1842-D $5 (1842-D Half Eagle) Large Date, NGC AU58. This rare, Southern branch mint 1842-D Half Eagle has a bold, full strike which is unusual for branch mint coins of this era. The centers of the stars, Libertys hair, and the eagles feathers and shield are all fully detailed. Subdued mint luster remains in protected areas on both sides. Sufficient separation shows in the strands of Libertys hair and the lines of the coronet to account for the grade.

The discovery of gold in the early 1800s led to the establishment of two of the Southern branch Mints, Charlotte North Carolina and Dahlonega Georgia. In 1835 an act of Congress mandated that these two branch mints would coin only gold. The New Orleans Mint also opened to handle gold from Mexico. In 1838 the first Dahlonega gold coins were made, and they were the Classic Head Half Eagle type. Because of the local alloys high silver content, the coins often have a green-gold cast. They are also often weakly struck on irregular planchets. Dahlonega gold coins are eagerly sought by collectors and investors because of their low mintages and rarity. Modern D mint coins should not be confused with Dahlonega coins. Today a coin bearing the D mintmark was minted in Denver, which began production in 1906.

The discovery of gold on Cherokee land in Georgia caused a large group of miners to come to the frontier town of Auraria, which is now Lumpkin County, Georgia. Its name derives from aurum, the Latin word for gold. Soon Dahlonega, which meant yellow money in Cherokee, would become the county seat. The miners need to convert oar and dust into bullion led to the establishment of private coiners, including the Bechtlers and Templeton Reid; however, because of a lack of standardization, there was pressure for a federal coinage to be created. The federal branch mint at Dahlonega was established to meet this need.

A building was erected in the town of Dahlonega. Power for its coining equipment came from steam produced in a boiler in the basement. Two small steam driven presses were on the first floor just above the boiler room. They could produce one coin per second. Because of the small size of the presses, the largest coins produced were half eagles.

On April 21, 1838 the Dahlonega Mint produced its first coinage, 80 half eagles. In that year 20,583 half eagles were minted in Dahlonega. The first quarter eagle was made the next year in February.

The mint worked as a refinery for gold deposits. People would bring in dust, nuggets, bars, and foreign coins. They would then be refined to establish their value. Silver that naturally occurred in the Georgia gold was not removed from the oar because the gold was more pure than the standard 90% fine. After the gold was coined, it could be picked up by the depositor.

Most of the gold deposited at Dahlonega took place in the 1840s. The discovery of gold in California brought in deposits of new gold; however, in 1854 the San Francisco Mint opened, and the California gold that had been deposited in Georgia diminished. In January of 1861, Georgia seceded from the Union. Coins produced later in that year were made for the Confederacy. Since the same dies were used when the Mint was in Federal control, the coinage produced cannot be distinguished today. After the mint closed in June, it became a Confederate assay office for the rest of the Civil War.

All Dahlonega gold coins bear the D mintmark. Denominations made by the Dahlonega Mint were gold dollars (1849-1861), a three dollar gold coin (1854), quarter eagles (1839-1859 except for 1858), and half eagles (1838-1861).

The Large Date variety of the 1842-D half eagle is one of the rarest Dahlonega coins. A total of less than 100 are known to have survived. In its population report, NGC has certified 24 coins in all conditions. In AU58 there are 3 with 2 better. At PCGS there are 3 in AU58 with 1 better. These numbers do not account for crossovers or resubmissions. Here is an excellent opportunity to obtain a coin that is fundamentally rare and in demand by collectors, investors, and specialists.