Owner Comments:
The 1865 Dinero is difficult to find in any grade, and may not exist in true mint state. The example in the famed Whittier collection was circulated, which should attest to the difficulty of this date. A nice circulated specimen may appear only a couple times a year or less.
In mint state, the 1865 is perhaps the most difficult early Dinero, even more difficult than the 1872. In circulated grades it is comparable to the scarcity of the 1870. It must be remembered that there may be mint state 1865's hidden away in Peru, however.
Flatt reports varieties: 1865, 6/5, and an 1865 with a Roman 1. SCWC reports an 1865/3. In theory, the 1865. 6/5 would have the reverse of a Real, not Dinero. I'm skeptical. The 1865/3 absolutely exists. My specimen has a Roman 1 in the date. There is no premium for any variety.
I am proud to own the finest graded 1865 Dinero in AU 58. An 1865/3 has also been graded in AU 50 (I know this to be the Whittier coin, which Heritage called XF). Although my coin has moderately heavy toning, the subtle coloration is very attractive; iridescent cobalt, rose, and red tone play on the surface. The 1 in 1865 is a Roman 1, which I have seen on one other coin. It is possible that all regular date 1865's have a Roman I. More research is needed.