1865-S $10 VF25 认证号05784826, PCGS号8642

Normal Date. Although the inverted date coin gets most of the attention, the normal date is the rarer of the two. What appears to be a scratch on the reverse running from the T in TEN, thru the mint mark, to the end of the olive branch and ending at the corner of the lowest arrow head, is in fact a die clash. This can be readily seen on the three AU50 examples shown on PCGS's website. The 5 in the date is noticeably doubled, especially evident at the 5's flag. This coin is significantly under-graded (1-2 steps in my opinion). The coin has significant luster remaining in the protected areas of the legend, around the devices, date and stars. This is in sharp contrast to the given grade. ANA grading standards describe the "EF-40 Surface: Traces of mint luster will show.", while the VF30 does not mention mint luster at all. PCGS's own grading standards describe the XF40 as "All design elements still show, but high points worn flat. Little to no luster remains." The weakness seen on the stars and eagle's neck is explained in Douglas Winter's PCGS write-up, "The quality of the strike is very distinctive with soft radial lines in the stars and a slightly concave appearance on the obverse. The reverse is better struck although many examples show weakness on the neck feathers. I have never seen an 1865-S Normal Date eagle that did not have heavily abraded surfaces and most have enough wear to lack any significant luster." This coin also compares favorably to PCGS's Photograde page for $10 Gold Eagles, VF30 and VF35 (exclusive of the weak eagle neck described above). The observation by Mr. Akers regarding rarity is confirmed when looking at recent auction records from three well known auction houses dating back to 2010. 21 normal date coins have appeared at auction versus 43 inverted date coins over that almost 11 year period. Walter Breen's "Complete Encyclopedia of U.S. And Colonial Coins" describes the 1865-S as ""Type 1" rev. Large S. Doubled rev. Very rare." "Doubling plainest at TEN, United, adjacent wing tips, leaves, feathers." This doubling is very minute needing relatively high magnification to see.

David Akers (1975/88)

The 1865-S normal date is very rare in any condition, more so than either the mintage or even the modest number of auction appearances would imply. The blundered or inverted date variety was not discovered until about 20 years ago and therefore, it is likely that some of the pre-1960 listings are for inverted date coins. I have seen approximately twice as many inverted date specimens as I have normal ones. Most normal date 1865-S Eagles are very worn and grade from VG to VF. In EF, this date is extremely rare and I am unaware of any specimens above that grade, although the Miles coin was called AU. The 1865-S normal date is more rare than the 1858-S, 1859-S, 1862-S, and 1863-S and is of approximately the same rarity as the 1860-S and 1867-S. It is only a little less rare than the 1864-S and 1866-S No Motto.

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Doug Winter

Two varieties are known for this year. The better known is the spectacular 1865-S Over Inverted 186. The less visually impressive Normal Date is, ironically, the rarer of the two. I regard this as the second rarest eagle from San Francisco. I estimate that around 30-40 are known and nearly all grade EF40 or below. In fact, this one of the rarest Liberty Head eagles from the standpoint of condition. I have never seen or heard of an Uncirculated example and I know of just three that I would call real AU's (none better than AU50 to AU53).

The quality of strike is very distinctive with soft radial lines in the stars and a slightly concave appearance on the obverse. The reverse is better struck although many examples show weakness on the neck feathers. I have never seen an 1865-S Normal Date eagle that did not have heavily abraded surfaces and most have enough wear to lack any significant luster.