1909 INDIAN $2.5 PR65

GEM SATIN PROOF SURFACES. LESS THAN 100 BELIEVED TO EXIST TODAY IN ALL GRADES. JUST A SINGLE PR66+ COIN GRADED HIGHER AT PCGS. CAC. In its quest to find an alternative for the unpopular matte finish used to deliver proof gold coins in 1908, the Philadelphia Mint settled upon a satin, or Roman Gold texture that is halfway between matte and mirrored. One hundred thirty nine Indian Quarter Eagles were struck using this new proofing technique in 1909, but it is unlikely that more than 50-75 of these coins have survived. The balance of the original mintage was either lost or, more likely, destroyed in the Mint after failing to find a willing buyer by year's end. The 1909 is much rarer than the first-year 1908, and it is one of the most elusive proof Indian Quarter Eagles in grades at or above the Gem level.