1848-C Liberty Head Quarter Eagle. Image: Heritage Auctions / CoinWeek.
By Charles Morgan and Hubert Walker for CoinWeek Notes …..
Struck in the same year as the more famous for the 1848 CAL, the 1848-C Liberty Head Quarter Eagle probably doesn’t get the attention this southern mint gold coin probably deserves.
Charlotte Mint Gold Coin Production in 1848
1848-C Liberty Head Quarter Eagle
16,788
1848-C Liberty Head Half Eagle
64,472
In 1848, the Charlotte Mint struck two gold coin denominations: the 1848-C Liberty Head Quarter Eagle and the 1848-C Liberty Head Half Eagle. The $5 gold coin was clearly the more popular of the two and would continue to be in similar demand through the early 1850s. The quarter eagle, on the other hand, saw more modest mintages. Despite this, the 1848-C is among the more commonly encountered Charlotte Mint $2.50 gold issues.
To strike 16,788 coins, the Charlotte Mint deployed two of the four obverse dies prepared the Philadelphia Mint prepared for the branch facility. The reverse was reused from previous years. The obverse dies can be differentiated by the position of the second “8” of the date. For Variety 1, the date is slightly slanted and the “8” is closer to the denticles. The date on Variety 2 does not slope and the “8” is closer to the bust.
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Market Data and Noteworthy Specimens
Through September 12, 2024, 320 grading events have been reported for the 1848-C Liberty Head Quarter Eagle, with most falling in the About Uncirculated grade band. Many auction catalogers suggest that the majority of the coins of this issue are found in Extra Fine or below; that may be proven true ultimately, but it is not the case as it pertains to the certified population.
Of course, the AU band is where one would most likely find resubmissions and population bloat since only 22 Mint State examples are reported between NGC and PCGS (and none so far at CAC). We have not expended the resources to photo match every AU auction record but we have scrutinized more than 20 Mint State auction listings and have identified 14 discreet coins, including all three of the PCGS MS62 coins and two of the four listed at NGC.
Chart: CoinWeek.
The 1848-C Liberty Head Quarter Eagle has seen a steady decrease in value over the past 20 years – this can be seen in the inflation-adjusted scatter chart above. The certified population of MS62 coins has increased from three to seven, while the MS61 pop has gone from seven to 12. From 2003 to 2017 (the last public auction appearance of a Mint State 1848-C), Mint State 62s have seen a price realized decline of 34%, while Mint State 61s are down 32%. While it is likely that some of this loss was recovered in the bull market of 2020-22, we do not anticipate that current prices meet or exceed historic highs.
Lastly, at least one 1848-C Liberty Head Quarter Eagle was recovered from the SS Central America shipwreck. That example was encapsulated with a poke of gold dust.
Top Population: PCGS MS62 (3, 9/2024), NGC MS62 (4, 9/2024), and CAC AU58 (3:0 stickered:graded, 9/2024).
PCGS MS62 #83224908: As NGC MS62 #563685-005. “The Soluna Collection,” Heritage Auctions, January 5, 2017, Lot 5808 – $14,100; Del Loy Hansen. Since this sale, the coin was crossed to PCGS. Variety 1. Scattered gold toning. Diagonal tick to the upper right of star 1.
PCGS MS62 #25179227: Imaged at PCGS CoinFacts. Tiny tick between star 1 and 1. Diagonal line from tip of bust truncation to below star 2. Two ticks to the left of Liberty’s eye. Scattered coppery toning.
1848-C Liberty Head Quarter Eagle. PCGS MS62 #26196918. Image: Goldberg Auctioneers.
PCGS MS62 #26196918: As PCGS MS62. Goldberg Auctioneers, October 2001, Lot 2037; Stack’s, March 2002, Lot 1034; American Numismatic Rarities, July 25, 2003, Lot 650 – $16,100. Top pop, pop one. Goldberg Auctioneers, February 2006, Lot 946 – $16,100; Goldberg Auctioneers, May 2006, Lot 3684 – $16,100; “The Horseshoe Collection,” Bowers and Merena, August 7, 2010, Lot 1495 – $14,490. Top pop, pop one; Stack’s Bowers, August 13, 2011, Lot 7612 – $13,800. Top pop, pop one. Imaged at PCGS CoinFacts. First coin graded MS62 by PCGS. Cert number likely changed since early auction appearances. Tiny rim hit near 5 o’clock. Radials full. Nicely struck for date. Die striae on both sides. Well struck for the date.
