1846-D Liberty Head Quarter Eagle : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The Dahlonega Mint produced Liberty Head Quarter Eagles and Half Eagles in 1846, with the $5.00 half eagle gold denomination being produced more extensively. For the 1846-D Liberty Head Quarter Eagle, the Georgia branch mint struck 19,303 pieces. These circulated extensively and are today scarce above About Uncirculated.

In numismatist David Akers’ United States Gold Coins, An Analysis of Auction Records, Volume I (1975), the gold coin expert estimated a surviving population of 63 pieces. Nearly 50 years of grading data reported by the leading services yields over 450. Even supposing resubmissions and crossovers, many more 1846-D Liberty Head Quarter Eagles have emerged than were apparent when Akers was active.

What remains clear is that the 1846-D is a conditional rarity with only 33 Mint State grading events as of April 2025. Only one example has been graded MS64 at any of the services, making this not only a challenging coin to find in Mint State but also almost impossible to find in “Choice” condition.

It is interesting to note the CAC-approved population is a mere fraction of the total. While we did not have access to CAC’s pass-fail rate at the time of this publication, a leading factor in the low percentage of 1846-D Liberty Head Quarter Eagles with CAC stickers may be the market value of the coins themselves. Scarce but not rare mintmarked gold coins in collector grades may not have the necessary demand to warrant the extra step and cost of getting CAC’s imprimatur. The intrinsic value of gold and the length and complexity of the series contributes to this.

Speaking of complexity… Doug Winter, in his most recent scholarship, enumerates four die marriages for the date. The same obverse die is used for three of them. The most significant of the resultant varieties is the 1846-D/D, which is a Guide Book (Red Book) variety.

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Market Data and Noteworthy Specimens

The top population data at all three services has remained unchanged since at least September 2024.

Top Population: PCGS MS63 (2, 4/2025), NGC MS64 (1, 4/2025), and CAC MS62 (1:0 stickered:graded, 4/2025).

• NGC MS63 #302712-005: Dr. Arthur Montgomery; Hancock & Harwell; “Auction ’84,” Stack’s August 1984, Lot 1315 – $8,250; Georgia Collection; Hancock & Harwell; Leon Farmer; Hancock & Harwell; “The Duke’s Creek Collection of Dahlonega Gold,” Heritage Auctions, April 7, 2006, Lot 1502 – $27,600. DUKES CREEK on insert. Remnant of errant D above numerator.
• NGC MS62 #901530-006: “The Mississippi Collection,” Heritage Auctions, September 19, 2008, Lot 3271 – $9,775; Heritage Auctions, February 6, 2009, Lot 2472 – $8,050. Variety 7-J. Die crack through E of AMERICA to eagle. On the obverse, vertical hit on cheek. Two ticks on the lower right obverse field to the left of star 12. Ticks to the left of star 9. On the reverse, diagonal cut between branch and eagle’s wing.
• PCGS MS62 #21026473: Bruce Kutcher; Douglas Winter; Heritage Auctions, January 7, 2004, Lot 1022 – $18,400. Green Pond on insert. Variety 7-H.
• NGC MS61 #6686326-001: Heritage Auctions, November 16, 2023, Lot 3124 – $12,600.
• PCGS MS61 #28099974: As NGC MS61 #429389-011. “The Buckhead Sale,” Stack’s and American Numismatic Rarities, October 5, 2006, Lot 234 – $7,475; Heritage Auctions, January 5, 2007, Lot 5407 – $9,200. As NGC MS61 #3602665-003. Heritage Auctions, June 6, 2013, Lot 4714 – $7,637.50. As PCGS MS61 #28099974. “The Augustana Collection,” Stack’s Bowers, November 1, 2022, Lot 5072 – $10,500. Tick under the eye. Two ticks on jaw. Two rim cuts at stars 1 and 2. Remnant of errant D over numerator.
• PCGS MS61 #06860969: Heritage Auctions, July 10, 2009, Lot 1310 – $8,050; “The Wasatch Collection of Liberty Quarter Eagles,” Heritage Auctions, November 1, 2016, Lot 5450 – $9,987.50. Variety 7-H. Diagonal cut from corner of the mouth. Two ticks at bust truncation over 8. Diagonal cut to the left of star 13.
• PCGS MS61: Stack’s Bowers, January 4, 2011, Lot 1338 – $9,417.35.
• PCGS MS61 #5652449: Quality Sales (Abner Kreisberg), September 1983, Lot 1037. As PCGS MS61 #5652449. “The Harry W. Bass Collection, Part IV,” Bowers and Merena, November 2000, Lot 157 – $10,925; “The Ashland City Collection,” Heritage Auctions, January 11, 2003, Lot 4676 – $8,912.50. HW Bass Jr Coll on insert.

1846-D/D Liberty Head Quarter Eagle, Variety 7-L

Remnants of an errant “D” mintmark located in its normal position, and a fully realized “D” mintmark located far to the right are the indicators of the 1846-D/D Liberty Head Quarter Eagle. The base of the errant “D” degrades with repeated strikings until just the left tip is visible over the numerator.

Top Population: PCGS MS61 (1, 4/2025), NGC None Recorded (4/2025), and CAC AU58 (4:0 stickered:graded, 4/2025).

• NGC MS61 #6686326-001: Heritage Auctions, November 16, 2023, Lot 3124 – $12,600. Cluster of horizontal hits on the back of the cheek. Small cluster of hits to the left of star 13. Scattered marks throughout the fields. Denticles weak on the reverse. Lightly toned reverse. Full D remnant.
• NGC AU55 CAC #3146692-004: Heritage Auctions, July 20, 2023, Lot 3823 – $6,600.

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1846-D Liberty Head Quarter Eagle Coin Specifications

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