1909 $2.50 Indian Head Quarter Eagle NGC PR65+ - Only 50 to 60 survive today!

Very rare proof specimen in the Indian Head quarter eagle series. Specialists of such coins should carefully consider this offering from AUCM. NGC has graded only 1 in PR65+ with 9 finer. The 1909 is the rarest proof Indian quarter eagle in high grades today, by a large margin.

The year 1907 saw the Mint change the manner in which they struck gold proof coins. The bright, brilliant finish of previous years ended, and they sand-blasted the coins after they were minted. The resultant dark, matte finish was not popular with numismatists.  In order to rectify that issue, in 1909, the year this piece was struck, the "Roman gold" process was employed on gold proof coins. Such coins were brighter, in essence they were a blend between matte and brilliant proof.

The stated mintage of the 1909 Indian quarter eagle proof was only 139 coins, per Mint records. PCGS suggests a charitable survival estimate of less than 100 pieces known. However, in his recent treatise of proof gold die varieties, United States Proof Coins, Vol. IV: Gold, John Dannreuther's research has determined a total sales figure for the 1909 issue of only 78 pieces, of which he offers an estimate of 50 to 60 survivors. Heritage Auctions reports that grading service populations are greatly inflated in the PR63 and PR64 levels from attempts at upgrading. Gem-quality coins are indeed rare and hardly ever appear for sale. This offering from AUCM represents one of those truly rare occasions. The luster is brilliant and satiny, characteristic of the 1909 proof, and the details are razor-sharp throughout.

Numismatic researcher and author John Dannreuther tells us that there are between 50-60 survivors of this super rare proof issue.