Third finest known.

The 1840-C half eagle is a numismatically significant issue as it is the first Charlotte issue of this type to be struck with the modified design which was introduced to this denomination in 1840. A total of 18,992 were struck, and I rank this as the third rarest Charlotte half eagle in overall rarity, and the fourth in high grade rarity. An estimated 150 or so exist with most in the VF-EF grade range. In Uncirculated, this is an extremely rare issue with four or five known.

This coin is totally fresh to the market having only been recently discovered. It is totally original with no signs of having ever been dipped, cleaned, or “improved.” The color is absolutely right for the issue with nice russet and orange-gold hues which deepen towards the borders. Unlike many 1840-C half eagles, this piece is well-struck on a well-made planchet without the often seen roughness on the inner obverse. The strike, in fact, is exceptional with nearly no weakness seen at the centers, despite the presence of a noticeable reverse die crack from the top arrowhead through the I in AMERICA and onto the rim at 4:00.

The finest known 1840-C half eagle, graded MS64+ by PCGS and approved by CAC, failed to meet its reserve when placed in a Heritage auction around five years ago; it was later sold to a specialized collector. The second finest is the famous Pittman coin, graded MS64 by NGC but not approved by CAC. It realized $77,000 raw back in October 1997, and later sold for $79,500 as Heritage 3/07: 1908. A PCGS MS62 with noticeable obverse planchet cracks as made sold for $28,200 as HA 1/14: 5443.

The PCGS population is two in MS63 (I’m assuming the Pittman coin was downgraded to MS63 by this service) with one finer. CAC has approved only two in all Uncirculated grades: one in MS63 and one in MS64. The PCGS Price Guide suggests a value of $65,000 for an 1840-C half eagle in PCGS MS63.

This is one of the most important Charlotte half eagles which I have handled in some time and would make a great addition to a world-class set of half eagles from this mint, or for an in-depth Liberty Head half eagle set.