Lot 1257
1850 PCGS graded Genuine. Only 7,500 minted. Our grade is AU Details cleaned long ago Why so few Seated Dollars minted this year? Since about 1850, silver half dimes, dimes, quarter dollars, half dollars, and dollars had been almost entirely absent from circulation. Discovery of gold in California made this metal "common" in relation to the historic ratio between silver and gold, and the price of silver escalated on world markets. It became profitable to take older silver coins from circulation and melt them down to sell for their metal content. A partial solution was effected in 1851 with the introduction of the silver three-cent piece, this using a subsidiary alloy of 75% silver and 25% copper, instead of 90% silver. Such subsidiary coins had a metal value less than their face value and were not attractive to speculators. The other denominations (with the sole exception of the Standard silver dollar) were made subsidiary in the Act of 1853 (PCGS # 6937) .
Estimated Value $2,000 - 2,100.
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