Similar to the 1864 and easily compared to it, the 1865 is ultra rare in Proof format, but is also a key issue in circulation strike form, with worn pieces appearing on the market infrequently. Thus, from the beginning to end this is a key date. Even the most advanced specialized cabinet of quarter eagles, if lacking this date, will have its overall average quality lifted with the acquisition of such coin. We estimate that just 15 or so of these coins can be accounted for today.

The example to the left was sold by Stack's Bowers Galleries in the Harry W. Bass, Jr. Collection, Part III, where it sold for $62,000.