VERY RARE PCGS/CAC VG10 1864-S HALF EAGLE

The 1864-S remains an underappreciated rarity in the Liberty Head half eagle series. It is indisputably the third rarest Liberty Head half eagle after the 1854-S (only three known of which two are impounded in the Smithsonian), and the 1875 (around 10 or so known in business strike format). It is also the fourth rarest gold coin of any denomination from San Francisco trailing only the unique 1870-S Three Dollar and the 1854-S quarter and half eagles.

There are approximately 25 or so 1864-S half eagles known, with half of these grading in the AG to VF range. I am aware of just five or six properly graded AU examples, including the outstanding PCGS/CAC AU58 that I bought for $264,000 as Stack’s Bowers 4/2022: 5110. There is also a remarkable PCGS/CAC MS65+ in the Stellar Collection.

This coin is an old friend, as I sold to a West Coast collector around six or so years ago. At the time, I described it as follows:

“This coin is totally fresh to the market and I bought it in an NGC F12 holder. I felt it was overgraded as such, and sent it to PCGS where it was properly graded as VG10. The obverse has the sharpness of F12 with the letters in LIBERTY full except for a touch of weakness on the far left corner of the L and a complete border. As is typical with this issue, the reverse is not as well struck and it shows the detail of a VG coin with weakness from 5:00 to 9:00, which impacts the bottom of FIVE D and UNI in UNITED. Both sides have a nice, natural appearance with deep russet hues. The surfaces are pleasing with no really detracting marks. This coin has plenty of wear but it is free of problems, and the appearance is better than one would expect from the assigned grade.”

Since I wrote those words, an NGC/CAC F15 1864-S half eagle has come on the market, and it brought $31,200 as Heritage 1/2024: 4345. I feel that my coin is nicer on account of its lack of the detracting abrasions seen on the NGC coin.

PCGS shows a total population of 22 examples, which I believe represents around 13 or 14 distinct coins. CAC has approved this one coin in VG10 with six finer. The PCGS Price Guide suggests a value to $30,000 in VG10 and $35,000 in F12.

This is really a Gem for the grade, and it likely represents your one and only chance to acquire a cosmetically appealing example of this true rarity for less than $60,000.

DWN collects sales tax when appropriate.