NGC MS62 #3816847-018: Heritage Auctions, October 2015, Lot 58 – $12,925. NGC pop 6, none finer. Gouge below 8 near denticles. Diagonal gouge to the left of star 1. Jagged hit to the right of neck. Diagonal void between stars 3 and 4. Small gouge below ED of UNITED on reverse.
NGC MS62 #652194-001: “The Donald E. Bently Collection,” Heritage Auctions, March 20, 2014, Lot 30251 – $15,275. Variety 1.
1848-C Liberty Head Quarter Eagle (PCGS MS61 #84721565). Image: Goldberg Auctioneers.
PCGS MS61 #84721565: Goldberg Auctioneers, September 2017, Lot 1096 – $11,163. Small diagonal cut to the left of the mouth. Nick on nose. Full radial detail, but eagle is weakly struck, especially head and neck.
NGC MS61 #1942228-003: Heritage Auctions, January 5, 2006, Lot 3420 – $11,500; Heritage Auctions, January 10, 2014, Lot 6438 – $8,812.50. Variety 2 (10-F). Gouge on chin. Diagonal cut on chin. Horizontal streak on neck above 8. Planchet void behind middle bun. Radials fully struck. Discoloration to the bottom left of star 5. Dark streak from wing to just the left of the beak.
NGC MS61 #450726-006: “The Cherokee County Collection,” Heritage Auctions, January 5, 2012, Lot 4756 – $9,775. Diagonal gouges between star 1 and 1. Hit across 4 and 8. Small diagonal tick on sternum. Rim tick at 3:30. Reflective area in the field to the left of star 11. On the reverse, die crack from eagle’s wing to M. Copper toning above TATE. Tick above right wing. Cluster of light ticks above eagle’s neck.
NGC MS61: Bowers and Merena, November 4, 2010, Lot 4832 – $10,580. 9-F Thick diagonal mark below stars 8 and 9. Group of small diagonal marks to the left of Liberty’s nose. Reflective area below lowest curl. On the reverse. Die cracks to eagle’s wing tips. Gouges below ME. Tick on first T of STATES.
NGC MS61: Bowers and Merena, November 4, 2010, Lot 4833 – $9,200. 9-F. Cluster of light ticks in the left obverse field to the upper right of star 1. Small planchet voids to the bottom right of stars 7 and 8. Two more between stars 8 and 9, and 10 and 11. Deep gouge above eagle’s neck on reverse. Thin diagonal hairline from eagle’s beak.
NGC MS61 #3170261-001: As NGC MS61 #1939461-001. Heritage Auctions, February 10, 2006, Lot 2621 – $11,500; Heritage Auctions, October 24, 2008, Lot 1934 – $10,350. As NGC MS61 #3170261-001. Heritage Auctions, March 3, 2009, Lot 23617 – $8,625; Heritage Auctions, March 17, 2009, Lot 23440 – $8,800.95. Reported sold in two separate internet auctions occurring in the same month; Heritage Auctions, September 11, 2009, Lot 1457 – $8,625. At various times, Heritage has described this coin as Varieties 9-F and 10-F (Variety 2). Planchet void under Liberty’s nose and on neck. Denticle radials weak. Hair weak, eagle’s leg weak. Tick between stars 7 and 8. Tick bottom right of star 7.
PCGS MS61 #05514934: Goldberg Auctioneers, February 2006, Lot 947 – $13,800. No image.
NGC MS61 #548947-011: Heritage Auctions, December 9, 2004, Lot 6495 – $11,040. Long diagonal cut to the left of the chin and neck. Diagonal hit on chin. On the reverse, tick below first T of STATES. Tick to the upper left of 2. Eagle weak.
PCGS MS61 #5514934: Heritage Auctions, March 2, 2000, Lot 463 – $11,500; “The Ashland City Collection,” Heritage Auctions, January 11, 2003, Lot 4683 – $10,637.50. Reholdered. Ashland City on insert. 9-F. Tiny tick on the lower jaw. Planchet void to the right of star 11.
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1848-C Liberty Head Quarter Eagle Coin Specifications
Country:
United States of America
Year of Issue:
1848
Denomination:
$2.50 (USD)
Mintmark:
C (Charlotte)
Mintage:
16,788
Alloy:
.900 Gold, .100 Copper
Weight:
4.18 g
Diameter:
18.00 mm
Edge:
Reeded
OBV Designer:
Christian Gobrecht
REV Designer:
Christian Gobrecht
Quality:
Business Strike
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