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Sale 72
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Lot 1287
1873 Closed 3 No Arrows. NGC graded Proof 68. Only 600 struck. Nice light toning. The Philadelphia quarters of 1873 were struck in three separate modifications: the 1873 Closed 3, the 1873 Open 3, and the 1873 With Arrows. Of these, the last has the highest mintage, with over a million business strikes made, and the 1873 Open 3, though it has a mintage of only 172,000 coins, is one of the more available Motto quarters issues in Mint condition. The 1873 Closed 3 version, however, is highly elusive, with a total production of just 40,000 business strikes, and most survivors show some degree of wear. Proofs were limited by their low sales to collectors, with only a few Gems surviving after 140 years.
As they were struck and delivered to collectors early in the year, all Proof 1873 No Arrows Quarters display a Closed 3 in the date. Gem and Superb Gem quality 1873 No Arrows Proofs are of the foremost rarity and desirable in today's market where attention to top-line graded specimens is key. The razor edged devices and sleep, watery and pristine fields are replete with original toning: The obverse is mostly silver-gray, while the reverse is inundated in a flood of lovely, rich antique-copper patina consisting of lilac, cobalt-blue, and golden-champagne undertones going from the lower left to the upper right. A coin that the finest Seated Liberty Quarter Dollar set should not be without. This is the acclaimed ex Kaufman specimen, later sold by Heritage Auctions (Jan. 2006). Pop 2; none finer at NGC .
As in the case of the 1853-5 "With Arrows" silver coins, arrows were 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. Proofs were sold of both Types, the nod going to this No Arrows for its gorgeous colors and natural patina! The advent of arrows at the date 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 been impossible, 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. (Walter Breen has stated that he remembers seeing coins as old as 1853 circulating during the Depression of the 1930s.)".
Estimated Value $10,000 - 11,000.
Ex: P. Kaufman.
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| Realized $12,075 |
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