1864

Philadelphia struck 204,235 double eagles in 1864 along with 50 proofs, marking continued recovery from the 1862 collapse but still a fraction of pre-war output. The Philadelphia sequence ran 92,133 in 1862, 142,790 in 1863, 204,235 in 1864, and 351,175 in 1865, while San Francisco struck 793,660 in 1864 alone. The East-West coinage divide remained sharp throughout the year. Grant's promotion to Lieutenant General and Sherman's Atlanta campaign drove Treasury demand for foreign-payable specie, but greenbacks continued to dominate domestic transactions, and any gold double eagles released into commerce promptly disappeared into hoards.

Strike quality is variable. Reverses typically strike sharper than obverses; weakness on the obverse concentrates on Liberty's hair curls and the upper denomination letters. Light die cracks appear through the obverse stars and reverse lettering on a portion of survivors. Doug Winter rates 1864-P luster as better than the 1862 through 1863 issues, with rich frost on high-grade pieces and natural color ranging from medium green-gold to yellow-gold with rose hues. Approximately 600 to 700 examples survive across all grades, with combined PCGS and NGC Mint State populations in the 25 to 35 range and roughly seven CAC approvals. The S.S. Republic recovery in 2003 yielded 25 examples, including 17 in Mint State, accounting for most of the high-grade survivors. Republic coins show distinctive light green-gold tones and satiny luster that set them apart from non-shipwreck pieces. The Great Kentucky Hoard contributed nothing to this date; its eighteen Type I double eagles were 1863-dated.

The 1864-P is a clear semi-key in the Type I Philadelphia run, rarer and pricier than 1865-P though more available than 1863-P. VF coins typically run $3,000 to $4,500, EF $4,500 to $6,000, AU50 to AU58 between $6,500 and $16,000, and Mint State pricing climbs steeply: MS60 around $18,000 to $22,000, MS63 sales at $60,000 to $85,000, and MS64 examples carrying low-six-figure expectations. The auction record stands at $282,000 for a PCGS MS65 at Heritage's April 2014 sale, the unique finest-known coin now in a New England private collection. The same example had brought $207,000 graded NGC MS64+ at Heritage in August 2011 before its subsequent upgrade. No die varieties are recognized by PCGS or NGC for the date; the often-rumored "Doubled Die Reverse" attribution actually belongs to the 1866 With Motto issue. Authentication via PCGS or NGC is the standard practice at all collectible grades. For broader Civil War-era Philadelphia context, see the Liberty Head Double Eagle series history.