Goldberg Coins and Collectibles

Sale 67

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Lot 2425

1874. Arrows. PCGS graded MS-66. A frosty white example with semi reflective surfaces on the obverse. Both sides display the typical "look" for this With Arrows P-mint delivery: thickly frosted surfaces, though slightly reflective, rolling cartwheel effects, and boldly struck frostier devices. A modestly ineffectual imprint was left by the rebound of the dies that struck this Dime as seen in the lack of definition on Liberty's face and the Liberty cap. Most other areas are distinct or nearly so. Scarce two-year Type.

A major problem with pegging silver to gold at 16 to 1 under the Bimetallic system used in the 19th century was that market prices of these metals fluctuated against to each other (as well as against everything else). During each swing, one metal would be out of sync with the other and so people would hoard or export one or the other. Hence, the repeated attempts in 1834, 1853, 1874, to jiggle the silver peg of our coins versus gold. Eventually, the U.S. government switched to a full Gold Standard in the year 1900. After this year, but for many years prior, silver was for all intents and purposes subsidiary to gold. The old familiar 16-to-1 silver-to-gold ratio broke down completely in 1871, with the number of silver ounces required to buy a gold ounce rising steadily. (It touched 100-to-1 in the year 1940!) Pop 19; 8 finer (PCGS # 4668) .
Estimated Value $3,000 - 3,500.

Realized $3,910

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