There are currently no items available for purchase in this Department. Search our Auction Archives below to find item values.
Lot
4772

1865 $2 1/2 PR65 Ultra Cameo NGC. CAC....

2012 January 4-8 US Coins & Platinum Night FUN Signature Auction- Orlando #1166

 
Sold for: Sign-in or Join (free & quick)
Claim Item: Sign-in or Join (free & quick)
Auction Ended On: Jan 5, 2012
Item Activity: 3 Internet/mail/phone bidders
340 page views
Location: Orange County Convention Center
North/South Building
9899 Universal Blvd.
Hall SB - South Building
Orlando, FL 32819

Description:
1865 Quarter Eagle, PR65 Ultra Cameo
Classic Wartime Rarity, Only 25 Struck
1865 $2 1/2 PR65 Ultra Cameo NGC. CAC. The Civil War era was a time characterized by economic and political uncertainty, resulting in the hoarding of all precious-metal coins. The government suspended specie payments, and no gold coins circulated at par. The government was understandably reluctant to issue gold proof sets at face value for paper money during these years, and the ordering process was both arduous and expensive. Writing to T. Harrison Garrett in February 1883, prominent coin dealer W. Elliot Woodward shed some light on the proof set situation:

"I have sets of gold proofs for 1862-'64-'65, each six pcs., par value each $41.50. They cost in gold when issued $43 each at a time when gold was worth anywhere from 1.20 to 2.85. Gold being so very dear at the time, the number issued was very limited, probably not above 1/2 a dozen, especially of '64 and '65."


Thus, we see that anyone wishing to order a gold proof set in 1865 would first have to purchase $43 face value in gold coins from a bullion dealer, because the Mint would accept only gold in payment. The bullion dealer might charge as much as $120.40 for these coins. As a result, very few proof sets were sold. Woodward's estimate of "1/2 a dozen" may be accurate as pertains to complete gold proof sets, but a few more single coins were probably ordered of the lower denominations. The reported mintage of 1865 quarter eagles was only 25 pieces, and some examples likely went unsold and were melted at year-end. Jeff Garrett and Ron Guth estimate the surviving population at "fewer than 15 coins in private hands today."
The present coin is a magnificent Gem, with profound contrast between brightly mirrored fields and sharply detailed, frosty devices. The pleasing surfaces show a slight orange-peel effect in some areas, typical of proofs from the later 19th century. Only a few minor hairlines and contact marks prevent an even finer grade. Census: 2 in 65 Ultra Cameo, 2 finer (11/11).(Registry values: P5) (NGC ID# 287K, PCGS# 97891)

View large image(s) of this item

Service and Handling Description: Coins & Currency (view shipping information)

Sales Tax information  | NGC Coin Grading Guarantee  |  Terms and Conditions

Bidding Guidelines and Bid Increments

Guides and Pricing Information:

Previous Prices from Heritage Auctions
Sign-in or Join (free & quick)
Price Guide
Sign-in or Join (free & quick)
Population Guide
Sign-in or Join (free & quick)
Find Auction Prices for Comparable Items:

Photographs:
Sign-in or Join (free & quick) to see the full image




FLOOR AUCTIONS View All
Open For Bidding
Coming Soon
HERITAGE MEMBERSHIP
888,628
bidder-members
$982,397,942
sold in the last year
VIEW BENEFITS
  1. Past Auction Values (prices, photos, full descriptions, etc.)
  2. Bid online
  3. Free Collector newsletter
  4. Want List with instant e-mail notifications
  5. Reduced auction commissions when you resell your
    winnings 
CONSIGNMENTS WANTED
Only 30 days left to consign to the 2015 January 7 - 12 FUN US Coins Signature Auction - Orlando!
Learn About Consigning With Us
You will never be ripped off, scammed, or knowingly sold fakes on Heritage's ongoing online coin auctions, and sometimes the deals are amazing! You can do price research, grade comparisons, you name it (heck, I could almost write a whole article about the ways to use Heritage's Web site!).
Susan Headley
Coin Host/Journalist, About.com,
New York, NY
HA.com receives more traffic than any other auction house website. To compare for yourself, visit: compete.com
Take our 2014 Coin
and Currency Survey
Grand prize:
A Certified Uncirculated
1907 High Relief $20!*
Take the Survey
HERITAGE VIDEO TUTORIAL
GETTING THE MOST OUT OF SEARCH
RECENT AUCTIONS
2014 October 8 - 13 PNG New York Invitational US Coins Signature Auction - New York
2014 October 8 - 13 PNG New York Invitational US Coins Signature Auction - New York
REALIZED $11,168,270
2014 September 3 - 10 Long Beach Expo World Coins Signature Auction - Long Beach
2014 September 3 - 10 Long Beach Expo World Coins Signature Auction - Long Beach
REALIZED $9,019,868
2014 September 4 - 8 Long Beach Expo World Currency Signature Auction - Long Beach
2014 September 4 - 8 Long Beach Expo World Currency Signature Auction - Long Beach
REALIZED $1,806,473