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Free Appraisal
1824/1 $2 1/2 BD-1, R.5, PR67 PCGS. JD-1, R.8 as a Proof.
(PCGS# 7678)
Auction 1359
| Lot: 4510 | May 7, 2023
Sold For:
$1,740,000.00
Make Offer to Owner
$2,610,000 or more
1914 $2 1/2 PR67+ PCGS. CAC. JD-1, Low R.5.
(PCGS# 7963)
Auction 1294
| Lot: 3832 | Apr 25, 2019
Sold For:
$138,000.00
1912 $2 1/2 PR67+ PCGS. CAC. JD-1, R.4.
(PCGS# 7961)
Auction 1311
| Lot: 4371 | Jan 12, 2020
Sold For:
$78,000.00
1915 $2 1/2 PR67 PCGS.
Over the course of 32 years in the numismatic auction arena, the Heritage firms have offered 142 proof Indian quarter eagles of all dates from 1908 to 1915. Only eight of those were dated 1915, and this issue is tied with 1909 for the most infrequently offered proof quarter eagle of the Indian Head type. At about the time we started selling coins at auction in 1975, David Akers published his
Auction Analysis
of quarter eagles, and he noted the rarity of this issue at that time: "The proofs of this year are the rarest of this type with the possible exception of the 1909. Certainly the 1915 is the rarest matte proof quarter eagle, yet it usually realizes only a modest premium."
Just 100 of these coins were originally produced in 1915, with an unknown quantity melted a year later, the smallest distribution total of any proof Indian Head quarter eagle. At the time, collectors were not so fond of the matte proof appearance, thus few took the trouble to acquire pieces at the time of issue. The exact number of survivors is not specifically known, although various estimates range between 15 and 50 coins. It is probably realistic to place the number of survivors at about 25 or 30 coins.
This was the final year of issue for the proof gold coinage. Garrett and Guth comment: "Collector demand had fallen in most years, and proof gold coinage was halted in 1916 for regular-issue gold denominations." Of course, regular issue gold production stopped altogether at the Philadelphia Mint in 1916 and did not resume until 1920. The example offered here is the single finest piece ever certified by PCGS. It has the usual fine-grain matte surface with bright olive-gold color and sharp design elements. Each side has pristine surfaces and exceptional aesthetic appeal. This is undoubtedly the finest 1915 proof quarter eagle we have ever handled. Population: 1 in 67, 0 finer (10/06).
From The Dr. Robert J. Loewinger Collection.
(PCGS# 7964)
Auction 422
| Lot: 3120 | Jan 6, 2007
Sold For:
$74,750.00
1910 $2 1/2 PR67+ NGC. CAC.
(PCGS# 7959)
Auction 1219
| Lot: 5275 | Apr 26, 2015
Sold For:
$70,500.00
1908 $2 1/2 PR67 PCGS. CAC.
(PCGS# 7957)
Auction 1216
| Lot: 4250 | Jan 12, 2015
Sold For:
$70,500.00
1911 $2 1/2 PR67+ PCGS. CAC. JD-1, R.4.
(PCGS# 7960)
Auction 1359
| Lot: 3212 | May 7, 2023
Sold For:
$69,000.00
1911 $2 1/2 PR67+ PCGS.
(PCGS# 7960)
Auction 1271
| Lot: 4999 | Jan 8, 2018
Sold For:
$69,000.00
1915 $2 1/2 PR67 PCGS.
(PCGS# 7964)
Auction 1158
| Lot: 7478 | Aug 14, 2011
Sold For:
$69,000.00
1914 $2 1/2 PR67 PCGS. CAC. JD-1, Low R.5.
(PCGS# 7963)
Auction 1359
| Lot: 3214 | May 7, 2023
Sold For:
$66,000.00
1908 $2 1/2 PR67+ PCGS. CAC. JD-1, R.4.
(PCGS# 7957)
Auction 1327
| Lot: 3098 | Feb 23, 2021
Sold For:
$66,000.00
1915 $2 1/2 PR67 PCGS. JD-1, Low R.5.
(PCGS# 7964)
Auction 1326
| Lot: 4077 | Jan 24, 2021
Sold For:
$66,000.00
1914 $2 1/2 PR67+ NGC. CAC.
(PCGS# 7963)
Auction 1219
| Lot: 5281 | Apr 26, 2015
Sold For:
$64,625.00
1910 $2 1/2 PR67 PCGS.
(PCGS# 7959)
Auction 1216
| Lot: 4251 | Jan 12, 2015
Sold For:
$64,625.00
1915 $2 1/2 PR67 PCGS.
