1865-S MS-64 (PCGS).
This true treasure from the S.S. Brother Jonathan is a one of a kind offering, this is the only Mint State 1865-S half eagle certified by PCGS. Sharply struck with bril¬ liant and frosty yellow gold lustre. A few very minor surface marks are noted, however, the overall quality is described by one word: incredible!
Further, this is the most important $5 gold coin recovered from the S.S. Brother Jonathan.
Prior to the discovery of the Brother Jonathan treasure, the existence of such a high-quality example of this issue was liter¬ ally unheard of. Two examples have been certified by another grading service, NGC, as MS-61. The Eliasberg Collection coin, sold by us in 1982, graded just EF-40 and was described as a major rarity. More recently, a number of submissions have been certified as AU-50 to AU-58. However, it is unknown how many different coins are represented by these population figures. As recently as 1988, Walter Breen stated this issue is unknown above Extremely Fine.
Examining auction records suggest that the population data listed below may include a large number of resubmissions. Certainly some coins exist that have never appeared in public auctions, however, we believe that rarer coins, such as the 1865-S half eagle, have a very high correlation of surviving examples to auction appearances. Otherwise, a small hoard of these coins is hiding somewhere. We can assure you, however, that only two 1865-S half eagles have been discovered, to date, by the folks of Deep Sea Research. It is our opinion that only 50 to 75 examples survive from an original mintage of 27,612 coins. In any event, those that we have located are all in lower grades than the sparkling gem from the S.S. Brother Jonathan.
Census of known high-grade specimens based on auction appearances:
MS-64 (PCGS) The present example, recendy found as part of the Brother Jonathan treasure. FINEST KNOWN TO US.
MS-60 (NGC) Heritage 7/1994:7447. This may be the same coin that now appears in the NGC Census as MS-61 with two submissions.
MS-60 Sharpness finer. The example offered in the next lot, also from the Brother Jonathan treasure.
AU-58 (NGC) Bowers and Merena 1 1/1996:1322; Superior 6/1997:1500; Heritage 1/1999:8095.
AU-58 (NGC) Superior 6/1998:2206.
AU-55 (NGC) Stack’s 5/1995:531.
AU-55 (NGC) Pacific Coast Auction Galleries 9/1986:737; Bowers and Merena 5/1998:1355.
AU-50 (PCGS) Superior 6/1997:1501.
AU-50 (NGC) Heritage 3/1998:6423.
AU-50 Bowers and Merena 11/1992:1526; Bowers and Merena 3/ 1993:1393; Bowers and Merena 9/1993:1604.
AU-50 Stack’s 9/1995:429.
AU-50 Stack’s 3/1990:991; Rarcoa 8/1991:1009.
Population data:
PCGS MS-64 (1); AU-58 (9); AU-55 (7); AU-53 (2); AU-50 (3); EF-45 (7); EF40 (6); VG-VF (13).
NGC MS-61 (2); AU-58 (11); AU-55 (10); AU-53 (2); AU-50 (1); EE-45 (9); EF-40 (6); VG-VF (8).