RARE CONDITION CENSUS PCGS AU58 1842 $2.50

This reasonably unheralded issue is even rarer than its small mintage of 2,833 would suggest. I believe that there are no more than 40-50 known in total, with many—if not most—in the VF to EF range. In AU, the 1842 has less than 10 pieces extant with perhaps as few as three to five in the AU55 to AU58 category. There are but two graded Uncirculated at PCGS: an MS61 and an MS62. The former is owned by DL Hansen, while the finer of the two is a coin that I handled back in 1999 when I paid a record-setting $31,050 for it in a Superior sale. There is also a nice PCGS/CAC AU58+ which DWN sold in June, 2017.

While slightly bright from a dipping, this piece is solidly in the Condition Census for the date. It is well-defined with no major marks and plenty of remaining mint luster.

No PCGS AU58 1842 $2.50 has ever sold at auction. Stack’s 4/2024: 4237, graded AU55 by PCGS, brought a reasonable $9,900.

A Charlotte or Dahlonega quarter eagle of this rarity level in this grade would be worth double the asking price of this outstanding 1842-P.

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