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Sale 10
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Lot 720
1854-O Liberty Seated Half Dollar. Arrows. PCGS graded MS-65 Arrows. By 1850, the massive flows of gold from California had depressed the prices of that metal, and made silver more valuable by comparison. Hence, all silver coins disappeared from circulation as they were worth more than face value. Depositors gave little silver to the mints for coinage, and there were no denominations in circulation between the cent and gold dollar. Something had to be done, so in 1853 Congress reduced the amount of silver for minor denominations, in order to reflect the market value of silver as compared to gold. On the half dollar, the weight was reduced from 206.25 grains to 192 grains, and Mint Director George Eckert ordered quick changes to the dies so the entire design did not have to be changed. Arrows were added at the date, and on the reverse, rays were added surrounding the eagle. These design changes caused a problem, the dies cracked and broke to pieces much faster with the arrows and rays. In fact, die life fell to one-third normal, and dies had to be replaced rapidly. When Col. James Ross Snowden took as Mint Director in 1853, he immediately ordered the rays removed starting in 1854, both to extend die life and because so little of the heavier pre arrows coinage was in circulation by then. The arrows were later dropped starting in 1856.
This particular coin boasts mint-fresh luster in the fields, well struck stars and devices, with just a bit of weakness here and there, and delightfully clean surfaces. Locating a gem of this date is always a challenge for the advanced numismatist. PCGS has graded 9 coins this high, with 11 graded a notch higher, and just one coin as MS-67 at the top. Don't miss out on this one.
Estimated Value $6,000 - 7,000.
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| Realized $5,980 |
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