$260,000.00 USD
The year 1834 was a pivotal one for U.S. gold coins in particular. The melt value of a quarter eagle produced in the old-tenor Capped Bust style had risen to $2.66, causing widespread exportation and melting. To rectify this problem, the gold content of the coins was reduced and the Classic Head, No Motto design was introduced to signify the change. A small mintage of proofs of the new design was struck to order for collectors and government officials at different times throughout the year. For example, proof quarter eagles were included in the diplomatic presentation sets that were struck late in the year and gifted to various foreign rulers during trade negotiations. Those sets also included examples of the extremely rare 1804 dollar.
In his series reference, United States Proof Coins, Volume IV: Gold, John Dannreuther speculates as little as just 12 proof 1834 Classic Head quarter eagles may have been produced, with two die varieties known for the issue. This coin represents the JD-1 variety, with the Small Head of Liberty on the obverse. Dannreuther estimates 8 to 10 examples of the JD-1 variety survive today in all grades, but only a single specimen of the JD-2 has been confirmed. PCGS and NGC have combined to certify 11 coins between them, including an unknown number of resubmissions and crossovers (11/24). The single known JD-2 specimen is included in the National Numismatic Collection at the Smithsonian Institution.
The present near-Gem Cameo specimen is a coin with simply stunning eye appeal and outstanding surface texture throughout both sides. The contrast is quite profound, substantially much more so than the mere Cameo designation might imply. The devices are profoundly frosted throughout, not only the central devices but the date, peripheral stars, and reverse legends. The deeply mirrored fields are simply gorgeous, as contrasting background, is sufficiently deep that we wonder why this coin did not receive a Deep Cameo designation and a Proof 65 grade. There are no mentionable signs of contact. The strike is absolutely razor-sharp throughout, full or nearly so in all areas. Some doubling is evident on the letters in ATES OF. The consistent orange-gold coloration is a further plus. This coin is pictured on PCGS CoinFacts and is the number 2 coin in their Condition Census
