David Akers (1975/88): The 1875-S is relatively common by early S-Mint standards and it is available in a wide range of grades from VF to average uncirculated. In choice mint state the 1875-S is very scarce and in gem condition it is rare, as are virtually all Liberty Head twenties except the commonest dates of the late 1890's and early 1900's. I have, however, seen a fair number of very choice examples of this date.
The Saddle Ridge Hoard of gold coins, discovered in northern California in 2013, contained fifteen 1875-S $20s. The best of the gradeable examples was a single PCGS MS64, which immediately tied several others as second finest known.
Saddle Ridge Hoard
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