As noted in our earlier description of the 1915-S Panama-Pacific half dollar, the 1915 Panama-Pacific International Exposition was held to commemorate the opening of the Panama Canal and celebrate the recovery of San Francisco from the 1906 earthquake and fire. In conjunction with this event the San Francisco Mint struck gold and silver coins in denominations ranging from 50 cents to 50 dollars. Largely distributed by numismatist Farran Zerbe, these coins cost about twice face-value, with multiple-coin sets available at a slightly discounted rate. Though considered a winning venture by Zerbe, large quantities of each issue were later returned for melting, thus creating instant rarities that remain prized even a century later. The quarter eagle was a collaboration between U.S. Mint engravers Charles Barber and George Morgan, and depicts allegorical figures such as Columbia, the Hippocampus, and a majestic eagle. Though relatively plentiful in lower Mint State grades, this issue becomes truly scarce above MS-65 and beyond MS-67 examples are virtually unknown. This premium Gem exhibits entirely undisturbed, densely frosted surfaces and a rich golden-yellow hue on both sides. The central design elements are bold, displaying particularly impressive sharpness on the reverse. Close inspection reveals tiny circular die polish lines in the fields (as made) that enhance the satiny appearance. The aesthetic merit of this exceptional quarter eagle is clearly choice for the assigned grade. CAC has graded 151 examples at this level. ， Est. $4000-$7000
