1863 $2 1/2 PR58 PCGS....

Description

1863 Quarter Eagle, PR58
Ex: Norweb, Celebrated Proof-Only Issue

1863 $2 1/2 PR58 PCGS. From a proof-only mintage of just 30 pieces, the 1863 quarter eagle is one of the classic rarities among U.S. gold coins of any denomination. Among Liberty Head quarter eagles, only the 1841 and 1854-S emissions are considered on par with this storied date. Any offering of an 1863 quarter eagle is a noteworthy occasion for advanced collectors of this popular series.

The rarity and importance of the 1863 quarter eagle were recognized almost as soon as the coins were issued. In the sale of the John F. McCoy Collection (Woodward, 5/1864), lot 1992 featured a gold proof set of 1863. Woodward disclosed:

"1863 Proof set, with 10 Dollar Piece, and four smaller denominations. Of the Quarter Eagle of 1863, I have positive knowledge that only 30 pieces were struck; hence this coin is now one of the rarest of the series. I am also assured that the 3 Dollar Piece is scarcely less rare."

The lot realized $72.50 to William A. Lilliendahl, a tremendous price at the time, since the coins were only minted the year before. By 1883, Harold P. Newlin estimated about the 1863 "not half a dozen of these are now known to collectors." Of course, a few more specimens have surfaced since Newlin's time. In their Encyclopedia of U.S. Gold Coins 1795-1933, Jeff Garrett and Ron Guth estimate a surviving population of 15-20 examples of this date in all grades. This is only the fifth time Heritage has been privileged to offer an 1863 quarter eagle in any of our auctions since 1993.

The present coin boasts an illustrious history of its own, as it was once part of the fabled Norweb Collection. Suffice it to say, inclusion in such a famous cabinet is a mark of distinction for any coin. The obviously proof fields of this specimen are only slightly dulled by handling. Some pedigree markers that link this coin to the Norweb appearance are a short horizontal scratch above 86 of the date and a few planchet voids and marks in the left and right obverse fields. Only slight friction shows on the highest points of the design, and the contact marks are consistent with a coin that has been in circulation for a short time. Population: 1 in 58, 8 finer (3/14).
Ex: Numismatic Gallery, purchased by the Norwebs on January 2,1953; Norweb Collection Part II (Bowers and Merena, 3/1988), lot 2054, realized $23,100; Central States Signature (Heritage, 4/2010), lot 2202, which brought $57,500.(Registry values: P7)

Coin Index Numbers: (NGC ID# 287H, PCGS# 7889, Greysheet# 8468)

Weight: 4.18 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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