1862

Civil War economics drove the 1862 Philadelphia half eagle to a mintage of just 4,430 pieces, one of the lowest figures in the Liberty Head series. The federal government suspended specie payments at the end of December 1861, and the Legal Tender Act of February 1862 introduced Greenback paper notes that quickly replaced gold in everyday commerce. Gold coins commanded a premium over paper money and vanished into vaults, hoards, and shipments overseas rather than circulating at face value. The Mint had little reason to strike new half eagles when existing gold was being pulled from trade as fast as it could be made. The 1862 P sits inside the four-year run of collapsed Civil War Philadelphia mintages: 1862 P at 4,430, 1863 P at 2,442, 1864 P at 4,170, and 1865 P at 1,270. Together these four issues form the Philadelphia rarity core of the Coronet half eagle series.

Authenticators check 1862 half eagles against the standard Coronet specifications: 8.359 grams, 21.6 millimeters, 0.900 fine gold with a copper alloy, and a reeded edge. Two diagnostics carry weight on this date. First, weight tolerance is tight on genuine examples; struck counterfeits and gold-plated electrotypes typically miss the 8.359 gram standard by a measurable margin and reveal themselves on a calibrated scale. Second, examine the obverse date and the lower portrait field for tooling, since a number of cleaned and repaired examples have been worked over to improve eye appeal in the lower grades where this date is most often encountered.

The survival pool for the 1862 Philadelphia half eagle is small across all grades, with most known coins falling between Very Fine and lower About Uncirculated. Mint State examples are scarce, and Choice Uncirculated coins rank among the rarest in the Liberty Head series. Within the Civil War Philadelphia key group, 1862 P holds the second-lowest mintage, trailing only 1865 P, and consistently brings strong auction results when offered. Heritage Auctions has handled high-grade examples that crossed five figures, with top-pop pieces realizing well into the mid-five-figure range when condition and pedigree align. For collectors building a Civil War type set or a Philadelphia-only half eagle run, the 1862 has to be acquired when opportunity allows. Read more in our Liberty Head Half Eagle series history.