1854-O Liberty Seated Quarter. Arrows. MS-65 (PCGS). CAC.This wonderfully original example is toned in a breathtakingly beautiful blend of cobalt blue, salmon pink, antique gold, copper-rose and pewter gray patina, the colors most vivid and varied when examined with the aid of direct lighting. Luster is full with a softly frosty texture, the strike is overall sharp and uncommonly well executed for a New Orleans Mint coin from the pre-Civil War era.<p>The Arrows, No Motto Liberty Seated quarter is a distinct design that is an integral part of a complete type set of classic United States Mint coinage. The genesis of this type came with the Act of February 21, 1853, which reduced the weight of the half dime, dime, quarter and half dollar to allow these coins to return to active circulation in the Eastern states for the first time since the onset of the California Gold Rush. The immense quantities of gold being mined along the Pacific coast upset the delicate balance between silver and gold on the world market, causing the value of silver to rise relative to that of gold, to the point where silver coins became worth more as bullion than as coinage of the realm. The result was widespread hoarding in the Eastern states and a consequent shortage of circulating coins with which to conduct commerce. The Act of February 21 sought to remedy this situation and, in the specific case of the quarter, it stipulated a reduction in the weight standard from 6.68 grams to 6.22 grams. This change was deemed sufficient to once again bring the bullion value of these coins below their face value. Indeed the new lightweight and, in essence, subsidiary quarters enjoyed widespread circulation until the onset of the Civil War once again led to widespread hoarding in the eastern parts of the United States.<p>Returning to the early and mid 1850s, the Mint felt that an identifying feature was needed to distinguish the new lightweight quarters from their old tenor counterparts. The solution came in the form of additions to the basic Liberty Seated design: arrows were added to the obverse at both sides of the date, and a glory of rays was added to the reverse field around the eagle. The arrows remained through 1855, but the rays were dropped after 1853. As such, the Act of February 21 resulted in two distinct types for the Liberty Seated quarter, the one-year Arrows and Rays design of 1853 and the two-year Arrows type of 1854 and 1855. Of the five issues that comprise the Arrows type of 1854 to 1855, the two attributed to the Philadelphia Mint are the most suitable for Mint State type purposes. The 1854-O, represented here, is more plentiful than the 1855-O and 1855-S, but it can only rightly be considered "common" in lower circulated grades. Mint State survivors from a mintage of 1,484,000 coins are scarce in an absolute sense, exceedingly rare at the Gem level of preservation, and underrated in all grades. The single finest certified example of the issue to have received a coveted CAC designation, this lovely MS-65 is an ultimate mintmarked type coin, and also highly desirable for inclusion in the finest collection of Liberty Seated or New Orleans Mint coinage.From Superiors Father Flanagans Boys Home Sale, May 1990, lot 3669; Heritages sale of the Silbermünzen Collection, May 2008 Long Beach Signature Sale, lot 316; Heritages sale of the Eugene H. Gardner Collection, Part IV, October 2015, lot 98428.
