Part One: 1866-1879

The motto IN GOD WE TRUST was added to the reverse of the half eagle in 1866 which created a second type of Liberty Head half eagle from San Francisco. A total of 39 issues are known; this includes the 1901-S and the 1901/0-S. Half eagles were struck at San Francisco every year from 1866 through 1888 and more sporadically in the final two decades of this design with none struck at this facility in 1889 through 1891, or in 1907 and 1908.

The No Motto half eagles from this mint are far more popular with collectors than their With Motto counterparts. This is due to the duration of the With Motto type and the fact that there are numerous common dates which aren’t numismatically significant. Some collectors actually split the With Motto design into two groups: the scarcer, more interesting date run from 1866 through 1877, and the more common issues from 1878 through 1906.

The With Motto half eagles from San Francisco do not feature any extremely rare issues as with the No Motto half eagles from this mint. The 39 coin set is very completable and even the collector on a limited budget ($500-2,500 per coin) should be able to finish this set. Every issue from 1878 through 1906 is available in Uncirculated, and the majority of these coins are currently valued at $1,500 and less in nice Uncirculated.

Included in each description below are rarity rankings based on overall rarity, and high grade rarity for these issues. Please note that high grade rarity is based on coins grading AU55 and finer for the 1866-S through 1878-S issues, and in MS60 and finer for the later dates.

1866-S With Motto

While not as well-known as the No Motto half eagle dated 1866-S, this issue is actually more difficult to locate in higher grades. In fact, it is very rare in properly graded AU55 to AU58, and it is likely unknown in Uncirculated. There are an estimated 75-85 known from a mintage of 34,920 and the best I have handled was a PCGS AU58. There are likely not more than seven or eight properly graded AUs and a nice quality AU53 makes it into the Condition Census.

This issue is almost never seen with original color and the surfaces are almost always abraded. The strike tends to show weakness on the head of the eagle as well as on the arrow feathers. The mintmark is extremely small and it tends to be faint, making it difficult to discern on lower grade examples.

I regard this date as very undervalued in VF and EF grades. A nice AU is somewhat costly (considering how few people collect With Motto half eagles from this mint by date), but I still feel such coins are good value.

HIGH GRADE RARITY: 3rd of 39

OVERALL RARITY: 3RD of 39

1867-S

The 1867-S is not a highly regarded issue in the half eagle series, but it is actually the single rarest With Motto issue from San Francisco in terms of high grade rarity. This date is extremely rare in AU55 and AU58 grades, and it is unknown in Uncirculated. The best I have seen or handled is a PCG/CAC AU58 which I sold to a New Jersey specialized collector a few years back.

As with the 1866-S With Motto, this is an issue which tends to come bright and abraded. Just a small number of choice, original pieces exist. The strike tends to be better than on other San Francisco half eagles of this era although the mintmark is extremely faint on many coins. Any 1867-S half eagle in EF45 or better with good eye appeal should command a strong premium over a typical low-quality example.

The 1867-S is downright cheap in VF and EF grades, and only moderately expensive in the lower AU grades.

If you have an opportunity to buy a nice AU 1867-S, I’d suggest saying “yes” as this date is very undervalued.

HIGH GRADE RARITY: 1ST of 39

OVERALL RARITY: 4th of 39

1868-S

While scarce, the 1868-S is more available than the 1866-S With Motto and the 1867-S. It is similar in overall rarity to the 1869-S but it is more available in higher grades. There are probably as many as a dozen known in About Uncirculated, and one or two in Uncirculated. The finest I have seen is Stack’s Bowers 3/18: 10342, graded MS61 by PCGS, which realized $22,800. Another PCGS MS61 is known and it last sold for $18,213 as Heritage 6/15: 4258.

The strike seen on this date is slightly better than average with weakness typically seen at the centers only. Virtually every 1868-S half eagle I have seen has been cleaned or lightened and this is compounded by deep detracting abrasions. The mintmark is very small and it is often faintly impressed.

