Lot 764
1873-S. Arrows. PCGS graded MS-64. Lightly tone. A relatively scarce year and mint with an original mintage of 455,000 pieces. The PCGS service shows a combined 14 certified in near-Gem MS64. Well frosted and lustrous surfaces are overlain by a thin layer of light russet-gray patina, while the design elements are better than average though by no means boldly struck. Portions of the shield at upper left show some blurring, as do the denticles on either side. Possibly this resulted from the dies being worn. No significant marks are noted over either side, we should mention.
Prior to 1861, the U.S. had a bimetallic system where both gold and silver were money at a fixed exchange ratio of 16:1, silver to gold. In 1873, Congress decided to demonetize silver and to make it "subsidiary;" from the time that hard money circulation was resumed in 1879, until 1933, the United States, like the rest of the developed world nations of the day, was on the gold standard.
As in the case of the 1853-5 "With Arrows" silver coins, arrows were again added to the obverses of the coins to facilitate the sorting of the old weight coins (those struck prior to the April 1873 Mint Act) from the new weight coins. This was mostly a matter of expedience at the Mint and Treasury. According to Bowers, "after April 1, no more of the old weight coins could be released, as they were now of illegal weight under the new measure. The arrows enabled Mint and Treasury personnel to readily distinguish the new coins, which were to be shipped out immediately, from the old coins, which were to be held back, eventually to be melted. There was no widespread attempt to call in the old weight coins already in circulation. This would have proved unfeasible, in any case, since millions had been issued and most were in the hands of hoarders or else were circulating outside of the country, and would not have been turned in even if the order to do so had been given. Instead, the old and new weight coins passed at equal values and it took many years before the old coins were completely retired from circulation. Pop 14; 2 finer in 65. (PCGS # 4667) .
Estimated Value $2,900 - 3,000.
|
| |
| Unsold |
