After the extremely rare 1854-S, the two most difficult San Francisco eagles to locate are the 1862-S and the 1863-S. The 1863-S has a surviving population of fewer than 75 pieces from an original mintage of 10,800. It is usually seen in the EF40 to AU50 range and it is extremely rare in Uncirculated with just three to five known. The finest 1863-S quarter eagle is a lovely PCGS MS64 which I purchased for $50,600 in a March 2006 auction.

This bright, reflective example shows an exceptional amount of detail for the issue with nearly complete hair and feather detail and sharp centers. The yellow-gold fields are lightly scuffed but this is a strictly “new” coin which lacks wear on the high spots. A few scuffs in the left obverse field limit the grade but this is a solid example of a true condition rarity.

Only three MS61 1863-S quarter eagles have sold at auction in the last decade. A PCGS example sold for $14,950 as Heritage 3/12: 3953 and this coin was recolored plus it had a number of detracting grease stains on the obverse.

There are far more collectors of Civil War gold looking for a choice 1863-S quarter eagle than there are actual coins, so this is an opportunity which is not likely to repeat itself anytime soon.