Was there an Assay Commission in 1853? And if so ...

Sunnywood

... then why are the theories about the origins of the 1853-O No Arrows half dollar and the 1873-CC No Arrows dime different? Looking at the descriptive text in the Bowers & Merena catalog of the recent auction of Jim Gray's collection of "Liberty Seated" coinage (to use the word order preferred by QDB, who of course did NOT have anything to do with this catalog), one finds that the explanation for the existence of the dime is that it was an Assay Commission piece, whereas that theory is not advanced for the half dollar.

In both years, 1853 and 1873, arrows were added to the coinage early on to indicate a change in mass and thus bullion content. In 1853, the coinage was made lighter by legislation , while in 1873, it was made heavier. Both changes were responses to moves in the value of silver. The 1853 decrease wsa intended to discourage hoarding and melting due to rising prices, while the 1873 increase brought the coin's bullion value back in line with its face value following a decline in silver prices. In both cases the branch mint in question had already struck coins using a No Arrows obverse: half dollars in 1853 New Orleans, and dimes in 1873 Carson City.

With the new legislation, both sets of coins became relegated to a destiny as mere chattel, ineligible for delivery and monetization. Somehow three of the 1853-O halves and one of the 1873-CC dimes managed to survive. The halves are all circulated, while the 1873-CC dime is in gem mint state. Yet the Bowers catalog advances the notion that the dime survived because it was an Assay Commission piece. No such theory is advanced for the 1853-O halves. Was there an Assay Commission in 1853, and was the coinage submitted to the Commission just as in 1873? I believe the answer is yes (can someone confirm this?).

If so, then it is far more likely that the half dollars were Assay Commission pieces, and not the dime. It is known that the Assay Commission released into circulation whatever coins it did not destroy by testing. Therefore, the circulated condition of the three halves might suggest this origin. The dime, conversely, seems to have been saved carefully by someone who recognized its rarity ... perhaps a Mint insider. Perhaps this piece never made it to the Assay Commission?

Are the Assay Commission records public? Are there records of the Assay Commission testing an 1873-CC No Arrows dime, or an 1853-O No Arrows half? Or for that matter, an 1873-S seated dollar?

All of you experts out there, please help me understand ...

Best,
Sunnywood

coinguy1

Sunnywood, this article indicates that there would have indeed been an Assay Commission in 1853:

Link

Sunnywood

Hi Mark,

Thanks for the info. So the Philadelphia-based Assay Commission was in continuous operation from 1792 through 1981. Thus it certainly functioned in 1853. Why then hasn't anyone advanced the theory that the surviving 1853-O No Arrows halves were Assay Commission pieces? And why would anyone think the 1873-CC No Arrows dime was an Assay Commission piece when it grades MS65? I take issue with the theories advanced for both coins in the Bowers catalog !!

Best,
Sunnywood

coinguy1

Happy to help, even if just a little bit, Sunnywood.

<< <i>I take issue with the theories advanced for both coins in the Bowers catalog !! >>

In that case I wouldn't want to be in their shoes - they have a real debate in store for themselves.

Conder101

The very fact that the no arrows 1853-O halves are well worn argues against them having been Assay pieces. If they were unused assay pieces they would most likely have survived by being kept by commission members as the 73-CC no arrows dimes was and would be in high grade. Unlike most unused assay coins, the 1853 no arrow coins would NOT have been released into circulation as they could not legally be issued.

I don't know if assay commission record are available, but there is a record of an 1873-S standard dollar being shipped to Washington for the commision.

Sunnywood

Conder,

Apparently the Assay Commission routinely released whatever leftovers it had into circulation. As these pieces were no different in appearance or composition from other No Arrows pieces (aside from the particular combination of date and mintmark), is it so unthinkable that they would simply have been released into circulation? After all, the majority of circulating halves at the time would have been of precisely this No Arrows type. My guess is they would have dumped them into circulation along with everything else they had.

Of course that is utter conjecture on my part !! Does anyone have written records of the Assay Commission proceedings from that time period?

Conversely, I find it odd that an Assay Commission piece would end up in the two trunks given to Wm. Woodin in exchange for the gold half unions, as is theorized for the 1873-CC N/A dime.

Best,
Sunnywood

PhillyJoe

The act of April 2, 1792 that created the Mint also authorized the annual inspection of coins manufactured at the Mint. The purpose of the annual assay was "to secure a due conformity in the gold and silver coins to their respective standards of fineness and weight."

The Assay Commissioners met annually in February in Philadelphia. The following records are available at the Philadelphia Archives:

-Minutes of the Annual Assay Commissions, 1841-1873
-Record of Gold and Silver Coins Reserved for Annual Assay, 1817-1873; and from Branch Mints, 1840-1872
-Assay Workbooks, 1795-1905
-Registers of Gold, Silver, Bullion & Ingots,1838-1957



Joe

MrEureka

The 53-O halves are no more likely Assay Commission pieces than 1854-S half eagles, a comparable rarity of the same era. The Assay Commission hypothesis has not been proposed for either because those coins circulated. Also, the low mintage of the half eagle makes its rarity more understandable, and the existence of a handful of well circulated 54-S quarter eagles suggests that the 54-S half eagles also made it into circulation.

The above provides a stark contrast to the situation with the 73-CC N/A dime. The Assay Commission theory has long been proposed for the 1873-CC No Arrows dimes and quarters because the few survivors seemed to be choice and gem uncs. The coins couldn't have been distributed for circulation if the only survivors were uncirculated, it was thought, so there had to be a reason why these coins survived. Of course, it could have simply been a CC Mint insider stashing the coins for posterity, but something out of the ordinary was clearly at play. Then, about ten (?) years ago, a couple of well circulated 73-CC N/A quarters were discovered. That should have prompted a reappraisal of the Assay Commission theory, even if it was still the best theory we had, but nobody seemed to care.