(PCGS# 7964)
Auction 1173
| Lot: 5320 | Aug 5, 2012
Sold For:
$64,625.00
1911 $2 1/2 PR67 PCGS. CAC.
(PCGS# 7960)
Auction 1167
| Lot: 4705 | Feb 5, 2012
Sold For:
$63,250.00
1908 $2 1/2 JD-1, R.4, PR67 PCGS. CAC.
(PCGS# 106500)
Auction 1385
| Lot: 3368 | Aug 31, 2025
Sold For:
$57,600.00
1909 $2 1/2 PR67 NGC.
(PCGS# 7958)
Auction 1151
| Lot: 5048 | Jan 9, 2011
Sold For:
$57,500.00
1909 $2 1/2 PR67 NGC.
The 1909 and 1910 quarter eagle proofs were struck in the so-called "Roman gold" finish, a lighter and, most numismatists say, more popular surface treatment than the darker matte finish used in 1908. Dr. Robert J. Loewinger's
Proof Gold Coinage of the United States
calls the finish "halfway between a matte and a mirrored finish." (A single dark matte example is known of the 1910 proof issue, currently graded PR66 NGC.) Mintage figures fell considerably from 1908 to 1909, partially due to the unpopularity of the first-year proofs' appearance, and partially due to the typical lower demand for second-year-of-issue coins. The Garrett-Guth gold
Encyclopedia
notes of this issue, "This is far and away the most difficult issue to find in PF-64 or higher grades. PCGS notes a single coin in their Population Report graded as high as PF-65, and NGC shows only three examples in their Census graded that high. For the collector, this is one of the three most difficult Proof issues to obtain in any grade, and perhaps it is the rarest overall, as the combined PCGS Population Reports and NGC Census show the 1909 quarter eagle to have the fewest Proofs graded of any date in the series, with a total of 70 coins seen." Those totals have increased only slightly since that book was completed; as of (11/06), the number of certified 1909 proofs stands at 76 pieces at NGC and PCGS combined--one less than the total of the last-year 1915 issue. While PCGS still lists only a single PR65 as the finest, NGC has certified six PR65 coins, along with two PR66 pieces, three PR67s, and one PR68 piece. The present PR67 example, accordingly, is tied with two others at NGC, and exceeded only by a single example. The devices are razor-sharp, as one would expect from a proof striking, and the surfaces are bright overall with even orange-gold color. There are no observable contact marks on either side of this magnificent piece. The only ripple in the fabric of the coin is a shallow
(PCGS# 7958)
Auction 422
| Lot: 3112 | Jan 6, 2007
Sold For:
$57,500.00
1908 $2 1/2 PR67 PCGS. CAC. JD-1, R.4.
(PCGS# 7957)
Auction 1344
| Lot: 3948 | May 8, 2022
Sold For:
$55,200.00
1910 $2 1/2 PR67+ NGC. JD-1, R.4.
(PCGS# 7959)
Auction 1342
| Lot: 3159 | Feb 27, 2022
Sold For:
$55,200.00
1911 $2 1/2 PR67 PCGS. JD-1, R.4.
(PCGS# 7960)
Auction 1312
| Lot: 3163 | Feb 20, 2020
Sold For:
$49,213.20
1908 $2 1/2 PR67 PCGS. CAC. JD-1, R.4.
(PCGS# 7957)
Auction 1376
| Lot: 4292 | Aug 18, 2024
Sold For:
$49,200.00
1915 $2 1/2 PR67 NGC. JD-1, Low R.5.
(PCGS# 7964)
Auction 1347
| Lot: 3237 | Jul 14, 2022
Sold For:
$49,200.00
1910 $2 1/2 PR67★ NGC.
JD-1, R.4.
(PCGS# 7959)
Auction 1364
| Lot: 3170 | Aug 20, 2023
Sold For:
$48,020.40
1911 $2 1/2 PR67 PCGS.
(PCGS# 7960)
Auction 1151
| Lot: 5050 | Jan 9, 2011
Sold For:
$47,437.50
1910 $2 1/2 PR67★ NGC.
JD-1, R.4.
(PCGS# 7959)
Auction 1344
| Lot: 3949 | May 8, 2022
Sold For:
$46,800.00
1914 $2 1/2 PR67+ NGC. JD-1, Low R.5.
(PCGS# 7963)
Auction 1326
| Lot: 4076 | Jan 24, 2021
Sold For:
$46,800.00
1912 $2 1/2 PR67 PCGS.
(PCGS# 7961)
Auction 1154
| Lot: 5349 | May 1, 2011
Sold For:
$46,000.00
1912 $2 1/2 PR67 PCGS.
