The 1866-S With Motto is not as rare as its counterpart the 1866-S No Motto but its level of rarity isn’t as far apart as one might expect. There are an estimated 60-70 known of the With Motto variety with many in very low grades and it is likely that no more than a dozen properly graded AU pieces exist. The best 1866-S With Motto I have seen is a PCGS AU58 and this coin was not choice for the grade; none are currently known or rumored to exist in Uncirculated.

This fresh-to-the-market example is one of the few 1866-S Motto eagles I have seen with natural color and choice surfaces. What look like grease stains on the obverse are, in fact, pockets of natural dirt and these are accentuated by the pleasing medium russet colors seen on both sides. There is a good amount of satiny luster and the strike is sharp with the mintmark better detailed than normal; the surfaces show some small marks but none are deep or detracting.

Since the beginning of 2003, only three PCGS AU53 examples have sold at auction with the most recent being the choice piece which realized $12,650 as Stack’s 8/10: 1142. I like this coin more than the PCGS AU55 which I purchased for $9,988 as Heritage 8/14: 3992.

This piece is likely in the Condition census for the issue and it represents an important opportunity for the advanced collector of San Francisco eagles to acquire a pleasing 1866-S With Motto.

CAC has approved two in this grade with one finer (AU55); for the date only three have been approved as of 6/15.

With Motto variety.