Menu
Welcome Sign-In | Join Now
Sold for Sign-in or Join (free & quick) includes Buyer's Premium (BP) 

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)

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

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

Bidding Guidelines and Bid Increments

Glossary of Terms

Auction Info

Auction Dates
January, 2012
3rd-8th
Internet/Mail/Phone Bidders: 3
Members Tracking: N/A
Page Views: 401

Buyer's Premium per Lot:
15% of the successful bid (minimum $14) per lot.

Heritage membership

945,191
bidder-members
$886,536,595
sold in the last year

Join Now - It's Free

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 17 days left to consign to the 2015 October 29 - November 2 US Coins Signature Auction - New York!

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
View More Testimonials

HA.com receives more traffic than any other auction house website. To compare for yourself, visit: compete.com

Video tutorial

Getting the most out of search

Recent auctions

2015 August 12 - 16 ANA US Coins Signature Auction - Chicago
2015 August 12 - 16 ANA US Coins Signature Auction - Chicago
REALIZED $34,887,709
2015 August 13 ANA World and Ancient Coins Platinum Night Auction
2015 August 13 ANA World and Ancient Coins Platinum Night Auction
REALIZED $9,688,775
2015 August 13 ANA Currency Platinum Night Auction - Chicago
2015 August 13 ANA Currency Platinum Night Auction - Chicago
REALIZED $1,870,380

© 2015 Heritage Auctions | All Rights Reserved