1853 Liberty Seated Dime. Arrows. MS-66 (PCGS). This vivid 1853 Arrows dime will appeal to high grade type collectors as well as toning enthusiasts. The obverse is target toned in intense brick red, powder blue, salmon pink and pale pink iridescence. The reverse is more reserved yet no less appealing, with powder blue peripheral color around a champagne-apricot center. Frosty and sharply struck, this premium quality Gem is sure to sell for a strong premium.As the price of gold fell after the California Gold Rush began a few years earlier, the relative value of silver rose, causing the bullion value of silver coins to outstrip the face value. Most silver coins in circulation during the early 1850s ended up in personal coffers and hoards rather than out in daily use. On February 21, 1853, Congress took action and passed a law that reduced the weight of all silver coins then in production (with the exception of the dollar). To quickly identify the reduced weight coins, arrows were added flanking the date on the obverse. A modest amount of dimes were struck at the old standard in early 1853, while 12,078,010 circulation strikes of the With Arrows dimes were coined at the Philadelphia Mint later that year. This total represents a sharp increase over all previous issues. So common were these coins in circulation that they were considered "junk silver" by coin dealers well into the 20th century. Eventually collectors came to appreciate the issue and examples are now considered essential coins in both dime cabinets and type collections.The initial lack of interest in the 1853 Arrows dime meant that not nearly as many Gem Mint State examples were saved at the time as would be expected. High grade coins are now in constant demand as type set collectors compete alongside specialists in Liberty Seated coinage for the few Gem Uncirculated survivors. With its exemplary provenance to the Pittman and Pogue collections, the present example is certainly among the most desirable specimens of the date as well as the type. From David W. Akers sale of the John Jay Pittman Collection, Part I, October 1997, lot 616.
