1865

The 1865 Philadelphia half dime had a mintage of 13,000 coins, continuing the Civil War pattern of tiny production at the main Mint. The war ended in April 1865, but hoarding of silver coinage did not immediately reverse. Americans who had stockpiled silver during the war years continued holding it, and the return of silver to regular circulation would take years to complete. The Mint's half dime production remained minimal.

Like the 1863 and 1864, the 1865 survives primarily in higher grades because most coins were produced for collectors and proof sets rather than for commerce. Circulated examples are scarcer than Uncirculated in some grades, an inversion of the normal pattern. Pricing reflects the extreme rarity of the circulation strike. Any 1865 half dime in any condition carries a key-date premium, and Uncirculated examples with original surfaces command strong prices.

The 1865-S had a much larger mintage (120,000 coins), following the same geographic split that had characterized 1863 and 1864. San Francisco was producing half dimes for active western circulation while Philadelphia was producing essentially nothing for the eastern economy.