1869 $2.5 Quarter Eagle NGC PF64 Ultra Cameo CAC. Spectacular 1869 Proof Quarter Eagle, Mintage 25, Pop 1/2/0. 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 or ten truly original examples are available to collectors and investors, at most.

The obverse that struck the 1869 Proof Quarter eagles has a low and heavy date, almost touching the dentils under it. The date numerals are large, 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 features some minor die lines close to the eagle. On the present example it is combined with a minor, mint-made planchet flaw. A further die line is seen on the obverse, above the L in LIBERTY and was first mentioned by Walter Breen.

The present offering represents one of the finest known examples of this date. Without doubt, the population reports of the major grading companies have been heavily influenced by resubmissions. In fact, NGC and PCGS combined have graded more Proof 1869 quarter eagles than the original mintage of 25 pieces! 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.

Highly reflective and deep mirrored fields highlight this spectacular Proof. Near-gem quality, with yellow gold surfaces, showing the desired orange-peel color when slightly tilted. Both sides are very sharply struck with no striking imperfections to be noted on either side. The devices are heavily frosted and truly deserve the Ultra Cameo designation that NGC has awarded this coin. No marks are worth to be mentioned, and the coin is very close to true gem quality. It has been certified by NGC in a new holder and stickered by CAC for exceptional quality. In all, this coin is a rarely encountered opportunity for the specialist of Proof gold, high grade Proof type or the conscious investor.