Heritage World Coin Auctions
FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Proof Liberty Quarter Eagles
1864 $2 1/2 PR66 Deep Cameo PCGS Secure. CAC. Ex: Friend. From a reported mintage of 50 pieces, all delivered with the gold proof sets on February 11, the 1864 proof quarter eagle is a rare, somewhat underrated issue in the series. Although specialists recognize the elusive nature of the 1864 proofs, they have always been overshadowed in the popular press by their proof-only 1863 counterparts. Jeff Garrett and Ron Guth believe the 1864 issue is at least as rare as the more celebrated 1863 emission today, with a surviving population of just 12-18 coins in all grades, including some in impaired condition. One coin is included in the National Numismatic Collection at the Smithsonian Institution and another graces the collection of the American Numismatic Society.
Only 2,824 business-strike quarter eagles were struck at the Philadelphia Mint in 1864, and none were produced at the branch mints. Very few were saved by contemporary collectors and the survival rate is quite low. Rare as the proofs are, they almost certainly outnumber the business-strikes that survive in high grade. Historically, the limited availability of regular-issue coins has put severe pressure on the small supply of proofs from date collectors.
Although gold proofs normally commanded small premiums when offered at auction in the 19th century, the 1864 gold proof set began appearing in public offerings almost immediately, with much better than average success. One set was featured in lot 2826 of the Sixth Semi-Annual Sale (W. Elliot Woodward, 3/1865): "1864 Brilliant proof set, six pieces, as rare as the last." The cataloger was referring to the 1863 gold proof set sold in the previous lot, which was already a famous rarity because of the proof-only 1863 quarter eagle. The 1864 proof set sold for $62.50, only 50 cents less than the 1863, to prominent collector John F. McCoy. The current price realized record for a proof 1864 Liberty quarter eagle belongs to the NGC PR65 Cameo specimen in lot 5033 of the FUN Signature (Heritage, 1/2011), which brought $80,500.
This spectacular Premium Gem exhibits the diagnostic high date, placed left and slanting down from left to right, with a chipped serif on the 1. The left base of the 1 is over the left edge of a dentil and the right base of the 4 is over the right edge of a dentil. The reverse was apparently struck from a new working die, with lighter letters than the previous issues. The design elements display razor-sharp definition throughout. The devices are richly frosted, creating intense cameo contrast with the deeply reflective fields. The vivid orange-gold surfaces are impeccably preserved and eye appeal is tremendous. Population: 6 in 66 (2 in 66+) Deep Cameo, 0 finer. CAC: 4 in 66, 0 finer (11/16).
From The Dale Friend Collection of 1864 Proof Coinage.
1864 $2 1/2 PR66 Deep Cameo PCGS Secure. CAC. Ex: Friend. From a reported mintage of 50 pieces, all delivered with the gold proof sets on February 11, the 1864 proof quarter eagle is a rare, somewhat underrated issue in the series. Although specialists recognize the elusive nature of the 1864 proofs, they have always been overshadowed in the popular press by their proof-only 1863 counterparts. Jeff Garrett and Ron Guth believe the 1864 issue is at least as rare as the more celebrated 1863 emission today, with a surviving population of just 12-18 coins in all grades, including some in impaired condition. One coin is included in the National Numismatic Collection at the Smithsonian Institution and another graces the collection of the American Numismatic Society.
Only 2,824 business-strike quarter eagles were struck at the Philadelphia Mint in 1864, and none were produced at the branch mints. Very few were saved by contemporary collectors and the survival rate is quite low. Rare as the proofs are, they almost certainly outnumber the business-strikes that survive in high grade. Historically, the limited availability of regular-issue coins has put severe pressure on the small supply of proofs from date collectors.
Although gold proofs normally commanded small premiums when offered at auction in the 19th century, the 1864 gold proof set began appearing in public offerings almost immediately, with much better than average success. One set was featured in lot 2826 of the Sixth Semi-Annual Sale (W. Elliot Woodward, 3/1865): "1864 Brilliant proof set, six pieces, as rare as the last." The cataloger was referring to the 1863 gold proof set sold in the previous lot, which was already a famous rarity because of the proof-only 1863 quarter eagle. The 1864 proof set sold for $62.50, only 50 cents less than the 1863, to prominent collector John F. McCoy. The current price realized record for a proof 1864 Liberty quarter eagle belongs to the NGC PR65 Cameo specimen in lot 5033 of the FUN Signature (Heritage, 1/2011), which brought $80,500.
This spectacular Premium Gem exhibits the diagnostic high date, placed left and slanting down from left to right, with a chipped serif on the 1. The left base of the 1 is over the left edge of a dentil and the right base of the 4 is over the right edge of a dentil. The reverse was apparently struck from a new working die, with lighter letters than the previous issues. The design elements display razor-sharp definition throughout. The devices are richly frosted, creating intense cameo contrast with the deeply reflective fields. The vivid orange-gold surfaces are impeccably preserved and eye appeal is tremendous. Population: 6 in 66 (2 in 66+) Deep Cameo, 0 finer. CAC: 4 in 66, 0 finer (11/16).
From The Dale Friend Collection of 1864 Proof Coinage.