IMPORTANT CONDITION CENSUS 1846-C $5.00 GRADED MS62 BY PCGS

In terms of both overall and high grade rarity, the 1846-C is among the rarest half eagles produced by the Charlotte mint. I have always assumed its high grade rarity was due to the fire which closed down the mint for all of 1845, and added considerable demand for both half eagles and quarter eagles from 1846 due to lack of coins in circulation.

A strong case can be made for calling the 1846-C one of the rarest half eagles from Charlotte in Uncirculated—if not for the entire No Motto half eagle series. I am aware of just five in Uncirculated. This includes a single MS61, three in MS62, and one in MS64.

The best 1846-C half eagles include the following:

• PCGS/CAC MS64: the Elrod/Eliasberg coin. Now graded MS65 by NGC.

• PCGS MS62: the present example.

• PCGS MS62: the Bass coin. Now graded MS63 by NGC.

• PCGS MS62: the Ashland City coin.

• NGC MS62; the Milas coin.

This piece appears to have been off the market for close to two decades. It recently appeared in a Skinner/Bonham’s coin auction where a very savvy California wholesaler paid a touch over $50,000 for it. I purchased it from him at the recent June Long Beach show for $52,500. It is the first Uncirculated 1846-C that I’ve sold since I handled the gorgeous MS64 Elrod/Eliasberg coin (in an MS63 holder when I sold it, and later dipped by another dealer to upgrade to an MS64).

The most recent APR for a PCGS MS62 1846-C half eagle is Heritage 7/2021: 3104 at $39,600. This coin was ex Ashland City collection (or “Trash Can Shitty” as it is referred to by those in the know…) and it has questionable toning. Stack’s Bowers 3/2018: 10335, graded MS62 by NGC, sold for $36,000 which was a disappointing result for the consignor as it realized $50,600 all the way back in May 1995.

The coin is just exceptional for the issue with a great strike and vibrant light yellow-gold color. The luster is thick and frosty with no signs of having been altered. There are a few small marks consistent with the assigned grade but this piece has great eye appeal, especially for a date that is almost never seen choice.

This coin was sent by the above-referenced dealer to CAC and it didn’t sticker. I can see why it didn’t as it doesn’t have the grungy appearance that is preferred by the graders at CAC. To my eyes, this coin still has an outstanding and it is very solid for the grade.

PCGS has graded two in this grade with one finer. The PCGS price guide suggests a value of $50,000 in MS62.

A very important coin for the advanced collector of Charlotte half eagles.                                                           

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