1895 $2.50, DCAM PR66+ DCAM Certification #50021188, PCGS #97921

Ron Guth

In 1895, the Mint struck only 119 Proof Quarter Eagles.  The vast majority of these, if not all, were sold to collectors at a small premium over their face value.  As a result, most of the original mintage has survived.  However, the presence of at least one lightly circulated example confirms that some of the Proofs were spent, presumably as a result of poor economic conditions or theft (this was the case for many Proof coins of this era, as evidenced by the PCGS Population Report).  PCGS has certified nearly half the entire mintage of 1895 Quarter Eagle Proofs, though resubmissions may reduce that figure slightly. 

Most Proof 1895 Quarter Eagles feature cameo contrast which tends to be deep.  The population of non-Cameo examples is misleading because PCGS, in the early days, did not recognize Cameo and Deep Cameo designations.  As these coins come in for re-examination, the population report will self-correct and show a shift to the Deep Cameo designation.