Lot 1002
1853. Arrows and rays. NGC graded MS-65. A hint of gold tone. Very popular type coin that was minted in large numbers to try to compensate for the massive loss of coins to melting of coins because the price of silver had increased dramatically by 1853 because of the discovery of gold in California. Basically the price of gold came down relative to silver--given the discoveries of gold in the streams and valleys. By reducing the silver weght of subsidiary coinage like this, the mint was able to bring the silver value back below the face value of these coins so the massive and profitable melting of coins finally subsided. Despite considerable increases in mintages of the 1853 quarters, most entered circulation and precious few were saved, especiall y that retain the gem grade today! Pop 29; 11 finer, 7 in 66, 4 in 67.
Estimated Value $11,000 - 12,000.
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