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Lot
2215

1846 $10 MS62 NGC....

2008 October Dallas, TX Signature US Coin Auction #1117

 
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Auction Ended On: Oct 24, 2008
Item Activity: 8 Internet/mail/phone bidders
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Heritage Auctions
3500 Maple Avenue
Dallas, TX 75219

Description:
Fantastic MS62 1846 Eagle
1846 $10 MS62 NGC. In the mid-1840s, production of ten dollar gold pieces fell from the mid- to upper-five figures of 1839 to 1843 to a startling low of 6,361 coins in 1844. Mintages rebounded somewhat in 1845 and 1846, but neither issue reached the heights of prior years, nor that of the massive population spike of 1847. Also worth noting is that while the Philadelphia Mint often has the highest production of any Mint for a given year and denomination, New Orleans outpaced Philadelphia's production in each of these three years.
As may be expected, survivors are elusive in any grade, and the degree of rarity increases dramatically in better condition. Garrett and Guth compare the 1846 eagle to its slightly higher-mintage 1845 counterpart, and while they caution that the 1846 has "a few more AU coins" due to the recovery of several pieces from the wreck of the S.S. Republic, this issue remains indubitably challenging. As noted in Garrett and Guth: "The typical 1846 example is only EF or worse. About Uncirculated pieces are definitely rare ... "
In keeping with the increase in difficulty, Mint State survivors of this No Motto issue are at the pinnacle of condition rarity. This high-end survivor is crisply detailed, and the lemon-gold surfaces offer surprising reflectivity. Though minor abrasions and small, scattered flaws are present in the fields, the overall visual appeal is excellent, particularly for a coin not awarded Select status. One of two MS62 coins tied for the finest certified by NGC; PCGS has yet to grade a Mint State example (9/08).(Registry values: N1) (NGC ID# 262W, PCGS# 8594)

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