After the extremely rare 1854-S, the next scarcest San Francisco quarter eagle is the unheralded 1863-S which narrowly eclipses the 1862-S. Only 10,800 were made and the survival rate is very low with probably no more than 1% still known. Auction records for EF45's are very scant over the last decade with just five seen from 2000 to the present. The most recent was Heritage 7/12: 4734 at $2,300 and the one right before this was Heritage 9/05: 4346 at $2,530; both were encapsulated by NGC. This example is light green-gold color with good detail but a bit of weakness on the reverse; the obverse is nicely detailed. There are a few small scuffs in the fields that do not detract. Trends is too low on this date as the last four APR's (dating back to 11/03) are for more than $2,000. A good coin for the savvy collector who appreciates undervalued Civil War issues.