1861-S $2.50 AU55 Certification #39425905, PCGS #7795

Garrett and Guth state in their "Encyclopedia of U.S. Gold Coins 1795-1933", "The 1861-S quarter eagle is another issue with a moderately low mintage that was heavily circulated and has few survivors. This date is usually seen heavily worn and becomes increasingly rare in higher grades... The 1861-S quarter eagle does not garner much attention, but can be extremely difficult to locate in any grade." "Walter Breen's Complete Encyclopedia of U.S. And Colonial Coins" asserts, "'Type 1' rev. Very scarce. One obv. shipped Nov. 1860, one June 1861: leftover revs. from 1856. Much rarer in all grades than mintage figure suggests; usually weak VF, Ex. rare in EF, unknown UNC." Since his book was published in 1988, as many as 11 uncirculated coins may exist although PCGS suggests only 4 in MS60 and above. I have found 3 distinct reverse dies were used, identified by the location of the mint mark. The first has the mint mark slanted right with the lower serif of the S almost touching the fraction bar (see PCGS website MS62+ photo). The second is more upright and positioned above the upper serif of the D (see PCGS website AU58 photos). The third has the mint mark positioned left between the 1 in the fraction and the fraction bar (see NGC website sn 3516516-010 AU55)(This appears to be the rarest of the three and its the best photo I could find - sorry). This coin has the upright mint mark above the D upper serif. There is also a contact mark (point) between stars 7 and 8. Pedigree: Maurice Storck Collection (2020)

David Akers (1975/88)

As is the case with many quarter eagles, this date is grossly underpriced in the standard pricing guides. I have never seen a full mint state 1861-S. Specimens better than VF are genuinely rare.