Ron Guth:
Five dates comprise the With Arrows, No Rays type, and the rarity of each one of them lines up exactly with their respective mintages. Thus, the 1855-S With Arrows, which has the second lowest mintage of the series, is the second rarest of the bunch. In Mint State, this date is equally scarce, especially in grades above MS63. To date, the finest example is a single PCGS MS65, which has never appeared on the market. Considering that a PCGS MS64 set the price record at $46,000, it would be interesting to see what this Gem would bring.
Larry Briggs identified three different reverse for this date, all of which have a Large S.