(PCGS# 7961)
Auction 1151
| Lot: 5052 | Jan 9, 2011
Sold For:
$46,000.00
1908 $2 1/2 PR67 PCGS. JD-1, R.4.
(PCGS# 7957)
Auction 1348
| Lot: 4025 | Aug 28, 2022
Sold For:
$45,600.00
1915 $2 1/2 PR67 PCGS.
(PCGS# 7964)
Auction 1234
| Lot: 4767 | May 1, 2016
Sold For:
$44,650.00
1911 $2 1/2 JD-1, R.4, PR67 PCGS.
(PCGS# 106504)
Auction 1393
| Lot: 3159 | May 2, 2026
Sold For:
$43,920.00
1911 $2 1/2 JD-1, R.4, PR67 PCGS.
(PCGS# 106504)
Auction 1380
| Lot: 4349 | Jan 19, 2025
Sold For:
$43,200.00
1912 $2 1/2 PR67 PCGS Secure.
(PCGS# 7961)
Auction 1278
| Lot: 5226 | Aug 16, 2018
Sold For:
$43,200.00
1898 $2 1/2 PR67 PCGS. CAC (Gold Label).
(PCGS# 7924)
Auction 1136
| Lot: 2110 | Jan 10, 2010
Sold For:
$43,125.00
1912 $2 1/2 PR67 PCGS.
The 1912 proof Indian Head quarter eagle had a mintage of 197 pieces. Attrition was heavy in this year, however, and the original mintage figure bears only a partial relationship to the number of survivors today. Akers was only able to trace 19 auction records for this date in the 30 years he surveyed for his work. The total number of survivors is probably in the neighborhood of 65 to 75 pieces.
A matte or sandblast finish was seen on gold proofs of this year, but is different from the matte or sandblast finish of proofs from 1908 and 1911. Writing in his
Encyclopedia of United States and Colonial Proof Coins, 1722-1989
(1989), Walter Breen commented: "Fine sandblast finish. Different from all previous matte coins; under a microscope the surfaces show millions of minute shiny facets. Much rarer than its mintage figure would suggest."
This piece features fine-grained surfaces that display a beautiful matte texture and even, light khaki coloration. The obverse is virtually flawless, and the reverse also comes close to being pristine. The fully articulated design elements are sharp and clear throughout, except only for the slightest weakness on the eagle's breast and left (facing) leg feathers. The specialist in proof Indian Head gold coinage could spend many years searching for a finer example: Only a single coin (also in the present auction) is graded finer. Census: 8 in 67, 1 finer (10/06).
From The Dr. Robert J. Loewinger Collection.
(PCGS# 7961)
Auction 422
| Lot: 3116 | Jan 6, 2007
Sold For:
$43,125.00
1915 $2 1/2 PR67 PCGS.
(PCGS# 7964)
Auction 1227
| Lot: 3316 | Dec 6, 2015
Sold For:
$42,300.00
1911 $2 1/2 PR67 PCGS.
(PCGS# 7960)
Auction 1219
| Lot: 5277 | Apr 26, 2015
Sold For:
$42,300.00
1908 $2 1/2 PR67 PCGS. JD-1, R.4.
(PCGS# 7957)
Auction 1332
| Lot: 3090 | Jul 15, 2021
Sold For:
$42,000.00
1910 $2 1/2 PR67 NGC.
(PCGS# 7959)
Auction 1251
| Lot: 5823 | Jan 9, 2017
Sold For:
$41,125.00
1908 $2 1/2 JD-1, R.4, PR67 NGC.
(PCGS# 106500)
Auction 1380
| Lot: 4742 | Jan 19, 2025
Sold For:
$40,800.00
1911 $2 1/2 JD-1, R.4, PR67 NGC.
(PCGS# 106504)
Auction 1380
| Lot: 4744 | Jan 19, 2025
Sold For:
$40,800.00
1912 $2 1/2 PR67 PCGS. JD-1, R.4.
(PCGS# 7961)
Auction 1366
| Lot: 3133 | Nov 19, 2023
Sold For:
$40,800.00
1908 $2 1/2 PR67 NGC. JD-1, R.4.
(PCGS# 7957)
Auction 1356
| Lot: 3839 | Jan 12, 2023
Sold For:
$40,800.00
1911 $2 1/2 PR67+ NGC.
JD-1, R.4.
(PCGS# 7960)
Auction 1344
| Lot: 3950 | May 8, 2022
Sold For:
$40,800.00
1908 $2 1/2 PR67 PCGS. JD-1, R.4.
(PCGS# 7957)
Auction 1311
| Lot: 4368 | Jan 12, 2020
Sold For:
$40,800.00
1915 $2 1/2 PR67 NGC.
