After a huge mintage of gold dollars in 1861 and 1862, production of this denomination dropped dramatically for the rest of the decade. The 1865 had an original mintage of just 3,700 business strikes. It is less rare than the 1863 and comparable to the 1864. Gems are rare although there are a few superb pieces known, the best of which is a PCGS MS68 which brought $34,500 when it was sold at auction in 2008.

This frosty Gem is struck from a fairly late state of the dies and it shows extensive clashmarks on the obverse and reverse. Both sides are very frosty and show rich rich rose and light green-gold color. There are a few marks in the upper left obverse field and a small contact marks in the left reverse below the outside of the O in DOLLAR.

The last PCGS MS66 to sell at auction was Heritage 1/08: 3693 which brought $12,650. The Vasquez Rocks coin, which I sold to a specialist in December 2012, was graded MS65 by PCGS and I priced it at $8,750.

This is a coin with multiple levels of demand as it appeals to gold dollar collectors and Civil War gold specialists.

Ex Heritage 8/11: 7413 (as NGC MS66) where it realized $12,650.