This exceptional Superb Gem is at the threshold of numismatic perfection. Silky smooth surfaces display a delightful blend of pale smoky-gold iridescence and attractive satin luster. Fully struck in virtually all areas, it is difficult for us to imagine a more technically sound and aesthetically pleasing example of the date or the type as a whole.The No Motto Liberty Seated quarter is far more challenging to obtain in the finest Mint State grades than its Motto counterpart. For example, PCGS has certified 221 Motto examples of all issues in MS-67, with 33 coins finer through MS-68+. The corresponding population for the No Motto type as a whole is just 26 coins in MS-67 with six finer through MS-68. Clearly the present example would be an important condition rarity even if it were a survivor of one of the more plentiful dates such as the 1857 or 1861. That it is an example of the low mintage, semi-key date 1865 makes it a major rarity.The Philadelphia Mint produced only 58,800 circulation strike quarters in 1865. Silver coinage had still not returned to circulation in the Eastern states since its withdrawal early in the Civil War, and yearly production remained limited both throughout that conflict and for several years thereafter. The 1865 is scarce in all grades, circulated and Mint State, with Uncirculated survivors rated as Rarity-5 in Larry Briggs 1991 reference The Comprehensive Encyclopedia of United States Liberty Seated Quarters. The present Superb Gem is the finest certified by PCGS and NGC, and it is undoubtedly the finest known circulation strike 1865 quarter. A remarkable example that is sure to see spirited bidding among advanced collectors, particularly specialists in Liberty Seated coinage.
