1867

Standing as the first full year of Type 2 production at the Philadelphia Mint, this issue carries unusual weight in the Liberty Head Double Eagle series. The Act of March 3, 1865 had added IN GOD WE TRUST to the reverse, but the 1866 transition year saw the new motto debut alongside lingering die-pairing irregularities. By 1867, James B. Longacre's modified reverse had settled into routine production, with the denomination still spelled TWENTY D. and the motto seated cleanly above the eagle. Mintage of 251,065 pieces represents a sharp reduction from the 698,775 struck in 1866, and that contracted output gives the date a structural scarcity that collectors working a Type 2 set encounter quickly.

Survival patterns mirror the broader Type 2 narrative. The overwhelming majority of certified examples grade XF40 through AU58, reflecting active circulation in the post-Civil War commercial economy and substantial export to European banks where Double Eagles served as bullion reserves. Mint State coins exist but thin out rapidly above MS61, and gem material at MS64 or finer is genuinely rare across both PCGS and NGC populations. Strike quality on Philadelphia coins of this era typically surpasses contemporary branch-mint output, with sharp stars and well-defined hair detail on Liberty's coronet, though heavy bag-marking from shipment and storage in canvas sacks remains the dominant grade-limiting factor at the upper end.

Within the Type 2 collecting hierarchy, 1867 occupies semi-key status without commanding true key prices. It serves as a more accessible alternative to the 1866 No Motto and With Motto transition pieces and presents better availability than the genuinely scarce 1869 and 1871 Philadelphia issues. A separate proof striking of 50 pieces was produced for collectors and remains exceptionally rare in any preservation. For type-set buyers seeking a single circulation-strike Type 2 representative with documented date significance, this issue offers historical pedigree that later Type 2 dates such as 1873 through 1876 cannot match, while remaining substantially more attainable than the design's transition-year predecessors. The full Type 1 / Type 2 / Type 3 progression is documented in the Liberty Head Double Eagle series history.