Small Letters variety.

There are two varieties of 1842-P half eagle: the Small Letters and the Large Letters. The former is narrowly the scarcer of the two but both are very tough and very undervalued issues. In fact, I regard the two 1842 half eagles as the rarest Philadelphia mint issues of this denomination struck through 1862. There are fewer than 75 known with most in the VF-EF range. Properly graded AU’s are rare with likely fewer than a dozen known and I know of just two in Uncirculated including one Gem (now in an NGC MS66 holder) which is ex Milas: 442.

This is a very attractive example with natural rose-gold and russet color and abundant luster for the grade. The obverse is choice and grades at least AU55 on its own; there is a small circular mint-made planchet void behind the eagle’s neck on the reverse which likely is what caused PCGS to net grade this coin down to an AU53. In my opinion, this doesn’t kill the coin as it is located in a relatively unobtrusive spot on the reverse.

Only four AU53 1842 Small Letters half eagles have sold at auction since 1997. The last of these, a PCGS coin, sold for $3,738 as Heritage 11/07: 2016.

There are few Liberty Head half eagles struck prior to the Civil War which are as rare and as undervalued as the two varieties of 1842 half eagles. A major opportunity for the savvy specialist.