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The 1862 $2.50 Liberty Head quarter eagle was struck amid the Civil War, when economic uncertainty reshaped the circulation of gold coinage. As paper currency fluctuated in value and specie payments were suspended, gold coins quickly disappeared from everyday commerce. Many pieces were saved rather than spent, while others eventually found their way to the melting pot in later decades.
Out of an original mintage of 98,508 pieces, PCGS has certified only 211 examples in all grades. The relatively small, certified population suggests that a significant portion of the mintage was set aside during the war, with surviving coins later dispersed through attrition and melting. The issue appears most often in lightly circulated grades, reflecting coins that saw limited use before being withdrawn from circulation.
This example, graded AU-58 by PCGS, sits at the threshold of Mint State preservation. PCGS reports 40 coins at this level with 53 graded finer. In fully Mint State grades the date becomes scarce to rare, and PCGS has not graded any examples finer than MS64+, underscoring the elusive nature of high-end survivors from this turbulent year of issue.
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