Lot 1529
1830. PCGS graded AU-53. Lightly toned and sharply struck with full definition on Liberty's uppermost curls and all of the eagle's feathers. Although a modest number were struck, survivors are quite rare today. This fact is due to the attempt by our government to fix the ratio of gold to silver when our coinage system was developed. Over time, silver or gold rises and falls, disrupting any similar fixed system. During this period, the price of gold rose relative to silver, and it became profitable to melt down gold coins simply for their bullion value. Hence, all old tenor gold coins that could be obtained were gathered up and melted for the profit. This continued until mid 1834 when there was an authorized adjustment downward of the quantity of gold in each denomination, eliminating any profit from melting down such coins. Not many examples survived from this era, and they are in high collector demand when offered. Popular type coin. Housed in an Old Green Holder. Only 4,540 struck, with about 80 to 100 examples estimated to have survived by PCGS Pop Report. Pop 4; 55 finer at PCGS. (PCGS # 7670) Value $10,000 - UP
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