The rarity of this issue can not be understated, the same way as it is impossible not to relate to the numismatic changes at the Philadelphia Mint in this year. The previous year, in 1857, the Mint halted its output of the old half and large cents, and retracted them from circulation. What happened next usually is given as the birth of numismatics in the United States , although a small number of collectors had been active in previous years. For these collectors, the Mint had struck extremely limited supplies of gold coins, from polished dies and planchets, and sold them for a premium to contemporary collectors of the day. These early Proofs are all very rare, as all had extremely limited mintages. While 1858 usually is given as the year that the sale of Proof pieces began on a larger scale, most denominations are still very rare, with the quarter eagle being no exception.

The 1858 Proof quarter eagle has a few diagnostics that will appear on every genuine example. The placement of the date is relatively high, but is slanting down to the right. The 1 in the date is very close to both the truncation of the bust as well as the dentils. 8 is close to rim, but not as close as the first digit. A number of very small rust pits are noted on the obverse, in particular around Liberty s neck. Under magnification, a number of small die marks are to be noted, one to the right of the 11th star, above the 1 in the date, and on the reverse near the lower part of the eagles right wing (viewers right). Furthermore, some die polishing is still fairly evident on the center reverse.

As previously mentioned only six individual pieces have been positively identified. Walter Breen put together the following roster, which still is up to date today. Full information and pedigree information is found in his reference on Proof gold coinage, but we will limit our self to the grades.

1.Smithsonian Institution;
2.American Numismatic Society; raw
3.Impaired Specimen; present whereabouts unknown
4.Ten Eyck/Trompeter; PCGS PR-65CA
5.Clapp/Eliasberg; PCGS PR-65CA
6.Brand/Merkin; NGC PR-66CA (the example presently offered)

As can be seen from this listing, which is believed to be complete, the present specimen is the finest known. Its full pedigree information, as far as we know, is as follows (time of sale in brackets):

-Lorin Parmelee (1890)/William H. Woodin (1911)/Virgil Brand (1932 or later)/Ira Reed (1940s)/Judge Gaskill (1956)/Lester Merkin (1967)/Two different auctions in 2007, one of the Dr. Loewinger collection-

With such an impressive pedigree, it is not hard to imagine the exquisite quality that this coin has. Absolutely the finest known and of above gem quality, the present offering of this piece might be a true once in a lifetime opportunity. Blazing cameo contrast with deeply reflective fields and frosted devices, much more like the Proof issues produced later in the century. A few very minor hairlines are noted, but no other factors will limit the grade. Dark and intensive yellow-golden color is seen on both sides, which certainly adds to the overall effect of this coin. For the true connoisseur of American Proof gold coinage, this coin will be the perfect highlight for a set of Proof American gold coinage.