Owner Comments:
The California gold rush resulted in a massive increase in the supply of the precious yellow metal. As a result the value of silver in terms of gold rose to a level where all U.S. silver coins had a melt value that exceeded their face value. This situation prompted Congress to reduce the weights of the dime, quarter and half dollar to levels that would discourage melting of these coins for their silver content. The new lower weight silver coins were marked by arrows at the date, and for the quarter and half dollar in 1853, rays around the eagle on the reverse. The message was to would-be smelters was, “Don’t both to melt these coins because it won’t be worth your while.”
The mintages for the 1853 Arrows and Rays quarter were extremely high. Despite that, a relatively small number of these coins were saved from circulation. As a result the 1853 Arrows and Rays quarter is common in the circulated grades, but scarce in AU and very scarce in strict Mint State.
The dies used to strike these coins were often pushed their limits. They were taken down less often than in prior years for refurbishing and replacement. As a result many 1853 quarters are not fully stuck, and AU and Mint State examples of these coins often display indifferent luster.
Despite the fact that this coin has been dipped, it is FAR above average for this issue. Both sides are sharply stuck with obverse especially nice. NGC could have easily graded this coin a point higher.