Ron Guth:
The 1865-S Half Dollar is a somewhat scarce date in most grades, but it is particularly elusive in Mint State. In the past, the PCGS Population Reports showed a large number of MS64 examples, but those were discovered to be resubmissions and were removed. Thus, this date continues to be a true condition-rarity in better Mint State grades. Wiley-Bugert have uncovered three different die varieties for this date, based primarily on repunching (if evident) and different mintmark positions. The 1865-S Half Dollar is usually well struck in the centers, but often shows weakness in the stars at the top of the obverse.