1846

The 1846 half dime is the major key date of the Seated Liberty series. Philadelphia struck only 27,000 coins, an extraordinarily low figure that stands out dramatically against the hundreds of thousands or millions struck in most other years. The Mint offered no documented explanation for the low mintage. Silver supply was not particularly tight in 1846. Demand for half dimes in commerce had not collapsed. The Mint's presses were operating normally. For reasons that remain unclear, the 1846 half dime was produced in a tiny quantity that has made it rare ever since.

Most surviving 1846 half dimes are in lower circulated grades. The coins that were made circulated hard in the years following their production, and the small original mintage meant that relatively few escaped into collections before the date was recognized as a key. By the time early collectors began actively pursuing the 1846, the attrition had already happened. Good to Fine is the typical grade range, and each step above Fine adds meaningfully to the price.

PCGS estimates only 250 survive across all grades, with just 4 at Mint State and zero at the gem level of MS65 or better. The finest known is a single MS63. An MS62 sold for $48,000 at Stack's Bowers in March 2018, one of the highest prices realized for any non-unique Seated Liberty half dime. Q. David Bowers has called the 1846 "the most desirable of all the Seated Liberty Half Dimes" apart from the unique 1870-S, a ranking that reflects both its rarity and the practical impossibility of acquiring the 1870-S.

Counterfeits and altered-date coins exist. The 1846's value creates an incentive for fraud, and altered dates from common-year half dimes are documented in the literature. Any 1846 half dime purchased at key-date pricing should carry certification from a major grading service. The investment in authentication is trivial compared to the coin's value, and buying uncertified is not a risk serious collectors take.