The 1863-S is the second most available Civil War half eagle from San Francisco after the 1865-S but it is still a rare coin whose importance is finally being understood after years of neglect. Most of the 17,000 struck were melted and today an estimated 50-60 are known with most of these either very well worn or showing damage. I have never seen one that I grade higher than AU55; PCGS has graded a single example in MS61.

This appealing, evenly worn example is notable for its warm reddish-gold color on the obverse and reverse. There is luster on both sides and while there is not quite enough detail to grade this coin higher, it is far above average for the date and grade.

No EF45′s have sold at auction since July 2004 when the Richmond I: 1414 coin, slabbed by NGC, brought $6,325.

If you are a sophisticated enough collector to have read this far, I don’t have to tell you how rare and undervalued the 1863-S half eagle is in EF and higher grades. The fact that no EF’s have been available for a number of years makes this coin a real opportunity for the Liberty Head half eagle specialist.