Price levels for this date are very reasonable and a decent AU55 should only cost around $4,000; such a coin qualifies at the tail end of the Condition Census for the date.

HIGH GRADE RARITY: 10th of 39

OVERALL RARITY: 8th of 39

1869-S

The 1869-S is similar in overall rarity to the 1868-S but it is rarer in high grades. There are likely fewer than 10 properly graded AU pieces known and I am aware of two in Uncirculated: a PCGS MS61 which brought $16,100 in 2009, and a PCGS MS62 which last sold for $24,150 in late 2009.

This issue always shows weakness at the centers will incomplete hair curls below ERTY in LIBERTY, and weakness on the eagle’s neck and the horizontal lines in the shield. There are not many known with original color, and even coins graded AU55 or AU58 have impaired luster. Again, the mintmark is small and it can be overlooked on lower grade pieces.

This date is better known than the 1867-S and the 1868-S, and nice AU examples are more expensive than these two dates.

HIGH GRADE RARITY: 4th of 39

OVERALL RARITY: 7th of 39

1870-S

The 1870-S has a surviving population of around 100 in all grades, mostly in the VF-EF range. The population figures for AU coins are swelled by re-submissions and this date is actually quite rare in properly graded AU55 and extremely rare in AU58. I have never seen or heard of an Uncirculated 1870-S half eagle, and I have seen just two graded AU58 which I liked.

The strike on the 1870-S half eagle is reasonably sharp save for the mintmark which is very small and sometimes faintly impressed. This issue seldom shows original color or choice surfaces and any piece with good overall eye appeal is extremely scarce.

An AU55 is clearly in the Condition Census and, if available, it should cost around $7,000-8,000.

HIGH GRADE RARITY: 9th of 39

OVERALL RARITY: 5th of 39

1871-S

It is interesting to note that all 1871-S gold coinage is more readily available in comparatively high grades than are other San Francisco issues from this era. The 1871-S is the most available San Francisco half eagle struck during the first decade of With Motto issues from this mint. It is very rare in Uncirculated and there are two known: the PCGS MS61 from the Bass and Eliasberg sales and the PCGS/CAC MS63+ from the Bentley Collection which was upgraded from PCGS MS61.

This issue tends to be slightly weak at the centers. Most examples lack original color and have mishandled surfaces.

AU55 examples are occasionally available in the $4,000-4,500 range, while an AU58 will cost around $6,000.

HIGH GRADE RARITY: 12th of 39

OVERALL RARITY: 9th of 39

1872-S

The 1872-S is similar to the 1871-S in terms of overall rarity. It, too, is sometimes seen in the lower AU grades but it is rare in AU55, very rare in AU58, and likely unknown in Uncirculated. The highest graded is a single MS61 at PCGS. I have never seen this coin in person.

This date is generally seen with a decent strike and good luster but few are original and most are very abraded.

A Condition Census example costs in the $4,000-5,000 range, making this date a good overall value.

HIGH GRADE RARITY: 8th of 39

OVERALL RARITY: 10th of 39

1873-S

I regard the 1873-S as the #1 sleeper issue in all the With Motto half eagles from this mint. It is very rare in AU55, extremely rare in AU58, and unknown in Uncirculated. I have only handled two in AU58 and not many more than this in AU55.

Only a small handful of attractive 1873-S half eagles exist as most are seen with detracting marks and impaired luster. As on all of these early With Motto half eagles from San Francisco, the mintmark is small and sometimes very lightly impressed.

Even if you do not collect this series, I would strongly suggest buying a nice 1873-S half eagle if you are ever offered one.

HIGH GRADE RARITY: 5TH of 39

OVERALL RARITY: 12th of 39

1874-S

The 1874-S is another very underrated issue in this series. It is comparable to the 1873-S in terms of its overall rarity and it is just a bit more available than this date in higher grades. It is very rare in properly graded AU55 to AU58, and it is unknown in Uncirculated.

I can’t recall having seen or handling more than three or four About Uncirculated examples of this date which had good eye appeal, and it is interesting to note that CAC has approved just one 1874-S half eagle in AU55 and two in AU58.

