Small Date variety.

There are two varieties known for 1846-P half eagles. The Large Date is common but the Small Date is very scarce and could easily qualify as among the more undervalued United States gold coins of any denomination or series. There are likely fewer than 75 known Small dates and most are in the EF-AU range. Uncirculated examples are very rare and I know of just five or six of which the best is a single PCGS MS62 which sold for $3,974 back in February 2000.

This bright, semi-reflective example shows pleasing yellow-gold color and it has a lot of “meat” for the grade. Some scattered contact marks on the obverse limit the grade but I like this coin better than the NGC MS62 which sold for $5,640 as Goldberg 6/14: 5640. The other PCGS MS61 with CAC approval sold for $4,313 as Heritage 12/11: 4545.

This piece is unquestionably in the Condition Census for the variety yet it is inexplicably still priced at below $5,000. If this were a Charlotte or Dahlonega half eagle of comparable rarity in this grade, it would sell for at least triple the price I am asking.

CAC has approved two with one finer (MS62).