UNDERVALUED AU58 1840-0 HALF EAGLE

Variety 2, Narrow Mill.

The 1840-O half eagle is numismatically significant as the first issue of this denomination to be struck at the New Orleans mint. It doesn’t receive the acclaim that its southern counterparts the 1838-C and 1838-D although it is only slightly more available in terms of overall rarity. The 1840-O becomes scarce in the AU55 to AU58 range and is very infrequently seen with natural color and choice surfaces.

This fresh-to-the-market example has the most natural appearance I can recall having seen on an 1840-O half eagle graded AU58. Both the obverse and the reverse are toned to a deep, even russet hue and this color covers choice surfaces. Other than a small dig in the obverse field between stars one and two there are none of the significant abrasions seen on the vast majority of examples.

A total of four NGC AU58′s have sold at auction since May 2008 and most of these appear well overgraded. The best of the four brought $5,405 as Heritage 6/15: 5263 and that piece was not approved by CAC.

This is the nicest circulated 1840-O half eagle which I have handled in some time and it would fit well into a set of New Orleans half eagles.

CAC has approved four in this grade with none finer.