At current levels, AU53 to AU55 1874-S half eagles seem very undervalued with coins ranging from $2,500 to $4,000+. Interestingly, the few PCGS AU58 auction records which exist are higher than one might expect at $13,200 (Stack’s 3/18) and $14,250 (DLRC 8/16), respectively.

HIGH GRADE RARITY: 6th of 39

OVERALL RARITY: 6th of 39

1875-S

The mintage figure for this date is just 9000 coins and it is likely that fewer than 100 1875-S half eagles exist in all grades. The 1875-S is the second rarest With Motto San Francisco half eagle in terms of its overall rarity but it is actually a bit more available in the AU grade range than one might expect. I have handled two nice AU58s, and know of at least two or three more, including a PCGS AU58+. This date is unique in Uncirculated with the sole piece known being the NGC MS64 Stack/Bass coin which last sold in 2001.

The natural color for this coin is a fairly deep reddish-orange and it tends to be well struck with sharp centers. On virtually all 1875-S half eagles, the surfaces are very scuffy and this tends to impair the luster. The mintmark is very small and it is often faintly impressed.

This date is more expensive than the 1873-S and the 1874-S, and its low mintage figure is a clear indicator of its scarcity. I think it still is a good value in AU55 and AU58.

HIGH GRADE RARITY: 7th of 39

OVERALL RARITY: 2nd of 39

1876-S

The 1876-S is probably the best known of the early date With Motto half eagles from this mint and this is due to its low mintage of only 4,000 coins. It is the rarest date of this type in terms of its overall rarity and it lays claim to being the rarest in higher grades as well. There are fewer than 10 known in AU with nearly all in the 50 to 53 range. There are, surprisingly, two known in Uncirculated: a PCGS MS60 (ex: Bass and once graded AU58), and an NGC MS65 (ex: Garrett and unseen for decades).

All 1876-S half eagles have a diagnostic hole in the earlobe of Liberty which can be seen even on lower grade coins. The strike tends to be sharp at the centers with a number of examples showing weakness at the borders, especially on the stars. The luster is most often frosty and the natural color is a medium russet-gold.

This is the most expensive date in the With Motto San Francisco half eagle series and while I wouldn’t say it is overvalued (very few—if any—San Francisco half eagles are overvalued), it is certainly more fully priced than issues such as the 1873-S and the 1874-S.

HIGH GRADE RARITY: 2nd of 39

OVERALL RARITY: 1st OF 39

1877-S

The 1877-S is often lumped in with the more common San Francisco half eagles made from 1878 onwards but it is actually a reasonably tough date to locate, especially in AU55 and above. There are three or four known in Uncirculated, with the finest a PCGS MS64 which last sold in the 2004 FUN auction for $28,750.

This date is characterized by noticeably abraded surfaces which tend to impair the frosty mint luster.

HIGH GRADE RARITY: 11th of 39

OVERALL RARITY: 11th of 39

1878-S

The mintage figure for half eagles from this mint in 1878 jumped all the way up to 144,700. As one might expect, the 1878-S is common in grades through MS62 but it is very scarce in MS63, rare in MS64 and currently unique in MS65 with just a single coin so graded by PCGS.

This is a well-made issue with excellent luster which tends to be extremely frosty in texture. The natural color is a rich rose and medium orange-gold.

HIGH GRADE RARITY: 12th of 39

OVERALL RARITY: 12th of 39

1879-S

This is the most available pre-1880 half eagle from San Francisco. The 1879-S is common in grades through MS63, but it is scarce in MS64 and unique in MS65. The finest known sold for $23,000 in November, 2006.

This is a well-made issue with excellent luster and color. It is reasonably priced in MS63 and, in my opinion, this is the best value grade for the date as an MS64 will cost around $5,500 which seems like a lot for a coin which doesn’t really appeal to many collectors.

HIGH GRADE RARITY: 13th of 39

OVERALL RARITY: 13th of 39

The next article in this series will cover San Francisco half eagles struck from 1880 through 1906.