Lot 1360
1854. Arrows. NGC graded MS-65. A silvery bright and frosty specimen glowing with original mint bloom. That said, now we'd be remiss if we didin't cover the strike: this coin, unlike many With Arrows pieces, 1853-55, was struck with the correct scientific precision on the main elements to advance it ahead of the pack.Pop 17; 6 finer, 3 in 66, 3 in 67.
Historic account: Until 1853, there had been a shortage of circulating silver in America. This had to do with a mis-match in the gold to silver ratio (from the vast discoveries of gold in California, after 1849) which caused an abundance of gold relative to silver. Congress passed the Act of 1853 which instructed the U.S. Mint to reduce the weight slightly of America's minor silver coins (the With Arrows issue). Afterwards, and for the first time in U.S. history, there was an adequate supply of U.S. fractional coins for commerce. By early 1854 the coin shortage had ended, and more than a million dollars worth of silver coins were stored in the vaults of the Mint.
Estimated Value $5,000 - 5,500.
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| Realized $5,750 |
