Lot 1357
1853. Arrows and Rays. PCGS graded MS-64. A well struck and very frosty example that is a Premium Quality coin for the grade. Lovely delicate golden toning rests about the borders which adds to its appeal. A popular one-year type coin that is always in demand. Pop 143; 16 in 65, 5 in 66, 2 in 67 (PCGS # 5426) .
The Coinage Act of 1853, for which many paragraphs could be written, had profound effects on circulating issues. Since 1850, silver half dimes, dimes, quarter dollars, half dollars, and dollars had been absent from circulation. Discovery of gold in California made this metal "common" in relation to the historic ratio between silver and gold, and the price of silver rose on world markets. It became profitable to take older silver coins from circulation and melt them to sell for their metal content. A partial solution was effected in 1851 with the introduction of the silver trime, our first true subsidiary precious metal coin, this being of a special alloy of 75% silver and 25% copper, instead of 90% silver. Such had a metal value less than their face value and were not attractive to speculators.
The Act of February 21, 1853, reduced the weight of the denominations from the half dime to the half dollar, thus making new issues unattractive to melters. To signify the change the new coins had arrows added to the date and for the quarter and half dollar, rays on the reverse. The rays were discontinued after 1853, and the arrows after 1855. The Liberty Seated dollar was not affected by the legislation, as nearly all pieces had been made for export purposes, where they were valued on their silver content in any event, the inscribed amount making no difference. Also, the silver dollar was the constitutionally accepted Unit of measure and standard of account and could not be tampered with. Hence, after 1853, four quarter dollars had slightly less silver content than a comparable silver dollar, an anomoly.
Estimated Value $3,500 - 3,700.
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| Realized $3,680 |
