Medium Date variety, designated by PCGS.

1842 half dollars are known with Small Date and Medium date varieties. The medium date has a crosslet 4 which makes it easy to identify. As with all Philadelphia half dollars from the 1840′s, the 1842 Medium Date is rare and grossly undervalued in MS64 and it is almost impossible to find in true Gem grades.

This piece has a semi-prooflike obverse and a deeply prooflike reverse, both with lovely deep lilac-grey color which changes to purple and blue on the obverse and rich red on the reverse. There is a well-hidden obverse grease stain from the rim at 7:00 into the shield and a few small ticks; the reverse is a full-blown Gem with exceptional appeal.

Two examples of this variety in PCGS MS64 sold in 2014, neither of which was CAC approved. One had unappealing color and it realized $3,055 while a dipped white example sold for $3,290.

In PCGS/CAC, if available, this would be a $9,000++ coin and I would regard such a coin as excellent value even when compared to this lovely MS64 at around a third of the price.

CAC has approved seven in this grade with only one finer (MS66).