The 1865-S is the most available of the five Civil War half eagles from the San Francisco mint but it is still a scarce issue. There are fewer than 100 known with many in the VF-EF range. Properly graded AU50 to AU55 coins are rare and this date is seldom seen finer. It is unique in Uncirculated with a single PCGS MS64 currently accounted for.

Most 1865-S half eagles are bright from having been processed and are very heavily abraded. This piece has fewer marks than usual and it shows pleasing medium reddish-gold and orange hues on both sides with the peripheries deeper than the centers. Both sides show a decent amount of luster and the eye appeal is better than usual for the date and grade.

Heritage 9/12: 4936, graded AU53 by NGC and similar in appearance to the present example, sold for $6,463 in a market that was less appreciative of Civil War rarities than in 2014.

A nice example of the only San Francisco half eagleof this era that can be found in this high of a grade for less than five-figures