1853/53 Liberty Seated Quarter. No Arrows. Briggs 1-A, FS-301. Repunched Date. AU-53 (NGC). The mintage of this scarce issue is a mere 44,200 pieces struck in the first two months of 1853. Hence few were saved and most slipped into oblivion via the melting pots of the profiteers of this era. Deep gray-lilac color evenly blankets each side and the strike is sharp. The boldly repunched date is clear with a loupe on the 53. The surfaces are smooth, not only are they all but free of most scuffs and nicks, but the toning accentuates them as well. A memorable offering for the specialist who demands and appreciates exceptional quality.<p>After the discovery of gold in California in 1848 and the subsequent flood of gold coming to market in the early 1850s from this source, the price of silver rose relative to gold, upsetting the arbitrary 16 to 1 ratio applied to these circulating coins. Thus silver began to sell for more and more of a premium, at the time this piece was struck at about seven percent over face value. Thus it was profitable to melt all silver coins struck up to this time, and naturally silver coins disappeared from circulation. This situation was further exacerbated by the fact that cents were not legal tender and often refused by storekeepers, thus the smallest denomination in circulation soon became the gold dollar coin once the silver coins vanished. Mint Director George N. Eckert determined that reducing the silver weight of the coins in circulation back to below face value, would allow newly produced coins to circulate and these would eliminate any potential profit from melting them. Eckert proposed his plan to Congress who soon passed the Mint Act of February 21, 1853 which reduced the silver content of the quarter dollar from 103 1/8 grains to 96 grains. The new lighter weight coinage was differentiated by the addition of Arrows at the date and Rays around the eagle (1853), and the Rays were dropped in 1854 but the Arrows continued until the end of 1855 to loudly announce to speculators "please dont melt me, Im not worth the trouble".
