Likely the Third Finest Known.

The 1894-S is likely the rarest San Francisco half eagle produced after 1877. It is available in circulated grades and is sometimes seen in the lowest Uncirculated range but it becomes very hard to locate in properly graded MS62 and it is very rare in MS63 and above.

This fresh-to-the-market example was recently located in Europe and it is remarkable for its clean, crisp appearance. Both sides are lightly marked and frosty with attractive orange-gold hues. This piece has a totally original appearance and while many dealers would have dipped it to bring out the abundant luster, I prefer its dusky natural appearance.

The only PCGS MS63 1894-S to ever sell at auction was a non-CAC piece which brought $7,475 as Heritage 2/11: 4486.

The finest known is the amazing Clapp/Eliasberg gem, now in an NGC MS69 holder, which last sold for $176,250 as Heritage 1/14: 5459. PCGS has graded one coin MS4 but it has never appeared at auction and it has not been approved by CAC.

Here is an opportunity to buy an outstanding example of a coin which is not yet fully appreciated at a price level which makes sense.

CAC has approved one in this grade with one finer (MS69).