1894 $2.50 (1894 Quarter Eagle) NGC PF66 UCAM. Proof Quarter Eagle. This rare, ultra cameo 1894 Proof Quarter Eagle is tied for third finest at NGC and second at PCGS. As expected for an ultra cameo, the coin exhibits lustrous, satiny devices over deep mirrored fields. The mark on Libertys chin, called a wart by Breen, and the ultra cameo finish are both indicative of an early strike, which is impeccable in the detail that is shown on both sides. No significant individual marks or hairlines are visible to the unaided eye.

Christian Gobrechts quarter eagle was produced without substantial modification from 1840 to 1907, the longest span in any United States coinage series. It uses the Coronet design which shows Liberty in profile facing left, her hair tied tightly in beads, except for two curls one down the back of her neck and the other on the side below her ear, with the word LIBERTY inscribed on the coronet. She is surrounded by thirteen stars, and the date is below the truncation. Dentils are around the periphery of both sides. The reverse shows a heraldic eagle facing left holding arrows and olive branch it its talons. The inscription UNITED STATES OF AMERICA arcs around it, interrupted by the wing tips, and the denomination 2 D. is below. The denomination is separated from the legend with dots.

In 1826 Gobrecht did his first work for the Mint as an assistant to William Kneass. After Kneass suffered a debilitating stroke, Gobrecht did all the die and pattern work for the Mint. He became Chief Engraver in 1840 and served until his death in 1844. He was famous for his Liberty Seated motif which was used for all denominations of sliver coinage including the half-dime, dime, quarter dollar, half dollar and sliver dollar. He also designed the Liberty Head gold eagle, a motif that was also used on the half-cent, the cent, the gold quarter eagle, and the gold half eagle. In 1859 James Longacre, who was now the Mint Chief Engraver, slightly modified the reverse by making the arrowheads smaller and further apart; however, in San Francisco the old reverse was used until 1867. In 1866 it was mandated that the motto IN GOD WE TRUST be added to all coinage large enough to accommodate it. It was decided that the quarter eagle was too small for this modification.

The Red Book, A Guide Book of United States Coins, lists no proof coins until 1859. Yet the grading services have 41 listed. Of course, this number probably contains duplication because of resubmissions and crossovers. The first year, 1840, had 1 listed. The most in these early years was in 1841 with 15. Both 1842 and 1847 had none listed. For the next decade, the proof mintage numbers ranged from 25 to 112, the grading services show 8 to 30 reported. The proof coins of 1863, with a combined population 12, are exceedingly rare because it is a proof only year and no business strikes were made. Forgeries of the 1863 proof coin were made by altering the 8 of an 1868 or by removing the mint mark from an 1863-S. The mintage numbers remain low in the 70s but climb to a high of 349 in 1900, after which they taper off to 154 for the last year. The population reports show 10 to 30 coins for the decade of the 70s. For the 80s the populations range from 28 to 66. The 90s show 42 to 220, and the Twentieth Century dates show 94 to 349.

With its original mintage of only 122 total, the 1894 Proof quarter eagle is rare in all conditions. PCGS estimates that 60 to 80 are still in existence. In its population report, NGC shows 7 1894 quarter eagles in PF66 UCAM with 8 higher. At PCGS there are 3 with 1 higher. Only 5 in all grades with 3 in Prf 66 and 1 higher. These numbers do not account for crossovers and resubmissions.