1865-S

San Francisco struck 1,042,500 double eagles in 1865, the highest S-mint Type I mintage of the Civil War era and one of the largest of the entire Type I run. The Civil War ended in April 1865, but the West Coast economy remained on a de facto gold standard, and California bullion deposits at the SF Mint stayed heavy throughout the year. The 1865-S is the final Type I San Francisco double eagle struck with a full year of production; the 1866-S split between No Motto and With Motto types as the new reverse design arrived mid-year. Compare to 1864-S (793,660) and 1866-S No Motto (approximately 120,000).

Strike quality varies but generally exceeds the 1862-S and 1864-S. Most non-shipwreck pieces show softness on Liberty's hair curls along the brow, the coronet high points, and selected obverse stars; reverses are typically well struck. Two shipwrecks reshaped the certified Mint State pool in ways no other Type I S-mint date has experienced. The S.S. Brother Jonathan, which sank off Crescent City on July 30, 1865 and was salvaged by Deep Sea Research in 1996 and 1997, yielded 1,207 total coins, of which over 550 were 1865-S double eagles, the great majority in Mint State. Bowers and Merena dispersed the recovery in May 1999. The S.S. Republic added another 200 to 235 examples after Odyssey Marine's 2003 recovery. Combined PCGS and NGC populations now run near 970 Mint State coins, including 211 MS64, 79 MS65, and 11 at MS66. Roughly 72 examples carry CAC approval.

The 1865-S functions as one of the most accessible Type I S-mint dates in Mint State, alongside the 1856-S and 1857-S, with availability that would not exist without the wrecks. Pricing reflects that supply: VF and EF coins typically run $1,800 to $2,200, AU58 between $2,800 and $3,500, MS62 around $6,500 to $8,500, and MS63 sales sit at $14,000 to $17,000. MS64 CAC examples trade in the $20,000 to $25,000 range, and MS65 sales have ranged from $20,700 to $33,600 in recent years. A PCGS MS66 ex Brother Jonathan brought $72,450 at the original 1999 dispersal, the standing date record. Two mintmark sizes are recognized, Small S (more common) and Large S (scarcer), though PCGS does not assign separate variety numbers. Brother Jonathan and S.S. Republic pedigree holders typically command modest premiums. For the full Type I S-mint context and the war-era production story, see the Liberty Head Double Eagle series history.