1857-O LIBERTY SEATED 10C, DRAPERY MS66
GEM MINT STATE. ERIC NEWMAN PEDIGREE. ONLY 4 HIGHER AT PCGS.
1857-O LIBERTY SEATED - TYPE 3 10C
The Panic of 1857 began after the American bank Dennistoun, Cross and Co. collapsed. The bank, having branches throughout the US and Europe led to 135 banks declaring bankruptcy across the world. This 1857 dime recalls an economic downturn that lasted until the Civil War.
As with the Half Dime, Quarter and Half Dollar, the Dime had its weight reduced through the Mint Act of February 21, 1853. This was done to discourage the widespread hoarding and exportation of silver coins that had become prevalent in the years immediately following the onset of the California Gold Rush. In order to distinguish the Dimes struck to the new weight standard of 2.49 grams from their old tenor (2.67 grams) counterparts, Mint personnel modified the Seated Liberty design by placing arrows at the date. The Dimes were dropped after 1855 as no longer being necessary, thus creating a short-lived, three-year type that has long been popular with numismatists.