1846-O

The 1846-O is the sixth New Orleans eagle and a quietly important issue inside the Type 1 No Motto run. Mintage of 81,780 pieces sounds substantial alongside Philadelphia's massive deliveries of the era, but New Orleans struck for circulation in the cotton-and-shipping economy of the lower Mississippi, and these coins worked hard. The result is a date that is comparatively obtainable in well-worn grades yet stops abruptly at the upper end. Doug Winter ranks the 1846-O among the scarcest No Motto New Orleans eagles of the 1840s, and inside the early-NO availability hierarchy it sits as a more findable issue in Fine through Extremely Fine but a serious condition rarity above it.

What collectors actually encounter is a coin almost always seen with honest circulation wear, characteristic strike softness over Liberty's hair curls above the ear, and the deep green-gold color associated with native New Orleans alloy. Mint State survivors number perhaps five or six pieces across both services, and properly graded AU58 examples are genuinely rare. Authentication centers on mintmark integrity, a large, boldly punched O low between the eagle's tailfeathers and the denomination, and the standard 16.718-gram weight at 27 mm with specific gravity near 17.2; added-mintmark fakes built on Philadelphia 1846 hosts have appeared, and the seating of the O against the surrounding fields is the first thing to verify under magnification. Buyers should also know that PCGS and NGC still encapsulate examples as "1846/5-O," a designation Winter has since de-listed; these remain the same coin and command no meaningful premium today.

For collectors building a No Motto New Orleans eagle set or a date run of early Liberty tens, the 1846-O is the issue where market reality first asserts itself. Circulated examples are attainable, recent VF and EF coins trade in the high three to low four figures, but anything original and choice draws strong competition. A PCGS AU55 brought $9,000 at Heritage in 2018, and the only PCGS-graded MS60 realized $35,250 at Legend in 2015. Buy for original surfaces and avoid lightened or scrubbed coins; the right AU example is worth waiting for. For broader context on the issuing run, see the Liberty Head Eagle series history.