Ron Guth: Of the 23 die varieties known of the 1832 Half Dollars, only one (Overton 101) has what is called the "Large Letters" reverse. The difference between the Large Letters and the Small Letters reverse is negligible in terms of size: Large Letters measure more than 2 mm tall; Small Letters measure 2 mm or less. Fortunately, the Large Letters reverse has a heavy die break across the eagle's right wing (viewer's left). This die break is always present and, when it gets even bigger, it becomes the O-101a subvariety. The Large Letters variety is fairly common, and it does not command any premium over the normal price for an 1832 Half Dollar, despite its listing as a major variety in most numismatic publications.
If the Population Reports are any indication, the Large Letters 1832 Half Dollar may be in for some price appreciation. The March 2012 PCGS Population Report shows nearly 13 times as many Small Letter examples as Large Letters examples. This makes the 1832 Large Letters the least common of any date or major variety of the half dollars from the 1830s. The PCGS CoinFacts Condition Census ranges from MS-62 to MS-64, skips MS-65 and ends with a single MS-66.