Liberty Head Half Eagle

1868 Liberty Head Half Eagle. AU Details--Cleaned (NGC).

The 1868 is part of a run of rare low mintage circulation strike Liberty Head half eagles from the Philadelphia Mint that begins in 1862 during the darkest days of the Civil War. With the outcome of that conflict uncertain by the end of 1861, Eastern banks suspended gold specie payments in December. This resulted in the withdrawal of gold coins from circulation in the Northern and Midwestern states, although such pieces continued to see commercial use on the West Coast. With little bullion reaching the Philadelphia Mint, yearly circulation strike mintages remained small for the duration of the Civil War. Although many thought that Lee's surrender to Grant at Appomattox Court House on April 9, 1865, would soon be followed by a resumption of specie payments from banks, this did not happen. Instead, gold coins remained absent from circulation in the North and Midwest throughout the Reconstruction era, their place largely taken by paper bills. It was not until December 17, 1878, that the market achieved parity between gold and paper bills. This allowed gold specie payments to resume, and yearly mintages from the Philadelphia Mint increased significantly as a result. It is against this backdrop that the Philadelphia Mint produced just 5,700 circulation strike half eagles in 1868. Most of these coins were exported, although some likely saw circulation on the West Coast, thereby explaining the small number of mostly VF and EF survivors. With sharp to full striking detail remaining throughout, this is a conditionally rare AU example despite the stated qualifier.

PCGS# 8315. NGC ID: 25W5.

Estimate: $ 1000