It is reported that just 25 quarter eagles were struck in this format dated 1873, illustrating the limited demand for Proofs at the time. In the 1880s, however, mintages of Proofs expanded considerably. With so few coins struck to begin with, this issue has always been a rarity and it is quite likely that time has only made them more so, even as collector demand has increased dramatically.

While circulation strike quarter eagles of 1873 come with both Open and Close 3 varieties, the Proofs were only struck using the Close 3 in the date. As noted in Jeff Garrett and Ron Guth's Encyclopedia of U.S. Gold Coins (2008): "The population reports state that 30 coins have been graded...this information includes resubmissions and is not an accurate reflection of the issue's true rarity." PCGS estimates that there are between 16 and 20 examples known in all grades and, regardless of total grading events, this is obviously an extreme rarity.

The example to the left was sold by Stack's Bowers Galleries in the February 2016 Rarities Auction, where it sold for $19,975.