1873-S

The San Francisco Mint produced 31,000 half eagles in 1873, a pull-back from the 36,400 coins struck the previous year and part of a continuing low-output stretch on the West Coast. Set against the rest of the early-1870s San Francisco sequence of 17,000 in 1870, 25,000 in 1871, and 36,400 in 1872, this issue sits in the middle of the pack on paper but ranks among the rarest of the group in actual surviving condition. Pacific commerce in 1873 still leaned heavily on hard money rather than federal paper, and most of these half eagles entered active circulation in California, where they wore down quickly through daily commercial handling. The 1873-S falls within the Type 2 With Motto subgroup, which had carried the IN GOD WE TRUST banner above the reverse eagle since 1866.

An authentic 1873-S half eagle weighs 8.359 grams, measures 21.6 millimeters in diameter, and was struck in the standard 90 percent gold and 10 percent copper alloy used for federal gold coinage after 1837. The edge carries fine reeding, and the S mintmark sits on the reverse below the eagle. Authentication should begin with the weight standard, since coins falling meaningfully below 8.359 grams may indicate harsh cleaning or a contemporary base-metal counterfeit. Examine the S mintmark for the cleanly punched, slightly squat shape characteristic of early-1870s San Francisco dies, and compare suspect pieces to verified PCGS or NGC plate coins to rule out altered-mintmark fraud that has historically targeted scarce branch-mint half eagles. Genuine examples also show the soft, slightly grainy luster typical of San Francisco gold from this period.

Survival estimates place the total population at roughly 150 to 250 examples across all grades, with the bulk concentrated in Very Fine and Extremely Fine condition. About Uncirculated coins are scarce, and Mint State pieces are genuinely rare, with the major services certifying only a small handful and finest-known examples reaching into the lower MS62 range. As a recognized Semi-Key date, the 1873-S commands consistent premiums whenever problem-free coins reach the market. Heritage archives show circulated examples trading in the mid four figures with sharp step-ups into AU, while certified Mint State pieces have crossed $20,000 at auction. For full design history and the broader date sequence, see the Liberty Head Half Eagle series history.