Doug Winter Numismatics - The 1862-S is the second rarest Civil War era half eagle from the San Francisco mint, trailing only the 1864-S. Of the 9,500 struck only 45-55 are known with most in lower grades. The reasons for this low survival rate include heavy use in commerce, pervasive meltings and a lack of local collectors or dealers to save any pieces, as occurred with certain Philadelphia issues from this period.
The 1862-S is especially rare in higher grades. It is doubtful whether as many as 10 "nice" examples are known, and most of the pieces in About Uncirculated holders are lower end pieces with copious abrasions and a lack of original surfaces.
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