The 1865 eagle is a very rare coin in all grades with probably fewer than 50 known from the original mintage of 3,980 business strikes. It is unique in Uncirculated (PCGS has graded a coin in MS63) and there are probably fewer than 10 known in AU with most in the AU50 to AU53 range.

As with nearly all known 1865 eagles, this piece has a number of abrasions in the fields but these are not overly obtrusive and are partly concealed by the flashes of natural green-gold and reddish color. The strike is soft at the obverse center as appears to be diagnostic for the issue. There is quite a bit of “meat” left on this coin and the amount of remaining luster is more suggestive of an AU55 than an AU53.

Heritage 1/14: 6880, graded AU53 by PCGS, was, in my opinion, recolored and not attractive. It sold for $18,800.

This is one of a number of Philadelphia eagles which has gone from underappreciated to coveted in the last few years (I’d like to think I had something to do with this…) and it is an issue that is almost never offered for sale.