More context: I bought a small lot of US coins and this happened to be in it. If it is real, I pretty much got it for nothing.
I would never try to give an opinion from images on these myself. It's #11 on NGC's list of top 50 counterfeited US coins. The fakes from the middle east in the 70s sometimes even had more gold than real ones. If it's one of those and tests at 90% (or better) you'd still have melt value, and there isn't much premium above that on these anyway because it's so common. Here's NGC's fake example. Can you tell?
Wow. That looks too good. I am at a loss! I guess I will take it to tomorrow's coin show and see what people say there!
I think you got a good one and I never met an injun I that don't like.... I will say this. The incuse indians are the most convincing counterfeits out there. I don't have the eye to see the minutia that tells an educated numismatist that it may be bad but I do think that @ToughCOINS does have that skill in his bag of tricks if he doesn't mind taking a look. But my off the cuff synopsis is that you done good.
No, I tried to buy such a collection, but someone beat me to it... If it's genuine, you made off like a bandit!
I know.... Those kinds of deals are about the only way my wife lets me collect coins We have a deal: I only buy coins that I know I can sell for more than I paid for it.
It's hard to tell from your images, but nothing I see smacks of a counterfeit. The stars are especially crisp, which I wouldn't expect of a fake struck with transfer dies. There are hints of the obverse rim having originally been somewhat sharp, which is characteristic of genuine 1912 quarter eagles. Any depressions I see in the surfaces look like they resulted from contact, rather than being struck in. I think you've got a good one.
I'll put this way. I don't like it. The surfaces appear to be too grainy. Here is a 1912 in ciruclated condition And one graded MS-65.
Even if it's a tungsten core (for proper weight) wrapped in gold thick enough to take the incuse design, you still made out. Newly posted BIN lots were my favorite eBay target back when I was actively searching.