1846-O $5 Liberty Head Half Eagle PCGS AU-58 Ex.Blue Hill Collection

The 1846 New Orleans Mint Gold Half Eagle is a $5 gold coin from the Liberty Head series, struck at the New Orleans Mint, identifiable by its "O" mintmark. The 1846-O is part of the No Motto series (1839-1865), making it rarer than later With Motto versions. Its historical context, tied to the New Orleans Mint’s role in the South’s economy, adds to its appeal. 

The New Orleans Mint produced 58,000 of these coins in 1846, making it scarcer than Philadelphia issues but more common than Charlotte or Dahlonega mints for that year. The 1846-O Half Eagle is considered scarce, particularly in higher grades. Most surviving examples are in Very Fine (VF) to Extremely Fine (EF) condition, with About Uncirculated (AU) examples being rare and Uncirculated (MS) coins extremely rare. Estimated surviving population is 100-125 coins, with only a few in AU50-AU55 and six or seven in Uncirculated, including a single NGC MS63 and a few MS62s. Collectors value it for its rarity, especially in choice condition with original color and surfaces, as many have been abraded or cleaned.

Value varies by condition. In average condition, a 1846-O Half Eagle is worth around $2,000, but in Uncirculated (MS+) grades, it can range from $18,000 to $55,000 or more. Recent published price data suggests AU58 examples with CAC approval sell for $10,800 to $13,000, while lower-grade AU coins may fetch $4,000-$8,000. The coin’s scarcity is heightened by post-Civil War economic conditions, where gold coins were hoarded or melted due to inflation and currency devaluation.