Along with the 1851-O, the 1846-O is one of the more overlooked and undervalued half eagles from this mint. It is actually available with about as much frequency as the far more expensive 1846-C. The 1846-O is scarce in the lower AU grades but it remains very affordable. This example is clean for the grade and well detailed with some medium green-gold color that is contrasted by natural reddish hues at the reverse border.
I can count on one hand the number of choice, original AU examples of this scarce date that I've seen in the last ten years. This piece is simply outstanding with deep, natural yellow-gold color and rich frosty luster on both sides. There is little actual wear visible; just some scuffs in the fields with the heaviest concentration of these in the upper left obverse. The strike is very bold for the issue and the eye appeal is very high for the date and grade. The 1846-O is not as rare a coin as the 1855-O, 1856-O and 1857-O half eagles but it is seen far less often than the comparably priced 1845-O. In Choice AU it is actually scarcer than the more-heralded 1846-C half eagle despite being priced at thousands of dollars less.