The 1865 gold dollar boasts a minuscule mintage of 3,725 pieces. Among Philadelphia Mint issues it ranks as the second-rarest gold dollar, behind the 1863. The few 19th century collectors who systematically pursued collections of gold coins usually opted for proof specimens to fill their date runs, but only 25 gold proof sets were produced in 1865. Consequently, a few spectacular Mint State coins (such as the present example) were saved by collectors who could not obtain a proof example at the time of issue.       

Early numismatists often noted the elusive nature of the 1865, as the cataloger did in the William H. Woodin Collection (Elder, 3/1911), lot 878, '1865. Brilliant uncirculated. Coinage given as only 3,725 pieces, being several thousand less than coined in either 1863, or 1864. The price realized for this sale should be correspondingly large.' Elder was not disappointed, as the lot realized $47, a large sum at the time.