David Akers (1975/88): The 1915-S is one of the most common of the early issues, but it is slightly more rare than the 1914-S and 1916-S. I know of several hoards of more than a thousand pieces each that have been dispersed since the early 1970s, so it is not surprising that the 1915-S is easily obtainable in any Mint State grade below MS-65. Gems are certainly scarce, but a few hundred of them are known at least. There are also some superb MS-67 quality examples of this issue in existence.
The 1915-S is almost always very sharply struck. Many specimens have a broad, square rim and a partial wire edge. The surfaces often have a marked granularity and/or metal flow and sometimes have peculiar smooth, shiny areas. (These are seen on some other $20 issues of this period as well but not nearly as often as on the 1915-S.) Lustre is typically very good as is the color which is most often a rich orange and greenish gold.
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