Seldom Seen Selections: Gem 1842 Small Letters Half Eagle

Heritage Auctions - This exceptional Gem, offered in the April 23 Platinum Night event of our April 22 - 26 CSNS US coins Signature Auction in Chicago, is well-known as a stand-out coin among Small Letters 1842 half eagles. It was described in the Ed Milas catalog as "Possibly the finest known," and far and away finer than any of the pieces in the Stack, Norweb, or Eliasberg Collections, the best of which graded just AU55. Jeff Garrett and Ron Guth specifically refer to this piece as a "phenomenal NGC MS-65 coin" in their Encyclopedia, where they also plated it. The piece is far finer than the coin in the Smithsonian Institution which grades just AU58, per Garrett and Guth, and attests to the absolute rarity of the Small Letters 1842 five with any Mint State designation.

The recorded mintage figure for this issue is just 27,578 pieces for both the Small Letters and Large Letters varieties. The Large Letters reverse variety is believed to be slightly scarcer than the Small Letters variant, although such a comparison is almost inconsequential in Mint State grades, where both varieties are extremely rare. NGC has attributed just five Uncirculated Small Letters examples, including two each in MS61 and MS62, and a single MS66 coin; three other Mint State 1842 fives are reported at that service, not designated for reverse letter size, including an MS60 coin and two Gems, one of which is the current Small Letters example. PCGS reports only a single Mint State Small Letters representative, an MS66 coin (2/15). Even if these figures do not reflect any resubmissions (which is unlikely), the presently offered Ed Milas example is undeniably among the finer-known representatives not only of the Small Letters reverse type, but also of the 1842 half eagle overall.

Early Philadelphia Liberty Head half eagles are somewhat under appreciated, and this is especially true of the 1842. The date appears at auction only about half as often as the more highly heralded Charlotte and Dahlonega issues, and the typical offering is well-circulated. This CAC-labeled Gem is a stellar representative, showcasing razor-sharp detail on both sides, with remarkably few disruptions in the yellow-gold surfaces. The peripheral regions exhibit frosty luster, fading to semiprooflike mirroring in the margins. A thin, vertical toning streak near the eagle's beak serves as a pedigree identifier. This coin was offered as MS65 NGC in the sale of the Ed Milas Collection and still housed the same prior generation holder two decades later.