1903 $2.50 (1903 Quarter Eagle - 1903 Proof Quarter Eagle) NGC PF62 CAC. This mint state proof Liberty Head 1903 Quarter Eagle shows a sharp strike with frosted devices against somewhat reflective fields. As expected for a proof coin, the devices are all needle-sharp and the lettering is bold and square. Not a trace of wear is seen, in keeping with the grade. The surfaces show moderate hairlines; however, the CAC sticker indicates that the coin is of premium quality and well within the grade range assigned.

Christian Gobrecht designed the Liberty Head Quarter Eagle. It was minted from 1840 to 1907, the longest span of any coinage series without any major design modification. In that period of time 11,921,171 Liberty Head Quarter Eagles were minted.

Gobrecht used the coronet motif for his design. It shows a profile of Liberty facing left. Her hair is tied in the back with beads as two curls flow down her neck. On the coronet the word LIBERTY is inscribed. She is surrounded by thirteen six-pointed stars and the date, which is below the truncation. At the periphery of the coin are dentils on both sides. The reverse of the shows a heraldic eagle with wings outstretched looking to the left. In its talons it holds the olive branch and arrows, symbols of peace and preparedness. The inscription UNITED STATES OF AMERICA is in an arc around the eagle, interrupted by the wing tips. The denomination written as 2 D. is below, separated from the inscription by dots.

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.

With an original mintage of 197, the 1903 proof quarter eagle is rare in all conditions. The grading services population numbers are not particularly helpful for this issue since a total of 261 coins have been submitted to both NGC and PCGS, indicating an extremely high rate of resubmissions and attempted crossovers. In its population report, as of February 2012, CAC shows 2 in PF62 with 6 better.