1912 Indian Head Quarter Eagle, NGC PF66. The 1912 quarter eagle is considered to be a very scarce Proof gold coin, and with a mintage of just 197 pieces this is not hard to imagine. These enigmatic Proof coins, which often need to be seen in hand to be fully appreciated, are examples of curious issues created by the U.S. Mint. Over the last decades the Mint had slowly been changing the finishes given to their Proof gold coins, which were specifically produced for and sold to wealthy collectors of their day. By the early 20th century, the deeply reflective and Cameo surfaces had started to disappear, and further changes would come when the new Indian Quarter Eagles were introduced.

Categorized under several finishes, the Proof Indian Quarter eagles were largely unpopular at the time they were produced. Collectors did not appreciate the matte surfaces the Mint produced, and even experiments with pieces with more reflectivity (Roman Finish coins of 1909 and 1910) failed. In 1911, the Mint changed to a matte, sandblasted finish which often looked dull, with granular surfaces which were created by the sandblasting process. Even though the 1912 issue showed some more reflectivity compared to later issues, sales were slow and the piece remains rare in all grades. Sales even further declined during the next years and halted production of Proof coins completely by the end of 1915, creating a rare type in all Proof grades.

Less than a hundred examples have been graded by the major grading companies, and it is obvious that these numbers include multiple resubmissions. We think no more than 60 to 70 Proof 1912 quarter eagles might still be in existence in all grades, and many of these are in lower grades. In Proof 66, as offered here, NGC has only graded 23 examples, with a mere 10 finer. We think that the correct number would be less than half of these, as offerings are extremely scarce.

A premium example of this rare issue, this is a coin which boasts exceptional eye-appeal. No blemishes are seen on either side, and the full strike has brought up even the minor details on both the obverse and reverse. Under magnification the granular surfaces are visible, a true indication of the curious method of production of these early 20th century gold coins. Characteristic khaki to light yellow-orange color is seen on both sides, which adds to the desirability of this particular piece. This coin has been certified by NGC in a new holder.