Estimated number of pieces known:
13-16 (43-53 % of original mintage)
Characteristics: High and
large date. First numeral 1 very close to truncation of
neck, but not touching. Final numeral 1 very low, both in
the field and compared to the other numerals. Broad bases
of the 1 numerals, appears to be from a completely new punch
compared to the previous year. Numerals 7 and final 1 almost
touching near the flag of 1. Heavy rust pit on the neck,
just under the love-lock. Some more scattered and much smaller
rust pits are visible in the same area, much like the previous
year. Reverse is that which was used for the previous few
years, again with no noticeable features and still in very
good condition.
Comments: With a mintage
which is slightly lower than the previous year, it is somewhat
surprising that this date has appeared more frequently at
auction during the last decade. However, this does not mean
that the overall population of the 1871 Proof quarter eagle
is higher than that of the 1870. The correct assumption
would be that the pieces that have sold were not held as
firmly as most of the known pieces of the 1870 Proof quarter
eagle, or that a relatively large number of pieces have
recently appeared on the market. As such, estimating the
total number of survivors is difficult, as we do not know
how many pieces of this rarity are still in hands of collectors
who have kept them for multiple decades.
The full mintage of this date was minted
on February 20. Populations of known pieces have varied
over time, but about half of the original mintage would
appear to be correct to us. Most of these display considerable
reflectivity and frost on both sides but full deep cameos
are in the distinct minority. Die polishing lines are featured
on both the obverse and reverse, but mostly so near the
obverse stars. These are important characteristics for the
identification of true Proofs, as early business strikes
struck from polished dies are often confused with true Proofs.
With a total business strike mintage of just 5,320 pieces
this is a problem, as even business strikes are considered
to be representatives of a very scarce issue as well.
Proof quarter eagles of the 1870s all had
extremely low mintages, with the total number of pieces
known mostly less than half of the original mintage. However,
compared to later dates, they are not priced much higher,
despite the fact that those issues are often more frequently
offered. This gives a very interesting point to consider
for the serious investor. If, one day, the collecting of
full sets of Proof gold sets of a given denomination will
become much more popular, it will be a logical consequence
that prices will raise. For now, however, it is important
to look for the pricing trend of the last decade. Even with
the infrequency of auction appearances it is apparent that
pricing have been steadily rising, making these Proof gold
coins perfect pieces for the conscious investor.
