1867-S

The 1867-S half eagle came from a San Francisco Mint that was settling into its second decade of operation, with the post-Civil War economy still leaning heavily on hard money in the West. While the East Coast circulated paper greenbacks at a discount to gold, California merchants and miners continued to demand coined gold for everyday transactions. The 29,000-piece mintage reflected that ongoing need, but the figure was modest by the standards of contemporary issues like the 1867-S double eagle, which crossed 920,000. Within the broader San Francisco half eagle sequence, 1867-S sits alongside other low-mintage Reconstruction-era dates that quietly entered commerce, served their purpose, and never received the protective hoarding that preserves coins for future collectors.

Authentication starts with the standard Coronet Type 2 With Motto specifications: 8.359 grams, 21.6 millimeters, 90% gold and 10% copper, with a reeded edge. The S mintmark appears on the reverse below the eagle, and its placement, size, and font should match other San Francisco half eagles of the late 1860s. Counterfeits and added mintmarks are the principal risks on a date this scarce, so weight tolerance is critical: anything more than a few hundredths of a gram off standard warrants suspicion. Examine the mintmark under magnification for tooling marks, raised seams, or a different metallic color where it meets the field. Genuine examples show even, slightly satiny gold luster on original surfaces, with the typical light circulation marks expected of a coin that spent years in active commerce.

The surviving population is genuinely thin, with credible estimates placing total survivors around 75 pieces across all grades. Most are in Fine through Extremely Fine, with About Uncirculated examples scarce and Mint State coins rare enough that one PCGS MS64 is the finest known business strike. Doug Winter has flagged the 1867-S as one of the more underappreciated San Francisco half eagles, with VF-20 retail near $1,400 and MS-60 valuations approaching $34,500, reflecting the steep climb in scarcity above circulated grades. For collectors building a date set, the 1867-S rewards patience: a problem-free VF or EF coin with original surfaces is the realistic target, and locating one often takes longer than the price guide suggests. See the full Liberty Head Half Eagle series history.