The circulation strike 1864 is a highly elusive quarter eagle in any grade, a mere 2,824 pieces struck for commercial use while specie payment remained suspended as the Civil War continued to rage in the Eastern states. Attrition was also high due to the War, with most examples eventually melted for one reason or another. Today, it is likely that only a dozen or two circulation strikes are extant, the issue ranking as one of the great rarities in the Liberty Head series.

The example to the left was sold by Stack's Bowers Galleries in the August 2019 Rosemont ANA Auction, where it realized $50,400.