The 1865 is the second rarest Civil War gold dollar from Philadelphia, trailing only the 1863. There are around 10 examples of the 1865 known in Gem to Superb Gem, with the finest I know of grading MS68+ at PCGS.

This lovely Gem 1865 gold dollar is extremely frosty and is likely a later die state as evidenced by the extensive clashmarks on both sides. However, the peculiar depression-like reverse clashmark between the two L’s in DOLLAR (which is seen on certain 1865’s) is lacking. Both sides are richly toned in natural rose and green-gold hues, and the strike is mostly full with just a touch of weakness at the central obverse. The eye appeal is exceptional and this piece has never been dipped or brightened.

The Duckor PCGS/CAC MS66 sold for $15,275 as Heritage 2015 ANA: 4265 and this was the only 1865 gold dollar in this grade to sell at auction since early 2008. The last PCGS MS67 brought $37,375 in 2010.

PCGS shows a population of six in MS66 with five finer. I believe these numbers are inflated and it is likely that just three or four exist in MS66 with another three or so finer. I don’t know of any other high-grade pieces which are available, and most seem to be tied-up long-term in gold dollar or Civil War collections. The PCGS Price Guide suggests a retail value of $15,500 in MS66.

This is a wonderful coin which ties up rarity, historic appeal and aesthetic beauty in one neat little package.