Soft ivory dominates this lovely Small O gem, accented by navy blue and indigo that is most vibrant on the reverse. The luster is very frosty, with a satiny finish atop the devices. Evidence of clashing can be seen surrounding the main elements on each side, though details remain very bold overall. Nearly all stars on the obverse are accompanied by a crack or flaw, joined by a break above ME of AMERICA on the reverse that is diagnostic to the Valentine-4A die state. It has not yet progressed to the terminal state and its accompanying cud.The 1848-O is perhaps one of the most underexplored issues addressed by Valentines original 1931 manuscript, which included only two varieties of this date despite a mintage of 600,000 coins. These two marriages were expanded to six in Breens 1958 supplement to the Valentine reprint and swelled by two more pairings courtesy of William Harmons research published in the March 1993 Gobrecht Journal (Issue# 56). Though the Small O variety gained widespread exposure through Breens supplement, it was first documented by specialist Will Neil in The Numismatist of August 1927. Long considered Rarity-7, recent observations have revealed Valentine-4 to be less scarce than originally thought, though still elusive above Extremely Fine. The present offering is among the finest survivors, and is within the condition census for the die pairing.