1853 Liberty Seated Half Dollar. Arrows and Rays. WB-101. MS-64+ (PCGS). CAC.
Premium Choice Uncirculated quality for this perennially popular type issue in the Liberty Seated half dollar series. Minimally toned surfaces exhibit subtle gold and olive overtones to dominant antique silver. The texture is lustrous and frosty, the devices smartly impressed and crisp. The half dollar was the largest denomination affected by the wholesale weight reductions introduced to United States silver coinage through the Act of February 21, 1853. The new weight standard for the half dollar was 12.44 grams, as opposed to 13.36 grams for preceding issues produced beginning in the late 1830s. The weight reduction was introduced to return the half dollar to active circulation in the Eastern states, as they had disappeared through hoarding as the price of silver rose in response to the vast quantities of gold being mined in California during the Gold Rush. In essence, silver had become scarce relative to gold in the market of the early 1850s, and old tenor pieces were quickly removed from circulation as their bullion value exceeded their face value. As the 2022 edition of the standard reference A Guide Book of United States Coins explains: "On February 21, 1853, fractional silver coins were made subsidiary by reduction of their weights. As the coins' face value now exceeded their bullion value, free coinage of silver was prohibited except for dollars, and the Mint was authorized to purchase its silver requirements on its own account using the bullion fund of the Mint, and, according to law, 'the profit of said coinage shall be....transferred to the account of the treasury of the United States.'" As with the quarter, arrows were added to the obverse before and after the date and a glory of rays added to the reverse field around the eagle. The reverse design proved to be too highly detailed for efficient coinage operations, and the rays were dropped in 1854, creating a one year type in the 1853 Arrows and Rays design. The Philadelphia Mint issue of the year is the preferred type candidate for the Arrows and Rays half dollar, being far more plentiful than the 1853-O in all grades. Uncirculated coins through MS-64 are scarce, yet obtainable with patience. Beginning at the MS-64+ level even the 1853 develops into a significant condition rarity. The Condition Census for this popular Philadelphia Mint issue comprises a handful of coins in MS-66, MS-66+ and MS-67, as certified by PCGS and NGC. The present example is a more realistic option for most collectors, and we anticipate a strong price from its auction appearance.
PCGS# 6275. NGC ID: 24JJ.
From the Collection of James Allaire Millholland, 1842-1911.

Estimate: $6690