EXCEPTIONAL 1865 EAGLE

The 1865 is tied with the 1839 Head of 1840 and the 1844 as the third rarest No Motto eagle from the Philadelphia mint, trailing only the 1863 and the 1864. Of the 3,980 made for circulation, an estimated 50 to 60 are known with most in the EF40 to AU50 range. I estimate that there are three or four properly graded AU55 to AU58 pieces as well as a single Uncirculated piece, graded MS63 by PCGS.

This fresh-to-the-market is by far the most cosmetically appealing 1865 eagle that I have handled and it has totally natural surfaces which is literally unheard of for this date. Both the obverse and the reverse are toned to a deep natural russet hue and this is most assuredly an unmolested piece which somehow has been spared the indignities which seem to have been performed on nearly every other known 1865 eagle. There are some scattered handling marks on both sides, the most evident of which is located on the jawline of Liberty. If you know this date, you’ll realize that the eye appeal is exceptional.

Three different PCGS AU53 1865 eagles have sold at auction since 2010. Stacks Bowers 9/13: 3450 realized $15,980, Heritage 1/14: 6880 (which had questionable color) still brought a strong $18,800 while Stacks Bowers 10/14: 10223 (which I purchased) was bid up to $15,275. A very unappealing PCGS AU50 just sold for close to $20,000 in the recently-concluded Stacks Bowers March auction.

This piece has been off the market for years and it represents a remarkable opportunity for the sophisticated collector to acquire an 1865 eagle which is likely unsurpassable from an aesthetic standpoint.

This is the first and only 1865 eagle in any grade to have been approved by CAC (!)