A near-Gem example of this scarce San Francisco issue. Liberty’s portrait displays bold definition, with sharp detail in the laurel wreath and hair, while the reverse eagle is crisply rendered with strong feather detail and a well-struck shield. The surfaces are bathed in original satiny luster, lightly toned with warm golden highlights that add vintage appeal. Marks are minimal and well within the standards for the grade, making this an exceptionally attractive example.