By Charles Morgan and Hubert Walker for CoinWeek Notes …..
JD-1. Using one set of dies, the Philadelphia Mint struck a total of 197 1912 Indian Head Quarter Eagle Proofs, all on March 18. For Proof gold coins this year, the United States Mint deployed a fine sandblast finish, which under glass reveals a fine texture unlike any issued by the Mint in the preceding years. It is generally considered that the color of the 1912 Proof is lighter than that found on the 1909 and 1910 Indian Head Quarter Eagle Proofs.
While not appreciated upon release, early 20th-century gold Proofs are coveted by today’s upmarket collector due to the uniqueness of their look (the Mint abandoned matte-style Proofs after the series resumed in 1936) and their extreme scarcity. The major third-party grading services CAC, NGC, and PCGS combined report 103 grading events. With duplication between TPGs likely due to crossovers, the actual survival rate in gradable condition may be closer to 75 or 80 pieces. Even though we were able to track several auctions for coins graded Proof 67 or finer, the quality of the available auction listing images makes it difficult to match coins that may have been upgraded or crossed over. Furthermore, none of the available pedigree information predates internet auctions.
* * *
Market Data and Noteworthy Specimens
Top Population: PCGS PR67+ (3, 8/2024). NGC PF68 (14, 3/2024). CAC PR67 (4:0 stickered:graded, 8/2024).
- NGC PF68 #1634499-029: Lisa L.; “The Dr. Robert J. Loewinger Collection,” Heritage Auctions, January 4, 2007, Lot 3117 – $50,312.50. LISA L. on insert.
- PCGS PR67+ #40278086: Stack’s Bowers, December 18, 2020, Lot 2359 – $57,600.
- PCGS PR67+ CAC #38402753: Heritage Auctions, January 9, 2020, Lot 4371 – $78,000.
- PCGS PR67 #06595190: “The Dr. Robert J. Loewinger Collection,” Heritage Auctions, January 4, 2007, Lot 3116 – $43,125; “The Kutz Family Collection of $2 1/2 Indian Proofs,” Heritage Auctions, January 6, 2011, Lot 5052 – $46,000; Heritage Auctions, April 28, 2011, Lot 5349 – $46,000; Stack’s Bowers, August 17, 2021, Lot 4186 – $40,800.
- PCGS PR67 #35747090: Heritage Auctions, August 16, 2018, Lot 5226 – $43,200.
- PCGS PR67 CAC #36498772: Stack’s Bowers, February 28, 2019, Lot 1132 – $60,000.
* * *
1912 Indian Head Quarter Eagle Proof Specifications
| Country: | United States of America |
| Year of Issue: | 1912 |
| Denomination: | $2.50 (USD) |
| Mintmark: | None (Philadelphia) |
| Mintage: | 197 |
| Alloy: | .900 Gold, .100 Copper |
| Weight: | 4.18 g |
| Diameter: | 18.00 mm |
| Edge | Reeded |
| OBV Designer: | Bela Lyon Pratt |
| REV Designer: | Bela Lyon Pratt |
| Quality: | Proof |
* * *
