1848 Liberty Head Quarter Eagle : A Collector’s Guide

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

1848 marked a turning point for United States gold coinage. In January, James Wilson Marshall discovered gold at Sutter’s Mill, setting off a massive wave of migration to the newly acquired western territories and presenting Congress with a series of questions that would not only settle the West and invest in critical infrastructure but also further inflame the divisions that would lead to the American Civil War.

Transporting California gold to the eastern mints was dangerous, expensive, and slow. While a small amount was coined in 1843, having been deposited by Los Angeles trader Abel Stearns, and a slow trickle of California gold did make its way eastward from that point forward, the discovery of 1848 blew the doors wide open.

Coin production in the United States was largely handled by the Philadelphia Mint, which had as its coverage area the most populated regions of the country. Second to Philadelphia was New Orleans, which produced coins in silver and gold, drawing largely from Mexican imports. The Charlotte and Dahlonega mints, which opened alongside the New Orleans facility in 1838, handled respective trickles of locally sourced gold.

In 1848, Philadelphia struck its nearly complete compliment of coins for circulation, omitting only the Braided Hair Half Cent, of which it struck a handful in Proof. The small number of Liberty Head Quarter Eagles it produced were handily outnumbered by that year’s output of Liberty Head Half Eagles and Liberty Head Eagles.

A small subset of the 1848 Liberty Head Quarter Eagle consisted of 1,389 coins struck in late December from California Military Governor Richard Mason’s deposit of California gold. After being produced, these coins were counterstamped “CAL.” above the eagle’s head on the reverse by United States Mint Chief Engraver James B. Longacre.

The historic nature of the coins has given the 1848 “CAL.” a permanent placement among the great numismatic objects of American history. Yet despite its lower mintage, the 1848 “CAL.” is much more common in Mint State than the 1848 “Plain”. No plain 1848 Liberty Quarter Eagle has graded MS65, while the “CAL.” may have more than a dozen survivors at this level.

The 1848 Liberty Head Quarter Eagle’s scarcity became evident to all in the 1950s after J.F. Bell (the pseudonym used by Jacob Shapiro) included the coin on his want list after discovering that the leading dealers did not have any in stock. A possibly apocryphal story put forth by Walter Breen is that some (probably circulated) 1848 plains were used to make phony 1848 CAL. examples. If true, this is a subject that hasn’t garnered much attention in recent years.

In circulated grades, the 1848 Liberty Head Quarter Eagle is typical for the period and garners a sizable numismatic premium over spot price. The value of these coins largely depends on the coin’s state of preservation and eye appeal. Expect to pay between $1,200 and $2,000 for coins in the XF to low AU range.

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1848 Liberty Head Quarter Eagle Market Data and Noteworthy Specimens

Top Population: PCGS MS63 (2, 2/2024), NGC MS64 (1, 11/2024), and CAC MS61 (2:0 stickered:graded, 11/2024).

• NGC MS64: Quality Sales Corporation, March 1972, Lot 1165; “The Harry W. Bass, Jr. Collection,” Bowers and Merena, October 1999, Lot 413; “The Charleston Collection,” American Numismatic Rarities, September 18, 2005, Lot 1106 – $20,700. Tick to the left of Liberty’s neck. Tick at the right tip of star 2. Mark under bun. On the reverse, there is a copper spot just above E. Tick on the numerator. Eagle’s left leg weak.
• NGC MS63 #1997707-001: Heritage Auctions, January 10, 2019, Lot 4621 – $12,000. Two thin scratches on jawline. Ticks to the left of Liberty’s nose. On the reverse, eagle’s left leg weak. Diagonal striations.
• PCGS MS62 #41954961: Del Loy Hansen. Imaged on PCGS CoinFacts. Diagonal cut below star 1. Two hits on the second 8 of the date. Long thin scratch to the right of stars 3 and 4. Diagonal hit below star 9. Diagonal cut in the lower right obverse field to the left of star 11. Hit on eyebrow. On the reverse, thick depression on rim at 12 o’clock. Diagonal hit to the right of the eagle’s head. Eagle’s left leg weak.
• NGC MS62 #3163881-012: “The Findley Collection,” Heritage Auctions, January 9, 2009, Lot 5202 – $5,750. Laminated planchet between stars 9 and 10. On the reverse, eagle’s left leg weak.
• NGC MS62 #1750133-005: “The Mississippi Collection,” Heritage Auctions, September 19, 2008, Lot 3276 – $6,900. Small tick to the right of star 4. Circular streak along the bottom of stars 8 to 11. On the reverse, eagle’s left leg weak. Diagonal striations. 
• NGC MS62 #1655903-001: Heritage Auctions, January 11, 2008, Lot 3852 – $8,050. Small planchet void above star 1. Tiny tick to the upper left of star 12. Tick above the tip of Liberty’s nose. On the reverse, eagle’s left leg weak. Light discoloration around the denomination to the second A of AMERICA.
• PCGS MS62: Heritage Auctions, August 16, 1996, Lot 8167 – $7,480. Top pop, pop one when offered. Not imaged.

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1848 Liberty Head Quarter Eagle Coin Specifications

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