1862-S

San Francisco struck 854,173 double eagles in 1862, sustaining heavy production while Philadelphia's output collapsed to 92,133 pieces. Two factors kept the S-mint running at full capacity. California gold continued to flow into the Mint without disruption, and the West Coast effectively rejected the federal greenbacks that had driven gold from circulation east of the Sierras after the December 1861 specie suspension. Pacific commerce, including substantial trade with Asia, settled in coin at face value. The 1862-S sits within a coherent wartime San Francisco progression: 748,750 in 1861, 854,173 in 1862, 966,570 in 1863, and 793,660 in 1864.

The 1862-S is notoriously weakly struck, even by S-mint Type I standards. Hair detail and the radial lines on the stars are typically soft, and the obverse die runs slightly concave on many examples. Reverse devices fare better, with stronger center detail and lettering, though the eagle's head stars sometimes fail to strike up. Original rose-gold or deep orange-gold surfaces are uncommon; most survivors have been cleaned or dipped at some point and carry heavy bag marks. Approximately 2,000 to 2,500 examples are believed to survive across all grades, with Mint State coins limited to roughly 30 to 40 across PCGS and NGC combined. The S.S. Republic recovery yielded 114 examples (eleven or more in Mint State), the Brother Jonathan added 68 in EF40 to AU58, and a handful more came out of the Saddle Ridge and Fairmont holdings.

Pricing reflects high-mintage availability at the lower grades and condition rarity in Mint State. VF through AU coins typically run from the high three figures to the mid four figures, AU55 sits around $3,500 to $4,500, and AU58 trades roughly $4,500 to $6,000. Mint State prices climb steeply: MS61 around $12,500 to $15,000, MS62 in the high teens to low twenties, and MS63 examples crossing $35,000 when they appear. A PCGS MS63 CAC realized $66,000 at Stack's Bowers in April 2022, the published auction record. Authentication via PCGS or NGC is mandatory at the price levels above AU, with particular care to distinguish the 1862-S from the much rarer 1862 Philadelphia, which is a known target for mintmark removal. For broader Civil War-era S-mint context, see the Liberty Head Double Eagle series history.