1878

Sitting as the second year of the Type 3 reverse, this Philadelphia striking followed the 1877 transition that finally spelled out TWENTY DOLLARS in full. Production climbed from 397,670 pieces in 1877 to 543,645 in 1878, a one-third jump that anticipated the December 1878 Treasury preparations for the resumption of specie payments on January 1, 1879. Most of the run went straight into bank reserves and trans-Atlantic settlement bags rather than circulation, which is why so many surviving examples emerge with original mint bloom under a film of bag scuffs. PCGS CoinFacts has long noted the 1878 is overall comparable in rarity to the 1877 and refuses to classify it as a true common date.

Strike quality on early Type 3 Philadelphia eagles tends to run uneven. Liberty's hair curls below the coronet and the upper-right shield lines on the reverse are the diagnostics to inspect, since worn-out 1877 dies were carried into early 1878 production before fresh hubs were introduced. Luster on choice survivors typically shows the satiny, slightly grainy texture characteristic of high-relief Philadelphia gold of the period rather than the prooflike fields seen on some 1879 and 1880 issues. A separate issue of 20 proofs was struck for collectors, and PCGS estimates only eight to ten of those proofs survive, ranking the date alongside 1865, 1868, 1871, 1874, and 1875 in proof rarity.

Population data thins quickly above MS-62. PCGS census records show the date capped at MS-64 with roughly eight pieces certified at that level and none finer, which is the same condition ceiling that frustrates registry collectors of the 1877. A CAC-approved PCGS MS-64 example, cataloged among the finest-known 1878 double eagles, was offered through Stack's Bowers Galleries (lot 3-9I8JP) and stands as a reference point for what a top-tier specimen brings when one surfaces. Compared with the much scarcer 1879 Philadelphia at 207,630 pieces, the 1878 is more available in lower grades but virtually equal at the top of the census, making it a meaningful anchor in the Liberty Head Double Eagle series history.