1868

Among Philadelphia Type 2 Double Eagles, 1868 occupies an unusual position. Its 98,600-piece mintage is the smallest figure recorded for any Philadelphia business-strike double eagle of the 1860s after the abnormal 1862 and 1859 issues, and it sits well below the production levels of the surrounding dates. The 1867 issue had carried 251,065 coins, and 1869 would rebound modestly to 175,155, leaving 1868 as a sharp single-year contraction inside an otherwise steadier output band. For a series whose Philadelphia issues generally crossed six figures with ease, dropping under the 100,000 threshold marks the date out for any collector building a Type 2 run by mintage.

Survival patterns reflect that low original output. Most certified examples cluster in the VF through AU range, the band where Type 2 Liberty gold typically settles after decades of light circulation, vault transfer, and overseas banking use. Mint State coins exist but thin rapidly above MS61, and PCGS has consistently described the issue as very scarce in all grades, with finest-known examples in the MS63 territory rather than the MS64–65 levels seen on commoner Philadelphia dates. The dominant grade-limiter is contact marking from canvas-bag storage rather than weak strike. Devices on Philadelphia Type 2 dies of this period are usually well-defined, and central detail on a typical 1868 holds up cleanly to the wrist on Liberty's portrait.

For date-set collectors, 1868 is the toughest of the late-1860s Philadelphia trio (1867, 1868, 1869) and clusters with 1871 as one of only two Type 2 Philly issues to fall under 100,000 business strikes. That places it in a recognized semi-key position within the series rather than among the conditional rarities. Authentication through PCGS or NGC remains standard practice for any transaction at this price level, and CAC review adds a meaningful tier for Mint State examples. The full design arc from 1849 through 1907 is traced in the Liberty Head Double Eagle series history.