1846

The 1846 closes the trio of mid-decade Philadelphia eagles (1844, 1845, 1846) in which low original mintages and heavy contemporary attrition produced dates that sit well above their catalog billing on absolute rarity. Production reached 20,095 pieces, smaller than the 26,153 of 1845 and a fraction of the surge that followed in 1847. David Akers called the issue "grossly underrated" in a series he already considered underrated, noting that locating an example in any condition is difficult and that almost all known survivors fall in VF or EF. PCGS estimates roughly 100 to 200 pieces survive across all grades, and the catalog tile's Semi-Key designation is one of the rare cases in this run where the badge and the conditional-rarity reality line up cleanly. The 1846/'5' overdate designation collectors may encounter applies to the New Orleans issue, not Philadelphia, so there is no overdate variety to chase from the parent mint this year.

Authentication starts with the standards: 16.718 grams, 27 mm diameter, 90 percent gold and 10 percent copper, reeded edge with coin alignment. Cast counterfeits show edge seams, slightly granular fields, and softened detail in Liberty's hair curls and the eagle's neck feathers; struck fakes typically fail on weight or specific gravity (genuine pieces test near 17.2). Strike is generally adequate but rarely sharp, with the lightly frosted devices and modestly reflective fields characteristic of the era. Because so few high-grade pieces exist, any AU or better submission deserves careful examination for old cleaning, retoning, and the rim filing that often accompanied long-circulating gold. The date is also a target for added mintmarks; be alert for fantasy "1846-C" or "1846-D" pieces, neither of which exists in the official mint records.

For the date collector, the 1846 is the third leg of a small Philadelphia trio that punches well above its classification. EF examples surface periodically and represent the practical sweet spot; AU pieces command a clear premium and Mint State coins are genuine condition rarities, with no uncirculated example documented at public auction in modern records. The much more available 1846-O supplies the budget alternative, while the parent-mint coin rewards collectors willing to wait. Series-wide context lives in the Liberty Head Eagle series history.