Lot 1215
1831. PCGS graded AU-50. Here is a rare and desirable type coin. The gold coins struck prior to early 1834 had become more valuable based on their gold content than their stated denomination. The premium for gold coins (over silver) grew to the point that it was profitable to melt these gold coins down for a profit. Thus the majority of the pre-1834 gold coins were melted, leaving few for collectors today. Only a few percentage points of their original mintage survived this era of melting for profit. In time Congress reduced the amount of gold required for each denomination in circulation, and a new standard was adapted, and gold coins of the new standard stayed in circulation after its adoption in June, 1834. Remarkably, after the change in the gold standard for coinage, the mints themselves assisted in melting down the older coins and returning the profit to the depositors, thus further reducing the numbers of these older quarter and half eagle gold coins. Today they are highly sought after and are found in quite limited numbers. Lightly toned. Only 4,520 struck, with 110 to 140 examples estimated to have survived according to PCGS Pop Report. Pop 5; 56 finer at PCGS. (PCGS # 7671) Estimated Value $12,000 - 13,000
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