1865 Quarter Eagle - A total of just 27 1865 quarter eagles have been graded by both PCGS and NGC, a number influenced as usual by many resubmissions. Currently, out of the total mintage of a mere 1,520 pieces, one of the lowest of the whole series, only an estimated 25 or so survive in all grades. This already low number includes a number of damaged and cleaned pieces, making the number available for collectors of original coins very low.

By the end of the Civil War, when these pieces were produced, it was clear that a Union victory was rapidly approaching. However, for the monetary situation in the eastern states, this did not do much. All federal coins, especially gold and silver, had been hoarded since the beginning of the Civil War, and would not circulate again for many years. The need of money in commerce was filled by fractional paper money, and earlier by a large assortment of privately produced tokens.

The pieces that were produced at the Philadelphia Mint did not see any circulation at first either, even when the Civil War had already finished. Instead, complete releases of issues did not even leave the Mint, but were soon melted and reused for coinage. As a result, many issues would not have any circulation at all, and many rarities were created. A few pieces of each issue finally did escape into circulation, apparently most in the 1870’s and later, and it are these coins that constitute the majority of all pieces we currently known of an issue like the 1865 quarter eagle.

Of this issue, a single piece has been graded in uncirculated condition. This coin is graded by PCGS as MS-63, and has survived by chance. In recent times, it has not appeared at auction or in the public market and it appears that this coin is tightly locked up in a specialized collection. The rest of the condition census is filled with a limited number of AU coins, approximately 5 to 7. A few pieces exist in Extremely Fine condition as well, and the rest of the number of surviving examples is filled by lower graded and damaged pieces.

When one compares this issue to the 1864 quarter eagle, which had a higher mintage at 2,824 pieces, it appears that this coin would be the scarcer of the two. Yet, the survival rate of the 1865 is much higher than the 1864, which is seldom available in any grade and probably has less than 15 pieces known in all grades. The reason why this is the case is unknown, but perhaps some of these pieces were saved as mementos the long awaited ending of the American Civil War.

As usual for the Philadelphia Mint, proofs of this issue were produced for collectors as well. The total output of this year was just 25 pieces, which was the lowest of all Civil War dates. Of this number, approximately 12 to 15 coins survive in all grades, including a few that are permanently locked up in museums and a number that have been cleaned. Earlier estimates, like those by Akers (1975) put the number of remaining specimens at just 7 or 8, but in recent times a few more examples have turned up.

Whatever the true number of surviving specimens is, this is a very rare issue that is often overshadowed by the proof-only 1863. Yet, examples are extremely rare and anyone seeking a proof 1865 quarter eagle should consider every single piece. Most show either Cameo or Deep Cameo surfaces, having tremendous eye-appeal. When included in a any collection, such a piece will often by considered to be a true highlight, and not without reason.