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Lot
5462

1853 10C Arrows MS69 S NGC....

2005 March Palm Beach, FL Signature Sale #368

 
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Auction Ended On: Mar 24, 2005
Item Activity: 8 Internet/mail/phone bidders
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Location: Palm Beach, FL
Description:
Finest Known 1853 Arrows Dime, MS69 NGC
1853 10C Arrows MS69 NGC. When discussing the coinage of 1853, one has to remember the reason for the passage of the Mint Act of that year was to stimulate the circulation of silver and gold coinage. For decades U.S. silver and gold coinage had an intrinsic value that was greater than its face value. Melting was widespread, and the result was the United States was left with a hodgepodge of world coins and tokens for circulation. As hard as it might be to imagine today, Congress had pangs of conscience regarding this Mint bill--they actually believed they might be perceived as cheating the citizens of the U.S. Nevertheless, logic prevailed and the weight of all subsidiary coinage and gold was reduced. In the case of the dime, from 2.67 grams to 2.49 grams. In order to alert the general populace of this reduction in weight and silver content, arrowheads were placed on each side of the date, and this device remained on dimes through 1855.
A staggering 12 million dimes were produced in 1853. These lighter weight coins had the desired effect: they drove out the old, heavier weight coins which were soon replaced with the new, somewhat lighter versions. Although common in worn grades, the 1853 Arrows dime is very elusive at the finer Mint State levels of preservation, particularly when compared to the number of high grade type collectors in today's hobby. This is undoubtedly the finest coin known of this important and historic issue. At the MS69 level, there really is nowhere else to go. The surfaces of this piece have thick mint frost and the centers are untoned. However, deep cobalt-blue and golden-brown toning surrounds the margins on each side, this, undoubtedly, being responsible for the star designation which indicates added eye appeal for the grade. Fully struck also, as one would expect, there are no obvious abrasions on either side of this remarkable coin. The only disturbance in the fabric of the coin is slight evidence of die clashing. A unique opportunity for the high grade type collector.(#4603) (Registry values: N1) (NGC ID# 2398, PCGS# 4603)

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