Lot 1476
1838. PCGS graded MS-63. Well struck and frosty with rich natural golden toning. In a new Secure Plus holder. The Classic Head design (1834-38) dates to mid-summer 1834, when the gold content in the quarter eagle and half eagle was reduced. Prior to this, American gold coinage had a specie value that was greater than the face amount. As a result, coins already in circulation were removed and hoarded (per the convention of Gresham’s Law), or melted, and those who had gold refused to bring it to the mint to have coins struck. The years prior to 1834 have become major rarities today. The Classic Head coinage, first struck in August 1834, was an instant success, due mainly to the slight weight reduction, from 8.75 grams to 8.31 grams. This change represented a 5% reduction and a similar reduction in value from a little over $5.00 per coin to a little under $5.00. The Mint Act of June 28, 1834 was the authorizing legislation to reduce the weight of these coins, and was written to take force on August 1. Pop 15; 23 finer (PCGS # 8176) .
Estimated Value $8,000 - 8,500.
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