We investigate the properties of the 8.7 s X-ray pulsar 4U 0142+61 usi
ng new data obtained with the RSCA observatory and archival data from
the Einstein and ROSAT observatories. New measurements of the pulse pe
riod from 1979 and 1994 confirm that 4U 0142+61 is spinning down on a
timescale of 127,000 yr. The RSCA spectrum is featureless and requires
two components consisting of a similar to 0.4 keV blackbody plus a po
wer law with a photon index of similar to 3.7. The blackbody flux is s
imilar to 40% the total and for a distance greater than 0.5 kpc covers
more than 12% of the neutron star surface. This covering fraction is
2 orders of magnitude larger than expected for thin disk accretion ont
o a magnetized neutron star. These results suggest 4U 0142+61 is proba
bly not a low-mass X-ray binary system, but rather is an isolated puls
ar undergoing a combination of spherical and disk accretion. The obser
ved properties seem consistent with the suggestion by van Paradijs, Ta
am, & van den Heuvel that this pulsar is powered by accretion from the
remnant of a Thorne-Zytkow object (TZO). The ROSAT PSPC image shows a
dust-scattering halo that is a factor of 2 less than predicted by the
measured equivalent hydrogen column density of 8 x 10(21) cm(-2), sug
gesting half of the absorbing material is located in the vicinity of t
he pulsar and possibly the remains of the TZO envelope.