The Survival Estimate represents an average of one or more experts' opinions as to how many examples survive of a particular coin in three categories: 1) all grades, 2) 60 or better, and 3) 65 or better. These estimates are based on a variety of sources, including population reports, auction appearances, and personal knowledge. Survival estimates include coins that are raw, certified by PCGS, and certified by other grading services.
Numismatic Rarity
Numismatic Rarity converts the Survival Estimate for a particular coin into a number from 1 to 10 (with decimal increments) based on the PCGS Rarity Scale. The higher the number, the more rare the coin.
Relative Rarity By Type
Relative Rarity By Type ranks the rarity of this coin with all other coins of this Type. Lower numbers indicate rarer coins.
Relative Rarity By Series
Relative Rarity By Series ranks the rarity of this coin with all other coins of this Series. Lower numbers indicate rarer coins.
John G. Mills Collection - S.H. & H. Chapman 4/1904 - John M. Clapp Collection - John H. Clapp Collection, sold intact in 1942 - Louis E. Eliasberg, Sr. Collection - Bowers & Merena 4/1997:2213, $46,200
John G. Mills Collection - S.H. & H. Chapman 4/1904 - John M. Clapp Collection - John H. Clapp Collection, sold intact in 1942 - Louis E. Eliasberg, Sr. Collection - Bowers & Merena 4/1997:2213, $46,200
Q. David Bowers:
The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993).
Coinage Context
New Orleans issue: After construction commencing in 1835 and the setting up of equipment in 1837, the New Orleans Mint opened for business in 1838. However, it struck no silver dollars until 1846. This was the first of only four dates of Liberty Seated dollars from this mint: 1846-O, 1850-O, 1859-O, and 1860-O.
Although some 1846-O dollars may have been exported, and most likely many were melted, many also circulated within the confines of the United States, probably in the Mississippi Valley.
The Assay Commission found that silver coins (of all denominations, taken as a class) from the New Orleans Mint produced in 1846 assayed a remarkably high. 9011 fine, which was above the legal standard (but still within the legal tolerance of .987 to .903); This was far out of the range of normal variation from the .900 standard, as reflected in Assay Commission reports.
Numismatic Information
Circulated grades: The 1846-O has always been relatively easy to find in circulated grades below Extremely Fine (but EF or better pieces are quite rare). I suspect that this issue circulated widely and saw use in the channels of commerce up and down the Mississippi River Valley, especially riverboats (which numbered in the hundreds) and casinos. Relatively few must have been melted or exported. As the first branch mint silver dollar and as an issue of the New Orleans Mint, the 1846-O has always occupied a place of affection in collectors' hearts.
Mint State grades: In Mint State the 1846-O is very rare; just how rare is not known with certainty. Some of the specimens seen by me have been so deeply toned that it is impossible for anyone (including a certification service) to determine, for example, whether they are AU-58 or Mint State. Notwithstanding this, a top grade 1846-O is an object of desirability. In MS-63 or better grade it is a prime rarity.
Varieties
Business strikes: Breen-5437:
1. Obverse: Normal. Reverse: With heavy O mintmark.
2. Obverse: Normal. Reverse: With "normal" O mintmark.
3. Obverse: Normal. Reverse: With very weak and thin O mintmark.
Business strike mintage: 59,000; Delivery figures by month: June: 59,000.
Estimated quantity melted: Unknown
Characteristics of striking: Average strike, often showing weakness, particularly on the eagle's head and claws; stars at the right side of the obverse are often weak.
Known hoards of Mint State coins: None
Commentary
This was the first branch mint Liberty Seated dollar and one of just four dates coined from the New Orleans Mint (the others: 1850-O, 1859-O, and 1860-O).
Additional Information
What Might Have Been
What might have been but wasn't is an appropriate comment on the shipment of four pairs of dies from Philadelphia to New Orleans for use in coining 1847-O dollars, but no such coins were ever made. Four more pairs were shipped from Philadelphia to New Orleans for making 1848-O dollars, but these too never materialized.
The Treasury also intended that 1849-O dollars be made, and one obverse die bearing that date was shipped to New Orleans, to be mated with one or more reverses left over from earlier times. However, no 1849-O dollars were made. As it turned out, 1849 was a year for silver rarities at the New Orleans Mint, and collectors today recognize the half dime, dime, and quarter of the 1849 issue as elusive.
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