(PCGS# 7964)
Auction 1128
| Lot: 1238 | Aug 2, 2009
Sold For:
$40,250.00
1914 $2 1/2 PR67 NGC.
(PCGS# 7963)
Auction 1114
| Lot: 1917 | Aug 3, 2008
Sold For:
$40,250.00
1915 $2 1/2 PR67 NGC.
(PCGS# 7964)
Auction 1294
| Lot: 3833 | Apr 25, 2019
Sold For:
$39,600.00
1912 $2 1/2 PR67 PCGS Secure.
(PCGS# 7961)
Auction 1291
| Lot: 5597 | Jan 14, 2019
Sold For:
$39,600.00
1877 PR 67 Cameo NGC.
While most issues of proof gold are rare in the absolute sense, and may have mintages and survival rates that are comparable to the 1877, this is one issue that has received a measure of acclaim that is in line with its rarity. This is no doubt due to the extreme rarity of many of the business strikes from various denominations of this year, including the mintage for the quarter eagle which is only 1,652 pieces (including proofs). Only 20 proofs were originally struck with perhaps only 13-14 pieces believed extant today, many of which are unfortunately impaired in some way. This coin is the undisputed finest known 1877 with nothing else certified within two points. The fields are deeply mirrored and unaffected by the hairlines that usually afflict proof gold. Apparently lint marks are commonly encountered on this issue. The Trompeter coin had a prominent one on the face of Liberty, and so does this piece with a long, squiggly one running down the length of her nose. Heavily cameoed, the surfaces show a bit of light haziness, but this does not affect the overall appeal of this magnificent coin.
(PCGS# 7903)
Auction 181
| Lot: 7637 | Jan 13, 1998
Sold For:
$39,100.00
1910 $2 1/2 PR67 NGC.
Ex: Lisa L. The mintage of the 1910 proof quarter eagles is recorded as 682 pieces, a number that on the face of it appears absurdly high compared to the mintage of 236 pieces for the 1908 coins, the first year of the new design. The second year of the series, 1909, saw a proof mintage of only 136 coins following the heavy matte finish used on the 1908 coinage. Examining the current combined population data at NGC and PCGS, which of necessity include duplicates, one can observe that the total combined proofs range from 76 and 77 pieces on the low side for, respectively, the 1909 and 1915 issues, and on the high side to 163 and 165 pieces for, respectively, the 1910 and 1911 issues. Dividing the number of certified pieces by their respective recorded mintages, and throwing out the anomalous 1908 and 1910 recorded mintages, as well as the highest and lowest ratio of survivors, suggests a more moderate proof mintage for the 1910 ranging from 212 pieces on the low side to 312 pieces on the high side. The Garrett-Guth gold
Encyclopedia
notes succinctly, "Either two-thirds of these coins were melted by the Mint as unsold, but not removed from the reported mintage, or the reported mintage is simply incorrect." The present PR67 example is one of 10 pieces graded PR67 at NGC (including two with the Star designation), while there is a single PR68 specimen at that service (11/05). The surfaces are bright yellow-gold and the fields shine with the semi-reflective quality that Roman Finish proofs are known for. We see no flaws on either side of this magnificent coin and, in fact, see no impediments to an even higher grading designation.
Pictured in
Proof Gold Coinage of the United States
by Robert J. Loewinger, M.D., on page 41 as an example of the Indian Head type quarter eagle with Roman finish.
From The Dr. Robert J. Loewinger Collection.
(PCGS# 7959)
Auction 422
| Lot: 3114 | Jan 6, 2007
Sold For:
$38,812.50
1908 $2 1/2 JD-1, R.4, PR67 NGC.
(PCGS# 106500)
Auction 1386
| Lot: 3106 | Oct 5, 2025
Sold For:
$38,400.00
1912 $2 1/2 PR67 NGC. JD-1, R.4.
(PCGS# 7961)
Auction 1326
| Lot: 4075 | Jan 24, 2021
Sold For:
$38,400.00
1911 $2 1/2 PR67 NGC. JD-1, R.4.
(PCGS# 7960)
Auction 1311
| Lot: 4370 | Jan 12, 2020
Sold For:
$38,400.00
1911 $2 1/2 PR67 NGC.
(PCGS# 7960)
Auction 1139
| Lot: 2217 | May 2, 2010
Sold For:
$37,375.00
1913 $2 1/2 PR67 NGC.
(PCGS# 7962)
Auction 1114
| Lot: 1916 | Aug 3, 2008
Sold For:
$37,375.00
1913 $2 1/2 JD-1, R.4, PR67 NGC.
