The 1862-S is the third rarest half eagle from the San Francisco mint after the 1864-S and the 1860-S. There are around 50 known in all grades from an original mintage of just 9,500 coins. This issue saw heavy commercial use in the Old West and when available, examples tend to be well worn and numismatically abused.

This is the first 1862-S half eagle I have handled in years and it is a lovely example for the grade with totally natural rich reddish-gold color over choice, evenly worn surfaces. This is one of the few known 1862-S half eagles which has not been cleaned or processed and this is clearly illustrated by the presence of dark dirt deposits in the protected areas. The eye appeal is far above average for the date and grade.

The last PCGS EF40 1862-S half eagle to sell at auction brought $6,900 as Bowers and Merena 7/06: 1606; only one other was offered since 2004. An unappealing NGC EF45 from the extensive Bentley holdings brought $8,813 as Heritage 4/14: 6441.

This coin has multiple levels of demand and it should appeal to San Francisco gold specialists, Civil War collectors and those assembling date sets of Liberty Head half eagles.

Only three 1862-S half eagles have been approved by CAC: this ne coin in EF40 and two in EF45.