1865-S 25C MS64 Certification #52727374, PCGS #5462

Ex Richmond Collection (NGC Cert# 1716019-043), Ex Pelican Bay Collection (NGC Cert# 1716019-043). Coin was graded MS65 at NGC at time of purchase and was down graded to MS64 when sent to PCGS. This example became the 5th graded MS64 at PCGS. Briggs 1-A, Flynn-RPD-001. The 1865-S is a well-known condition rarity in Gem Mint State or finer grades. The mintage was small -- only 41,000 pieces were struck. Virtually all of the mintage circulated in West Coast commerce at a time when silver coins were in extremely short supply. Consequently, even circulated examples are rare in all grades today. The typical surviving 1865-S quarter is well worn, with an average certified grade of just 40.1. This MS65 example is the former Richmond Collection coin and currently serves as NGC Coin Explorer's plate coin. Frosted Gem surfaces display an attractive pearlescent sheen from light-gold toning supported by strong silver luster throughout both sides. The smooth surfaces show only a few faint grazes and no individual marks of note. The 1 in the date is repunched at its base and the strike weakens slightly at 8 and 6, as well as at a few star centers. The surface quality and eye appeal are exceptional. NGC Census: 1 in 65, 1 finer.

Ron Guth

In 1865, production of Quarter Dollars jumped up at the San Francisco Mint, more than doubling the mintage of the previous year, yet still reaching only 41,000 coins.  Pricing for this date mimics that of the 1862-S in most grades, but the 1865-S is slightly less expensive at the high end.  The PCGS CoinFacts Condition Census contains coins from MS63 at the low end to a single MS66+ at the high end.  Most examples we have seen are well-struck, though most show slight weakness on some of the obverse stars.