1861-S $2.5 Quarter Eagle NGC AU58 - US Rare Coin Investments

1861-S $2.5 Quarter Eagle, NGC AU58. Struck during the first year of the American Civil War, this issue is scarce in higher grades, despite the large mintage of over one million pieces. Most saw extensive circulation, and were later melted or damaged. Pieces in lower grades are available, but do not attract much attention, even with the low 24,000 mintage. In the upper AU class, and especially so in Mint State, however, this issue is very scarce and scarcely found with original surfaces such as on the present piece. In his Encyclopedia published in the late 1990s, Walter Breen called the issue unknown in uncirculated condition.

The Civil War had only moderately impact on the western states and territories. One difference was the circulation of money, which was virtually non-existent in the east. In the west however, where prices always had been much higher and currency notes were considered to be of lesser value than actual coins, circulation remained fairly high. As such, this issue is not as easily located as the Philadelphia coins of the same era, which often (but not always) had higher mintages.

The present piece was very well produced at the time, with a near full strike highlighting all the details on both sides. It has remained in its original skin, exhibiting the orange-yellow color not frequently encountered anymore on this issue. It shows only a few minor luster breaks that account for the grade, although it seems impossible that these were encountered in actual circulation. A wonderful coin and a rare opportunity for the specialist or collector of Civil War dated gold coinage. Extremely scarce, with only 2 or 3 pieces believed to exist that would grade higher.