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The 1897-S Liberty Head half eagle is a better date within the long-running series struck at the San Francisco Mint. Although the recorded mintage reached 354,000 pieces, the number known today is far smaller. Survivors are encountered only sporadically, suggesting that a large portion of the original issue disappeared through attrition in commerce or later melting. Coins that remain tend to show clear evidence of circulation.
This example, certified AU-50 by PCGS, represents a scarce middle ground between heavily worn survivors and the much rarer Mint State pieces. PCGS has graded just 49 examples at the AU-50 level, while 316 have been certified finer. Such figures illustrate how thin the population is overall, particularly for a coin with a six-figure mintage on paper.
In total, only 464 examples have been graded by PCGS across all levels of preservation. The disparity between the original mintage and the small certified population points to extensive melting and long-term hoarding. As a result, the 1897-S has earned recognition among specialists as a date that is far more elusive than its production figure might initially suggest.
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