The year 1854 was the first time that gold coins were produced at the San Francisco Mint. The 1854-S quarter eagle and half eagle are extremely rare. Most of the production for the year focused on double eagles. The issue was widely distributed and many of the coins seen today are rather heavily worn. A large group of 1854-S double eagles were found in the wreckage of the S.S. Yankee Blade. The treasure was undocumented, but it is believed that around 200 to 300 coins were discovered. Most of the coins were high-grade examples with surfaces that are lightly etched from exposure to seawater. A Proof example of the 1854-S double eagle resides in the Smithsonian Collection.