The 1865 is the second rarest Liberty Head half eagle made at the Philadelphia mint after the 1875 (the 1887 is a Proof-only issue). Only 1,270 were struck and just 35-40 are known, mostly in EF45 to AU55 grades. This date has been offered more for sale in the last year than in the previous decade, mostly due to the small hoard that was sold as part of the Bentley collection, but it is clearly a premier rarity in the entire Liberty Head half eagle series.

This sharply detailed piece is not as abraded as most 1865 half eagles are and it hasn’t been stripped and dipped as most survivors, unfortunately, have. The obverse and reverse show some luster and exhibit orange-gold and reddish colors which are a bit deeper on the former side. I have not handled a better 1865 half eagle since the PCGS AU55 with CAC approval which I sold to an eastern specialist almost two years ago.

No EF45 1865 half eagles have sold at auction since Bowers and Merena 5/98: 1353. An NGC AU50 brought $17,625 as Heritage 4/14: 6445.

This date is in strong demand among multiple collectors and it is seldom offered for sale in any grade.