This rare Civil War issue had an original mintage of 9,500 but the attrition rate was very high and it is doubtful if more than 45-55 are known today, mostly in very low grades. A properly grade EF is about the nicest quality one can expect to find for the 1862-S half eagle; one of two are known in Uncirculated but this date is very rare above EF and seldom found with natural color and choice surfaces.

This fresh-to-the-market example is one of the more original 1862-S half eagles I have seen. Unlike most it is not overly bright or excessively abraded and the natural medium russet surfaces show only a few ancient shallow ticks. In my opinion, NGC got a little carried away with the grade of this coin and it more rightfully should be in an EF40 holder; it is priced accordingly.

Only one EF45 1862-S half eagle has sold at auction since the end of 2005. Offered as Heritage 4/14: 6441 and graded by NGC, it sold for $8,813.

After years of neglect, the run of Civil War half eagles from both San Francisco and Philadelphia is suddenly in demand as collectors recognize the true rarity of most of these issues.