Lot 1449
1853 Liberty Seated Half Dime. Arrows. NGC graded MS-67. A gem frosty white coin. For many reasons this is an exciting and desirable coin. First, the quality is superb. Both sides display full frosted mint luster with iridescent silvery hues. The strike is sharp with complete head details, full stars, and nicely formed leaves. Both sides have light die clash marks, but otherwise appears perfect. This is an important, three-year design variation, with the arrows next to the date, signifying the weight change that was authorized by the Mint Act of February 1853. Pop 11; 8 finer in 67 Star.
Blame it on California. Yes, by 1853 the virtual flood of gold pouring into New York and other cities from the California gold rush, had driven down the price of gold relative to silver. As a result, the price of silver, reckoned in gold dollars, actually increased. Massive meltings occurred. No one quite understood what to do about the complete lack of silver coins in circulation. Mint Director George Eckert proposed reducing the silver content of each dollar worth of coins from 412.5 grains to 384 grains. Congress went along, and President Millard Fillmore signed into law the authorization on February 21, 1853. Eckert had no time to prepare new designs, yet it was vital to differentiate the reduced weight coins from the prior heavier silver coins. Eckert thought the easiest solution would be to place arrows on each side of the date, and so ordered Longacre to prepare dies as quickly as possible for half dimes through half dollars. Inexplicably, the silver dollar was not included in the silver weight reduction.
Estimated Value $6,500 - 7,000.
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