1840 was a transitional year in the Seated Liberty Dime series. Early editions of the Dime were of the "No Drapery" type; later in the year, the design of Liberty was modified in both subtle and not-so-subtle ways. The most obvious change was in the angle of the shield: on the No Drapery types, the shield is angled to the left; on the With Drapery types, the shield is perfectly vertical. More subtle changes included a reshaping of the rock on the left side of the coin and the addition of extra folds of drapery beneath Liberty's left elbow (the viewer's right).
The With Drapery type is approximately three times as rare as the No Drapery type and it is particularly rare in Mint State. The few Mint State examples certified by PCGS fall in the MS62 to MS65 grade range. The best example is the Gem Uncirculated Eliasberg coin; the most valuable in terms of auction appearances is the NGC MS64+* Newman example that sold in 2013 for $38,187.50.