The San Francisco Mint commenced coinage operations in 1854 with a mintage of 364,866 coins of all denominations. Reflecting commercial needs at the time, much of this output was composed of double eagles (141,468 coins). The 1854-S gold dollar, on the other hand, was produced to the extent of just 14,632 pieces. Attrition through circulation was high, and only several hundred coins are believed extant. Furthermore, most are well worn (generally VF or EF). Only 60 to 80 Mint State 1854-S gold dollars likely survive, the majority in lower grades such as MS-61 or MS-62. At the Gem level of preservation, as here, the 1854-S emerges as a significant condition rarity.

The example to the left was sold by Stack's Bowers Galleries in the D. Brent Pogue Part VII Auction, where it realized $52,800.