This issue was struck to the tune of only 60,000 pieces, of which perhaps 600 exist today, virtually all of which are well circulated. The obverse of this remarkable condition rarity is bathed in rich satin luster with a dash of pale gold spanning both sides. The strike is bold throughout, which is all the more impressive as this is clearly one of the later strikes from these dies, showing bold clashing and spidery thread-like die cracks through portions of the legend. The fields and devices are of exceptional quality for this rare issue, establishing this coin as tied for second finest known with one other MS-66. The Condition Census #1 example is the Newman specimen in MS-67.The Act of March 3, 1865 mandated that henceforth all silver and gold coins of suitable size would include the motto IN GOD WE TRUST as part of the design. This motto first appeared on the newly introduced two-cent piece in 1864 and subsequently most denominations of copper, silver and gold coinage, size allowing.As Walter Breen notes in his Complete Encyclopedia of U.S. and Colonial Coins: "The varietys existence depends on a quirk of timing....Obverses dated 1866 reached the San Francisco branch before the end of 1865; but the new reverses with Motto were not to follow until May 1866." Thus San Francisco Mint officials went ahead with coinage of 1866 half dollars using a leftover 1865-S reverse die. This same scenario occurred on gold half eagles, eagles and double eagles, with the Motto dies arriving well into 1866 at the San Francisco Mint, thus No Motto rarities also exist for those denominations.
