A compelling case can be made for calling the 1862-S the second rarest obtainable half eagle from the San Francisco mint after the 1864-S. There are likely no more than 50 or so known with many in very low grades. There are fewer than 10 known in AU as well as another two in Uncirculated; one of them (a PCGS MS61) I just sold to a collector.

I obtained this fresh-to-the-market piece as a trade-in for the aforementioned PCGS MS61 1862-S which I just sold and this currently offered example ranks as one of the two or three finest 1862-S half eagles I have handled. It is essentially an AU55 coin which has been net graded to an AU53 by PCGS on account of a reasonably fresh scrape on the obverse at star two and a shallow dig after the D in UNITED. The coin is very lustrous with excellent detail and pleasing light rose and orange-gold color.

The only AU53 1862-S half eagle to sell in recent years was an oddly toned NGC piece, offered as Heritage 3/14: 30316, which still brought a solid $15,275. The last PCGS AU53 to sell at auction was Goldberg 2/05: 2261 which brought $9,775 back when few people cared about this date. No AU55′s have sold at auction since 2009.

This piece is likely in the Condition Census for the issue and it represents one of the few chances that a serious Liberty Head half eagle collector or a Civil War specialist will have a chance to obtain a presentable example of this major rarity.