1867-S

San Francisco's 1867-dated double eagle marks the first full calendar year of Type 2 production at the Pacific branch mint, following the transitional 1866-S which exists in both No Motto and With Motto subtypes after the motto dies arrived mid-year. The 920,750 pieces struck reflect the mint's primary mandate during the post-bonanza era: converting California placer and Comstock bullion into commercial-weight gold for export to London, Paris, and the China trade. Coins of this denomination rarely circulated domestically in any meaningful sense, and survival patterns confirm the trajectory. Most went into bank vaults or onto steamships, returning years later only as melt fodder when European banks redeemed them against demand notes during the specie resumption debates.

That commercial life explains the date's defining numismatic profile. Circulated examples in VF through AU grades remain readily available and constitute the most affordable gateway into Type 2 San Francisco gold for type collectors. Mint State survivors, however, drop off sharply. Combined PCGS and NGC population data show the issue concentrated at MS60 and MS61, thinning rapidly through MS62, with MS63 examples genuinely scarce and anything finer occupying single-digit census territory. Strike quality compounds the grading challenge. Branch-mint Type 2 dies routinely produced softness on the central hair curls above Liberty's ear and on the radial star centers, while extended canvas-bag transit imparted the deep abrasions and reverse rim contact marks that ceiling most surviving pieces below choice Mint State.

For the date specialist, the 1867-S sits in an instructive middle position. It lacks the transitional cachet of the 1866-S With Motto and the slightly better strike consistency that returned to the series by 1868-S, yet its condition rarity profile rivals both. Counterfeit risk is comparatively low for this issue, as forgers historically targeted lower-mintage Carson City and Philadelphia dates where the value premium justified the effort. Genuine eye-appeal candidates with original orange-gold color and minimal rim disturbance command real premiums at major auction venues, and assembling a Type 2 San Francisco date run inevitably hinges on finding an above-average 1867-S. Production timeline and motto-era design changes across the series are covered in the Liberty Head Double Eagle series history.