1842 $2.50 PCGS EF45

This unheralded issue is actually one of the rarest Liberty Head quarter eagles of any date. Only 2,823 were struck and just four dozen or so are known with most in the VF to EF range and characterized by extremely poor eye appeal. This fresh-to-the-market example is one of just a handful of 1842 quarter eagles that I have seen with natural color and choice surfaces. Both the obverse and the reverse show deep green-gold color and there is a considerable amount of dirt within the recesses of the reverse lettering. The surfaces are clean and choice while the level of eye appeal is as high as for any EF example of this date that I have seen or handled. There are only five auction records for EF45 1842 quarter eagles since 1991 (three PCGS coins and two NGC coins) and the last record is Heritage 1/08: 3826 that sold for $4,888. If this were a Charlotte or Dahlonega quarter eagle in this grade of comparable rarity it would be a five figure coin or close to it. An exceptional piece for the savvy collector.

1842 Large Letters $5.00 NGC AU53

Large Letters variety. You can make a strong arguement that the 1842 Large Letters is the single rarest Philadelphia half eagle until the low production issues of 1863-1865. There are probably fewer than fifty known in all grades and most are in the EF40 to AU50 range. I know of exactly two in Uncirculated (an MS63 and an MS64, both graded by PCGS) and my best estimate is that issue is a Low R-7 in AU grades with fewer than a dozen known. In spite of this, the 1842 Large Letters is a readily affordable coin. This example, which is only the second I've offered for sale in over four years, has decent eye appeal with light to medium greenish-gold color accentuated by some reddish flashes in the protected areas. There are scattered ticks in the fields that limit the grade but good overall detail. If you are a collector who appreciates true rarity but you don't have an unlimited budget, you have to love a coin as scarce as this that is priced at under $4,000!

1842 Large Date $10.00 NGC AU58

Large Date variety. There are two varieties of eagles produced at the Philadelphia mint in 1842: the Small Date and the Large Date. The former is the scarcer of the two but the Large Date is more challenging to locate than its mintage figure of 62,884 would suggest. This date is usually seen in the EF40 to AU50 grade range and it becomes very scarce in properly graded AU55 to AU58. In Uncirculated, it is a really rare coin and it is an issue that I have not handled in Mint State since the early 1990's. This fresh example shows no real wear but does display some abrasions from having been transported in a bag. The color is a lovely fiery orange-gold hue with some contrasting reddish shades about the devices. There have been no AU58 1842 Large Date eagles sold at auction since 2008 and the last MS60 (a PCGS coin) sold for $10,925 in the Heritage 3/09 sale despite its funky orange coloration. There are many great opportunities for the value-conscious collector in the Liberty Head eagle market and these early dates from Philadelphia offer some of the best value out there.