1914 $2 1/2 PR67+ NGC. JD-1, Low R.5....

Description

1914 Indian Quarter Eagle, PR67+
Low-Mintage Proof Issue
Rarely Seen This Fine

1914 $2 1/2 PR67+ NGC. JD-1, Low R.5. Collector demand for gold proofs continued to decline in 1914 and only 117 proof Indian quarter eagles were struck that year. The coins were delivered in two batches, one group of 50 coins on September 28 and another delivery of 67 examples on December 11. A single die pair was used to strike all the proofs. The Mint used a coarser grain of sand for its sandblast finish in 1914, resulting in a darker finish than the proofs of 1912 and 1913. John Dannreuther estimates only 70-80 specimens survive in all grades today.

The business-strike mintage was 240,000 pieces, the second smallest production total of the series. David Akers believed the 1914 issue was just as rare as the 1911-D, the acknowledged business-strike key to the series, in high grade. The relative scarcity of high-grade circulation strikes puts some pressure on the small supply of proofs in today's market.

The proofs began appearing at auction at least as early as the Hutt-Ware Collections Sale (B. Max Mehl, 7/1916), where the example in lot 1425 was described as, "1914 Proof, as last." The sandblast proofs continued to be unpopular with contemporary collectors, and this was reflected in auction prices realized during that era. The coin in the Hutt-Ware auction realized only $3.50. By the 1940s, collector appreciation for matte proofs was much greater, as evidenced by the description of the coin in lot 2018 of Mehl's Atwater sale (6/1946):

"1914 Sandblast proof. Record $20. These coins will bear watching, as I firmly believe their present prices represent a very likely handsome profit."

Mehl's words were prophetic, as the lot realized a new record price of $23. The upward trend continues today, where recent sales include the PR67+ NGC specimen in lot 5281 of the Central States Signature (Heritage, 4/2015), which realized $64,625.

This Plus-graded Superb Gem proof exhibits razor-sharp definition on all design elements, with fine detail on the lower headdress feathers and the feathers on the eagle's shoulder. The impeccably preserved orange-gold surfaces radiate warm, textured matte luster from both sides. Overall eye appeal is terrific. Census: 14 in 67 (2 in 67+), 4 finer (11/20).(Registry values: N7079)

Coin Index Numbers: (NGC ID# 289N, PCGS# 7963, Greysheet# 8625)

Metal: 90% Gold, 10% Copper
Weight: 4.18 grams
AGW: 0.13oz
Mintage: 117

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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