Double Punched 86 in date; not designated by PCGS.

The two hardest Civil War San Francisco double eagles to locate in Uncirculated grades are the 1861-S and the 1862-S. For both dates, the total number believed to exist is Uncirculated is in the 20-30 coin range with most grading MS60 and MS61. The 1862-S becomes very rare in properly graded MS62 and I have never personally seen a coin which I graded MS63.

This bright, wholesome example shows nice medium orange-gold over choice, frosty surfaces. This date generally is seen with grainy, dull luster and this piece is a pleasing exception with a vibrant appearance which is unusual for the issue. I bought this from a premier “breakout” dealer who believed that this coin would grade MS62 and I can see why he felt it would. There are no signs of rub on the high spots and only a few small ticks in the left obverse field close to the portrait.

Three PCGS MS61 1862-S double eagles have sold at auction since the beginning of 2013. Stacks Bowers 2014 ANA: 12026 sold cheaply at $17,625 while Stack’s Bowers 6/14: 2632 (this coin) brought $21,150. A CAC approved example brought $23,500 as Heritage 6/13: 4833 and this is a high water mark for this date in this grade.

This coin should appeal to San Francisco gold specialists, advanced Type One double eagle collectors and Civil War gold aficionados. It is not far from ranking as a Condition Census example and it is likely the single finest 1862-S double eagle currently on the market.