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Sale 91
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Lot 1579
1881 $2.50 Liberty PCGS PF66 CAM. PCGS graded Proof 66 Cameo PQ. CAC Approved. Here is a fantastic Gem Cameo Proof Liberty quarter eagle. Not only is this a prized rarity in Proof, but circulation strikes were limited to a mere 640 pieces for the year, making any appearance of an 1881 quarter eagle quite an event. Only 51 minted in the Proof format, and this is one of the absolute finest. Boldly struck and nearly perfect in quality, with rich golden hues throughout and no distracting handling marks or hairlines of any consequence. These early Liberty quarter eagles are beautiful when found in Gem grades, and add to this mix the gorgeous Cameo contrast and you have an exceptionally appealing coin. This prize is destined to be a major centerpiece in any advanced collection.
The overall mintage for this date was tiny as demand fell way off for new coins in this era. This was caused by countless hoards of coins coming back into circulation beginning in 1879 and later as the United States finally worked through the monetary indigestion that developed during the Civil War. As the storm clouds of war gathered and burst into rage in 1861, coins of all sorts were hoarded as precious metal coins might be later needed for the most important transactions, and the uncertainty of the time meant that the usual gold and silver coins might not be available. As the population panicked over the spectre of war, the coins in circulation disappeared into hoards. Soon a variety of coinage substitutes were flooding the channels of commerce, fractional currency, Civil War tokens, new paper currency known as Greenbacks and other types of circulating medium were created to replace the hoarded gold and silver coins. Gold could still be purchased as the war unfolded, but at an increasing premium to the paper dollars that soon became the primary circulating medium. Gold continued to trade well above the stated "par" value (of the paper dollar) well after the Civil War ended, and many years later--in fact not until 1879 did the premium finally disappear between the value of gold coins and paper dollars. Thus the hoarded gold (and silver) coins came back into circulation as the uncertainty and premium for metal over paper, had passed. So many coins returned to circulation, that they flooded into the Post Offices and other government facilities, and demand for new coins from the mints collapsed. An important offering for the astute numismatist. Pop 2; none finer. Tied for the finest at either grading service with the Cameo contrast. (PCGS # 87907) Estimated Value $30,000 - 35,000
Ex. US Gold from a prominent midwestern family collection.
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| Realized $51,700 |
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