For collectors of the Liberty quarter eagles, the 1854-S is considered the ultimate issue. This series presents several challenges, including the 1841 "Little Princess" and other rarities, but just 12 examples of the '54-S are known from the original mintage of 246 coins in April 1854. This issue was entirely unknown in numismatic circles until discovery of the first specimen less than a century ago in 1910. This issue is a landmark rarity in the field of United States numismatics, a classic piece with few peers. With just a dozen pieces known, it has a rarity similar to coins such as the 1804 silver dollar, the 1907 Ultra High Relief double eagle, the 1927-D double eagle, and the 1894-S Barber dime, all coins that have broken the million-dollar barrier. The record price for an 1854-S quarter eagle is just $254,000.

The roster shows that surviving specimens can be divided into three groups by condition. A single coin is clearly the finest known, followed by this piece and two others that grade XF45, and the remaining eight coins, all in lower grades.

Initial production of gold coinage in April 1854 included examples of all current denominations except for the three dollar piece. After this initial production, including all of the quarter eagles and half eagles, larger eagles and double eagles were produced through the end of the year, in response to the demands of those who deposited gold at the Mint for coinage.

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