1860-S

San Francisco struck 544,950 double eagles in 1860, an output close to Philadelphia's 577,670 and dwarfing the 6,600-piece New Orleans run. The S-mint operated normally through the year; California bullion flowed without interruption while the political crisis that would shutter New Orleans in early 1861 reached only the eastern facilities. Mintage alone makes the date look routine, but David Akers placed it in his second rarity tier of S-mint double eagles, alongside 1854-S and 1862-S — meaningfully scarcer than the mid-series common dates of the 1870s and priced accordingly.

Strike quality is below average for the series. Liberty's hair curls and the high points above her ear show consistent softness even on technically high-grade coins, and the eagle's wing tips frequently lack full definition. Surviving examples are heavily bag-marked from extended commercial circulation, and the distinctive luster when present is soft, frosty, and grainy rather than flashy. Roughly 50 to 75 Mint State coins are known across PCGS and NGC combined, with MS62 the practical ceiling for collectible specimens; a single PCGS MS64 from the D.L. Hansen collection stands as finest known. The S.S. Republic recovery in 2003 added approximately 63 certified pieces in AU55 to AU58, and remains the most consequential supply event for the date.

For collectors pursuing the Type I S-mint run, the 1860-S functions as a date that rewards patience. Circulated VF and EF examples remain accessible at low to mid four figures, AU58 trades in the $5,000 to $7,500 range, and a PCGS MS62 CAC realized $36,000 at Stack's Bowers in April 2022 — the strongest recent benchmark. MS63 sales, when they occur, run well into five figures. Date-and-mint set collectors typically secure the 1860-S in AU rather than wait years for an acceptable Mint State coin to surface. For broader Type I S-mint context and the rarity hierarchy within it, see the Liberty Head Double Eagle series history.