Only 2,823 were struck and this is the fourth rarest quarter eagle from this mint after the 1841, 1863 and 1864. There are an estimated four to five dozen known and this issue is very rare in properly graded AU with probably fewer than 10 known to exist. In Uncirculated, the 1842 is unique with a PCGS MS62 being the sole example known.

This date is well known for its poor eye appeal and the present example is much better looking than the few higher grade pieces I have seen in recent years. It is slightly prooflike with medium green-gold color over surfaces which show fewer-than-average marks. There is a small vertical nick on Liberty’s cheek and some scuffs in the fields on both sides but these are far less noticeable than usual for the date.

There has only been one AU53 example of the 1842 quarter eagle sold in recent years; an NGC coin that sold for $5,175 in 2010. In 2011, Heritage sold an NGC AU55 for $7,475 which, in my opinion, was inferior in quality to the present example.

If Liberty Head quarter eagles were more avidly collected by date and the 1842 was a better known issue, this would be a $15,000+ coin in this grade. This means that a savvy collector will be able to acquire a Condition Census example of a truly rare coin for a price that would be considerably more in another series.