(PCGS# 106506)
Auction 1386
| Lot: 3108 | Oct 5, 2025
Sold For:
$37,200.00
1911 $2 1/2 PR67 NGC. JD-1, R.4.
(PCGS# 7960)
Auction 1357
| Lot: 3797 | Feb 9, 2023
Sold For:
$37,200.00
1897 PR 67 Cameo NGC.
A fabulous proof quarter eagle that comes precariously close to the threshold of perfection for the issue. This is a stunning, two-toned coin whose mirrored fields are limitless in their reflectivity, creating a "blackness" in the recessed fields. Contrasted against this is the heavy frost on the devices, thus giving the coin a cameoed appearance that is instantly appealing. Two or three pinpoint frost breaks on Liberty's cheek are probably as struck and are mentioned solely as an identifying feature. Of the 136 pieces originally produced, fewer than half are estimated to survive today in all grades as recognizable proofs. Never have we been privileged to offer a finer one.
(PCGS# 7923)
Auction 181
| Lot: 7656 | Jan 13, 1998
Sold For:
$36,800.00
1914 $2 1/2 PR67 NGC. JD-1, Low R.5.
(PCGS# 7963)
Auction 1311
| Lot: 4372 | Jan 12, 2020
Sold For:
$36,000.00
1877 $2 1/2 PR67 Cameo NGC.
Ex: Pittman. An exquisitely struck and flashy Superb Gem, light original honey patina endows the portrait and fields. Virtually pristine, as one would expect from the lofty grade, a trio of tiny curly lintmarks (strictly as struck) on the lower right reverse combine to identify this exemplary specimen.
Just 20 proof 1877 Quarter Eagles were struck. The combined forces of NGC and PCGS have certified eleven pieces in all grades, and it is possible that several among these represent multiple submissions. Heritage has only auctioned a proof 1877 Quarter Eagle once before, in our 1998 FUN Signature Auction. While Proof Double Eagles command numismatic headlines, pre-1880 proof Quarter Eagles are also extremely rare and can be acquired for significantly less, although such pieces infrequently appear at auction.
Ex: John Jay Pittman Collection, Part Two (David Akers, 5/98), lot 1836, which realized $26,800. Earlier, Pittman had purchased it from Abe Kosoff's 1956 Thomas Melish sale (as lot 1289) for $130.
(PCGS# 7903)
Auction 352
| Lot: 7184 | Aug 21, 2004
Sold For:
$35,650.00
1899 PR 67 PCGS.
One of the three finest specimens certified by PCGS (4/99) and an absolutely stunning superb gem proof. The 1899 is one of the more available proofs in the Coronet quarter eagle series with an original mintage of 150 pieces. This is still, however, a difficult coin to locate in any grade and a deserved rarity at the superb gem tier. The pristine, watery fields reveal a depth that could easily captivate even the most wandering eyes. In stark contrast, the crisply defined devices carry a thick layer of mint frost that completes the black and white cameo contrast of this proof specimen. The surfaces are essentially free of post-minting defects. A gorgeous proof that belongs in a gold collection similar in stature to Ed Trompeter's.
(PCGS# 7925)
Auction 208
| Lot: 7896 | Aug 16, 1999
Sold For:
$35,650.00
1908 $2 1/2 JD-1, R.4, PR67 NGC.
(PCGS# 106500)
Auction 1390
| Lot: 3203 | Jan 17, 2026
Sold For:
$35,380.00
1908 $2 1/2 PR67 NGC.
(PCGS# 7957)
Auction 1219
| Lot: 5272 | Apr 26, 2015
Sold For:
$35,250.00
1914 $2 1/2 PR67 NGC.
(PCGS# 7963)
Auction 1219
| Lot: 5280 | Apr 26, 2015
Sold For:
$35,250.00
1908 $2 1/2 PR67 NGC.
(PCGS# 7957)
Auction 1175
| Lot: 5768 | Oct 21, 2012
Sold For:
$35,250.00
1913 $2 1/2 JD-1, R.4, PR67 NGC.
(PCGS# 106506)
Auction 1385
| Lot: 3370 | Aug 31, 2025
Sold For:
$34,800.00
1914 $2 1/2 PR67 NGC.
(PCGS# 7963)
Auction 1154
| Lot: 5350 | May 1, 2011
Sold For:
$34,500.00
1908 $2 1/2 PR67 NGC.
(PCGS# 7957)
Auction 1153
| Lot: 4697 | Mar 20, 2011
Sold For:
$34,500.00
1903 $2 1/2 PR67 PCGS.
(PCGS# 7929)
Auction 1145
| Lot: 4676 | Oct 31, 2010
Sold For:
$34,500.00
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