RARE AND UNDERVALUED CHOICE AU 1842 LARGE LETTERS HALF EAGLE

The 1842 Large Letters variety is the single rarest Philadelphia half eagle of the Liberty Head design made until the rare Civil War issues of 1863-1865. It is unlikely that more than 50-60 pieces are known with most in the VF-EF grade range. Properly graded About Uncirculated examples are rare and there are only three known in Uncirculated.

This lovely deep russet example has been off the market for many years and it has never appeared for sale at auction. It is lightly worn and choice with excellent surfaces, sharp details and lovely unadulterated color

A non-CAC PCGS AU55, which I felt was not choice for the grade, sold for $4,700 as Heritage 8/14: 3864. An exceptional NGC/CAC AU55, now owned by a Midwestern specialist and more likely a 58 by today’s standards, sold for $9,400 as Heritage 4/15: 6185.

This issue is essentially as rare as an 1842-C Small Date half eagle yet it is currently priced at about one-fifth the price level of its Southern counterpart.

CAC has approved just five for this variety including two in AU55 and one finer.