1854-S $2 1/2 Fine 12 NGC....

Description

Fabled 1854-S Quarter Eagle, Fine 12
One of Only a Dozen Examples Known

1854-S $2 1/2 Fine 12 NGC. The 1854-S quarter eagle is one of the great and largely unacknowledged rarities in U.S. numismatics. It ranks Number 87 among the 100 Greatest U.S. Coins by Jeff Garrett and Ron Guth, who say concerning the issue:

"The 1854-S Quarter Eagle has largely been forgotten by most numismatists, despite its incredibly low mintage of 246 and that only a dozen survivors are known. As recently as 1982, a specimen changed hands for under $10,000, representing an astounding value considering its overall rarity. As one researcher stated back in 1952, the 1854-S Quarter Eagle is 'one of the most underrated United States coins in any metal ... and [is] completely free of the stigma of Mint experimentation and chicanery.' However, with a recent auction appearance over $100,000, it appears that gold specialists have indeed 're-discovered' the 1854-S Quarter Eagle."

"Exactly why only 246 Quarter Eagles were minted in 1854 remains uncertain. Purportedly, the Mint could not obtain the necessary acids to remove silver from the impure California gold. But the San Francisco Mint was able to strike an ample supply of Eagles and Quarter Eagles [sic--clearly the authors here mean gold dollars]. The true reason was that depositors of gold requested higher and lower denominations, and the $2.50 and $5 were in between, and thus few were made."

Whatever the reason, the 1854-S quarter eagle and its even-rarer half eagle sibling will retain a lasting place in the pantheon of eternal U.S. numismatic rarities. The current combined NGC and PCGS population data show a total of 15 pieces certified in all grades, the finest an AU55, likely the former World's Greatest Collection-Bass specimen previously certified AU53 at that service. The PCGS data show four coins in grades from Very Good to AU50, although infuriatingly the total certified shows as six pieces. Based on our research, we believe that only about a dozen separate pieces exist today.
The present example shows a pleasing amount of detail remaining, consistent with the Fine 12 NGC grade. The bold strike shows full star centrils, and while the highpoint hair and eagle details are worn, there are no overly distracting marks that appear on either side, short of the use of magnification. The fields are clean, with a yellow-gold obverse ceding on the reverse to deeper antique-gold near the reverse rims. A once-in-a-lifetime opportunity for gold specialists (or the crowning achievement of a Territorial gold collection, representing the first fully sanctioned federal-style coinage from the fledgling San Francisco Mint). By comparison, the Eliasberg Collection coin graded only Good to Very Good.
Ex: Ezra Cole Collection (Bowers and Merena, 1/1986), lot 2546; Superior (10/1989), lot 4037; Superior (5/1990), lot 5431.(Registry values: P2)

Coin Index Numbers: (NGC ID# 25J3, PCGS# 7773, GSID# 8375)

Metal: 90% Gold, 10% Copper
Weight: 4.18 grams
AGW: 0.13oz
Mintage: 246

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.

View Certification Details from NGC