the 1 is close to the right edge of a dentil. A small
wart on Liberty’s chin fades. The reverse shows
scattered die file marks around the edge of the shield.
A proof 66 coin sold in the January 2010 Orlando, FL FUN
auction, lot # 2109.
1895 $2.50 Liberty
Head. Survival estimates for this date are 60 to 80 known
in all grades. The date slants up to the right. The left
base of 1 in the date is to the right of the center of
a dentil. The same dies were used on all the proofs and
some business strikes. Other business strikes have a higher
date. A proof 65 deep cameo sold in the August 2010 Boston,
MA ANA auction, lot # 3433.
1896 $2.50 Liberty
Head. Survival estimates for this date are 60 to 80 known
in all grades. The date is far to the right with the knob
of the 6 close to the end of the truncation. A proof 65
sold in the November, 2010 Baltimore auction, lot # 4916.
1897 $2.50 Liberty
Head. Survival estimates for this date are 80 known in
all grades. Two tiny dots are found in the center at the
ear. The date is slightly below center, and the left base
of the 1 of 1897 is to the left of center of the dentil.
A proof 66 cameo sold in the November 2010 Stack’s
75th Anniversary Sale auction, lot # 6919.
1898 $2.50 Liberty
Head. Survival estimates for this date are 80 to 100 known.
The date is to the right of center. A proof 64 deep cameo
coin sold in the January, 2011 Tampa, FL FUN auction,
lot # 5043.
1899 $2.50 Liberty
Head. Survival estimates for this date are approximately
100 known in all grades. There are two varieties. The
first has a centered date. The left base of the 1 of 1899
is over the right edge of a dentil. In the second variety
the date slants up. There is a die file mark through TY
and many others in the second stripe. A proof 64 cameo
sold in an August Boston, MA ANA auction, lot # 5836.
1900 $2.50 Liberty
Head. Survival estimates for this date are approximately
160 known in all grades. The base of the 1 and parts of
the 9 are repunched. A die file mark is seen down from
the base of the T. The left base of the 1 is almost over
the right edge of a dentil. A proof 61 cameo sold at auction
in October, 2010 at the Stamford Coinfest Signature US
Coin Auction, lot # 4674.
1901 $2.50 Liberty
Head. Survival estimates for this date are approximately
160 known in all grades. The date is central. The left
base of the first 1 is left of center of a dentil. There
is a minute die chip on the temple and scattered crisscross
die file marks on the shield. A proof 69 deep cameo sold
at the Stack’s 75th Anniversary Sale in November,
2010, lot # 6925.
1902 $2.50 Liberty
Head. Survival estimates for this date are approximately
150 known in all grades. The devices are semi-brilliant
not frosty. Not more than 113 could have been sold in
gold proof sets. A proof 60 sold in the January, 2011
Tampa, FL FUN auction, lot # 6763.
1903 $2.50 Liberty
Head. Survival estimates for this date are approximately
150 known in all grades. The devices are semi-brilliant
not frosty. Not more than 96 could have been sold in gold
proof sets. There are two varieties seen. They are with
and without die file marks at 6:00 to 8:00 at the obverse
border. A proof 62 sold at auction in January, 2011 at
the Tampa, FL FUN auction, lot # 6764.
1904 $2.50 Liberty
Head. Survival estimates for this date are approximately
130 known in all grades. The devices are semi-brilliant
not frosty. Not more than 98 could have been sold in gold
proof sets. There is a center dot at the ear with a date
that is low and to the left. On another variety the date
slants up and to the right. The base of the 4 is recut.
A proof 62 cameo sold at auction in November, 2010 at
Stack’s 75th Anniversary Sale, lot # 6934.
1905 $2.50 Liberty
Head. Survival estimates for this date are approximately
120 known in all grades. The devices are semi-brilliant
not frosty. Not more than 86 could have been sold in gold
proof sets. A low date slants up to the right. The left
base of the 1 is over the center of a dentil. The reverse
shows scattered die file marks in the shield. A proof
60 coin sold in January, 2011 in Tampa, FL at the FUN
auction, lot # 6766.
1906 $2.50 Liberty
Head. Survival estimates for this date are approximately
130 known in all grades. The devices are semi-brilliant
not frosty. Not more than 77 could have been sold in gold
proof sets. The date is high, close to the truncation.
A proof 61 sold in January, 2011 at the Tampa, FL FUN
auction, lot # 6767.
1907 $2.50 Liberty
Head. This is the final year for the design. Survival
estimates for this date are approximately 120 known in
all grades. The devices are semi-brilliant not frosty.
Not more than 74 could have been sold in gold proof sets.
The date slants up. The 1 and the 7 are just free of the
border and the truncation. Two horizontal lines are found
in the third stripe. A proof 61 sold in January, 2011
at the Tampa, FL FUN auction, lot # 6768.
1908 $2.50 Indian
Head. Survival estimates for this date are approximately
146 known in all grades. The coins have a dark matte proof
incuse finish, which gives a somewhat brownish color.
This date is the least rare of the Indian proofs. A proof
66 sold at the January, 2011 Tampa, FL FUN auction, lot
# 5047. 1908
Indian $2.5 NGC PF67 , 1908
Indian Head $2.5 NGC PF67
1909 $2.50 Indian
Head. Survival estimates for this date are approximately
80 known in all grades. The coins have a Roman Gold finish.
Their surfaces are light in color between satiny and mirrored.
They have none of the granularity of matte or sandblast
proofs. A proof 67 sold at the January, 2011 Tampa, FL
FUN auction, lot # 5048.
1910 $2.50 Indian
Head. Survival estimates for this date are approximately
136 known in all grades. The coins have a Roman Gold finish.
Their surfaces are light in color between satiny and mirrored.
They have none of the granularity of matte or sandblast
proofs. A proof 64 sold at the August, 2010 Boston, MA
ANA auction, lot # 3453. 1910
Indian Head $2.5 NGC PF67
1911 $2.50 Indian
Head. Survival estimates for this date are approximately
123 known in all grades. The coins have a matte finish,
which is dull and darker than that of an uncirculated
coin. A proof 67 sold at the January, 2011 Tampa, FL FUN
auction, lot # 5050. 1911
Indian Head $2.5 NGC PF68
1912 $2.50 Indian
Head. Survival estimates for this date are approximately
103 known in all grades. The coins have a fine sandblast
finish, which is different from all previous matte coins.
The surfaces have microscopic shiny facets. A proof 65
sold at the January, 2011 Tampa, FL FUN auction, lot #
5051. 1912
Indian Head $2.5 NGC PF67
1913 $2.50 Indian
Head. Survival estimates for this date are approximately
86 known in all grades. The coins have a fine sandblast
finish, which the same as was used in 1912. The surfaces
have microscopic shiny facets. A proof 65 sold at the
January, 2011 Tampa, FL FUN auction, lot # 5053. 1913
Indian Head $2.5 NGC PF67
1914 $2.50 Indian
Head. Survival estimates for this date are approximately
73 known in all grades. The coins have a coarse sandblast
finish, which is much darker than the previous two years.
The microscopic facets are larger than those seen on the
surfaces of the coins of the two previous years. A proof
66 sold at the August, 2009 Los Angeles, CA ANA auction,
lot # 4400. 1914
Indian $2.5 NGC PF66, 1914
Indian Head $2.5 PCGS MS65
1915 $2.50 Indian
Head. Survival estimates for this date are approximately
60 known in all grades. The coins have a coarse sandblast
finish which is the same as was used for 1914. A proof
67 sold at the August, 2009 Los Angeles, CA ANA auction,
lot # 4407. 1915
Indian Head $2.5 NGC PF67
