The 1865-S half eagle, struck in the last year of the American Civil War, had a mintage of just 27,612 pieces. The majority of these were sent into circulation, and only a limited number has survived up to this day. Most of these are in circulated grades, and this is one of those issues whose mint state population is largely influenced by shipwreck discoveries. In fact, prior to that this issue was basically unknown in uncirculated condition, and even AU graded coins were considered to be very rare. While some pieces have been discovered recently, this remains a very rare issue in any grade, but especially so in Mint State.

The present piece is one of the few uncirculated pieces that are available. Booming luster, so hard to find on this issue, can be seen on both sides. While some marks, consistent with the grades are found on both sides, this is not surprising given the tough time many of these coins had. They were often traded between banks, in loose bags, causing many of these contact marks. Light sun-yellow color is visible on both sides, and is very pleasing in hand. The present offering represents a great coin and a rare opportunity for the conscious specialist of San Francisco gold coinage.