Large 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 medium yellow-gold example has remaining luster and shows flashes of rich orange-gold color in the recesses. The surfaces are lightly and evenly worn with some small circulation marks seen in the fields. The eye appeal is above average for the date and grade.

No PCGS AU53 has sold at auction since March 2004. A non-CAC PCGS AU55 realized $4,700 as Heritage 8/14: 3864.

There are few series in American numismatics with as many undervalued issues as No Motto Liberty Head half eagles and few–if any dates–are as overlooked as the 1842 Large Letters.

CAC has approved one in this grade with only one finer (MS64). Only three examples, in total, have been approved by CAC.