Lot 668
1855-O. Arrows. PCGS graded MS-66. Well struck. Nice even toning with sea green and lilac colors. Very pretty with luster peeking through from beneath and a bold strike on all the devices. Always in high demand for the Arrows at the date and these popular coins are rarely found so well preserved.
The reason for the Arrows at the date is due to a slight reduction in the silver content in the half dollar planchets starting in early 1853. The monetary upheaval was intense in the early 1850s due to the fixed ratio of gold to silver and the sudden discovery of immense gold deposits in California. Thus the price of gold came down a bit, which caused the value of the old silver coins to be worth about $1.07 per dollar of coins! This allowed from profitable export and melting of our silver coins. Hence the amount of silver was slightly reduced to make melting then no longer profitable and these Arrows at the date announced this fact so the hoarders would no longer grab these coins for melting down. Pop 6; 4 finer, 2 in 66+, 2 in 67. (PCGS # 6283) Estimated Value $10,000 - UP
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