The 1909 is the second issue in the Proof Indian quarter eagle series, and it introduces the Satin Finish style for this type. Its predecessor, the 1908, was produced with a coarse grain Sandblast Finish that proved unpopular with contemporary collectors who were used to the Brilliant and Cameo Proofs of the Liberty Head era. Perhaps because they were already disenchanted with the Proof 1908, many numismatists failed to order examples of the Proof 1909. Much of the mintage failed to sell, as a result, and the coins left on hand eventually were destroyed through melting in the Mint. Today the 1909 is one of the rarest Proof Indian quarter eagles in an absolute sense with fewer than 100 coins extant in all grades (John W. Dannreuther, 2018, offers an estimate of 50 to 60 survivors). In Proof-65 and higher grades this is the rarest issue of the type.

The example to the left was sold by Stack's Bowers Galleries in the 2007 Orlando Auction, where it sold for $39,100.