LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Coin Auction #454  / 

2878

1853 50C Arrows and Rays MS66 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:22,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1853 50C Arrows and Rays MS66 PCGS
<B>1853 50C Arrows and Rays MS66 PCGS.</B></I> An extraordinary Premium Gem of this dramatic single-year subtype. Both sides are lustrous and remarkably unabraded. Light chestnut-tan toning confirms the originality. The strike is decisive, even on often soft areas such as Liberty's hair and the eagle's left (facing) ankle. All stars have bold centrils, even the two that bookend Liberty's head. Each denticle is distinct.<BR> Faint clashmarks are apparent near Liberty's raised arm, and opposite within the shield and above the right claw. A series of slender die cracks traverse the reverse periphery, and connect the bases of the date digits. UNITED STATES appears to be minutely die doubled toward the rim, visible on the tops of the letters.<BR> The discovery of gold in California was the indirect cause of the Arrows and Rays design. The United States had a bimetallic standard that valued gold and silver at a fixed ratio of approximately 16 to 1. The unexpectedly large quantity of California-mined gold made that metal overvalued relative to silver.<BR> Speculators promptly hoarded silver coins, which were now worth more than face value. The half dime through silver dollar disappeared from circulation. In contrast, gold coins were plentiful, particularly the gold dollar, a denomination introduced in 1849 along with the double eagle.<BR> A debased silver three cent piece was added to the Mint roster in 1851, but no steps were taken concerning the half dime through half dollar until 1853. The Coinage Act of 1853 reduced the silver weight of these denominations, which brought their bullion value below face and allowed them to circulate.<BR>The change in alloy was marked by arrows flanking the date on the half dime, dime, quarter, and half. In addition, rays were added to the reverse of the quarter and half. In 1854, the rays were removed from the design, perhaps in part because they reduced die life. The arrows were finally removed in 1856.<BR> An outstanding Arrows and Rays Seated half dollar, worthy of the finest silver type set. Population: 4 in 66, 2 finer (11/07).<BR><I>Ex: Richard Jewell Collection (American Numismatic Rarities, 3/05), lot 1794, which realized $46,000.<BR>From The Madison Collection.</B></I><BR><BR><B>Coin Engraver:</B> Christian Gobrecht<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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