The 1862-S Quarter Eagle, struck when the outcome of the Civil War was undetermined, saw heavy circulation in the western states. Most of its already small mintage of a mere 8,000 pieces spent a considerable time in circulation, wearing down and obtaining damage along the way. Afterwards, many were cleaned by unconscious collectors, not knowing they lowered the coins value in doing so. Only a very small number remain to exist in uncirculated grades, and most of these are locked up in specialized collections. Any example of this issue in high grade is a prime rarity and should be considered a true delight at numismatic auctions.

Although both PCGS and NGC have graded over 100 coins of this issue in all grades, this number must include a large number of resubmissions. Estimates of the total number of known examples range from under 40 to 75. The true number, including damaged and cleaned pieces will probably be around the last number. Examples are not easily found in any grade, making true estimates hard to make. What can be determined by these numbers is that this remains to be a very scarce Civil War issue in any grade, and a prime rarity in AU and especially so in Mint State.

Unlike other issues from this era made at the San Francisco Mint, this issue comes generally well produced. Most pieces are fairly well struck, showing the radial lines on higher grade pieces and not displaying the weak centers usually seen. The rarity of this issue in higher grades has led that not many people can enjoy this issue in original condition, showing the good eye-appeal of most high grade pieces. Those that do, however, will see strong luster on both sides. What is generally considered to be the finest known example, graded by PCGS as MS-62 and once part of the Bass collection shows prooflike fields on both sides as well.

Over the years, most examples of this issue have toned from rose to a rust-red yellow color which looks very nice and is appreciated by many. Unfortunately, in modern times many pieces have been dipped, in hopes of a higher grade awarded by the grading companies. Truly uncirculated pieces are in the distinct minority and should be considered to be worth of a stronger bid over general pieces. Yet, the introduction of registry sets and large price differences between single grades have thinned the supply of these pieces.

The 1862-S is a coin in a distinct rarity class, like many other Civil War issues. However, prices are relatively low compared to other series. The small quarter eagles are much less in demand than the larger gold coins, which sell for considerable more money if this rare. With the Civil War sesquicentennial approaching rapidly, both smart collectors and investors invest in rare gold pieces from this historical period in American history. In doing so, they will not only be able to build a fine and highly appreciated collection, but they will also gain considerable return when selling their collection.