The 1854-S is one of the few reasonably available No Motto eagles from the san Francisco mint but few issues in this series have a higher multiple level of demand. This is, of course, due to this issue’s status as the first eagle to be produced at this facility. The 1854-S is very scarce in properly graded AU58 and it is extremely rare in Uncirculated; I have only handled one in Uncirculated in my decades of specializing in rare date gold (a PCGS/CAC MS61).

This fresh-to-the-market slider is bright and very lustrous with pale yellow gold color seen on the obverse and the reverse. It shows light wear which is limited mostly to the high spots and the fields lack the deep, dense marks typical to this issue. The strike is full except for the curl directly over the ear of Liberty and the eye appeal is excellent.

Since 2002, only two PCGS AU58 1854-S eagles have sold at auction; during this time period 27 NGC AU58′s have sold. In the Heritage 12/14 auction, a nice NGC AU58 brought $6,169 and it lacked CAC approval.

For most collectors, this 1854-S represents a chance to acquire a truly choice example of the very first eagle struck at the San Francisco mint at a reasonable price point.

CAC shows a population of eight in this grade with one finer; I believe the AU58 population is inflated by resubmissions.