1863-S Quarter Eagle. After only a mere 8,000 quarter eagles were produced at the San Francisco Mint in 1862, production rose slightly during the next year. Yet, only 10,800 pieces of the 1863-S quarter eagle were produced, and in modern times they are rare in any grade. Most saw heavy circulation, as many other San Francisco issues from the Civil War era do. As a result, a complete set of San Francisco Civil War coins is a major accomplishment. It is also a task not taken by many collectors, and completed by even less in any grade.

Although slightly more 1863-S quarter eagles were produced compared to the previous year, high grade pieces are equally scarce. In fact, due to massive circulation of this issue the number of uncirculated pieces might even be lower for this issue. In all grades, approximately 110 pieces have been graded by PCGS and NGC combined. The number of uncirculated specimens is much lower, with about a dozen pieces graded in all uncirculated grades. Yet, both these numbers are much higher than the true number of survivors, which is scarcely considered more than 50 to 80 in all grades. In Mint State, only 2 pieces have recently been sold according to Garrett and Guth in their gold coin encyclopedia.

One of these 2 pieces is the PCGS MS-64 that is generally considered to be the finest known for this issue. It also holds the record price of any piece offered for auction, selling for $ 50,600 in 2006. It appears that this particular piece is now locked up in a specialized collection, making any mint state coin that appears at auction a rare opportunity. In lower grades, any problem-free piece, especially showing original surfaces (not cleaned or dipped) should also be seriously considered. These pieces will not display all design elements, but will feature a story to tell of hard work in rural areas of the 19th century United States.

The early San Francisco issues, besides those of 1854 and territorial and private pieces made since 1849 are often true rarities. Unlike the Southern Mints, in particular Dahlonega and Charlotte, and in lesser extent New Orleans not many collectors specialize in gold coins from this Mint. Yet, many issues are scarce, and some are true rarities. Because of the lack of interest, however, prices have remained relatively low except for the finest known of prime rarities. This has created a rare opportunity for the conscious collector and investor, who will be able to create a diverse collection/portfolio and a reasonable cost. When time comes to sell, these purchases will proof very rewarding.

The Liberty quarter eagle series, not only the Civil War dates, but also many other dates, are not yet very popular. The series as a whole is very expensive and difficult to complete. If one were to concentrate on the Civil War coins only the task will still remain to be daunting. Many issues, like the 1863-S are true rarities in high grades, and remain very scarce in even damaged condition. These pieces, however, are best to be avoided, as problem-free pieces have tended to increase in value more rapidly over the years.