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Lot
5222

1864 $2 1/2 PR66 Ultra Cameo NGC. CAC....

2012 April 18-22 US Coins & Platinum Night CSNS Signature Auction- Schaumburg #1169

 
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Auction Ended On: Apr 19, 2012
Item Activity: 4 Internet/mail/phone bidders
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Location: Renaissance Schaumburg Convention Center Hotel
1551 North Thoreau Drive
Schaumburg, IL 60173

Description:
Boldly Contrasted 1864 Quarter Eagle
PR66 Ultra Cameo
1864 $2 1/2 PR66 Ultra Cameo NGC. CAC. The 1864 proof Liberty quarter eagle is one of the rarest issues of the series, but it has always been overshadowed by its close cousin, the famous 1863 issue. The 1863 quarter eagle was only produced in proof format, and its limited mintage of 30 pieces was widely publicized at the time of release, creating an instant classic rarity. Most numismatists would be surprised to learn that the 1864 proof, with its reported mintage of 50 examples, is just as rare as the 1863 in today's market, possibly even rarer.
Jeff Garrett and Ron Guth estimate there are 15-20 specimens of the 1863 quarter eagle still extant, and only 12-18 examples of the proof 1864. The 1864 was not a proof-only issue, but high-grade business-strike examples are even more elusive than the proofs. NGC and PCGS have combined to certify several dozen 1864 proofs in all grades, but this undoubtedly includes a large number of duplicate submissions. It is likely that many examples of the 50-piece 1864 proof mintage went unsold and were melted after the end of the year.
The present coin is a magnificent Premium Gem with stunning black-on-gold Ultra Cameo contrast between the richly frosted devices and the deeply mirrored fields. The design elements display razor-sharp definition in all areas, and the vivid orange-gold surfaces are virtually free of post-strike defects. A tiny planchet flaw between stars 1 and 2 can serve as a pedigree marker. Census: 2 in 66 Ultra Cameo, 0 finer (2/12).(Registry values: P5) (NGC ID# 287J, PCGS# 97890)

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