Small S mintmark.

Until high grade examples of this date were found in the Brother Jonathan and Republicshipwrecks, this 1865-S was very rare in Uncirculated. Today, it is more available but the level of demand continues to exceed the supply of nice coins.

While not designated as such by PCGS, this piece appears to be from the “Bro Jo” hoard as it shows a very slightly granular texture as seen on these pieces. Unlike most Bro Jo coins, it is still lustrous and it has a nice degree of vibrancy below even medium rose and golden-orange hues. Were it not for a small reeding mark on the throat and a few scuffs in the left obverse field, I could see this piece grading at least a point higher.

There were only three MS62 1865-S double eagles sold at auction in 2012 and the results were $9,400, $11,163 and $9,775, respectively.

This coin is nice enough for nearly any set of Type One double eagles and it is numismatically significant as the second to last San Francisco issue of this design.

CAC has approved four in this grade with 25 finer than this.