1837 LIBERTY SEATED 10C, NO STARS PR67
NO STARS. ONLY 30 STRUCK. SOLE HIGHEST GRADED!
NGC Graded Higher:
The Panic of 1837 and the following years was the worst economic period the 61 year old United States had seen. The Second Bank of America was defunded by Andrew Jackson in 1834 and the money and ability to produce bank notes was transferred to hundreds of smaller state banks. For the next few years, the American economy prospered and state surpluses were reinvested into the state in the form or railroads and other infrastructure. It wasn’t until Jackson issued the Specie Circular that the state of the economy took a downturn. The Specie Circular made it so that public lands, which had been rapidly bought up using the bank notes issued by the newly empowered small banks, must be purchased by either gold or silver coins. The banks then called in their loans, which revealed their reckless credit policies as little turned up. Those who had deposited their money rushed to their banks to withdraw their savings. This financial panic led to widespread unemployment and a depression lasting six years. In 1837 this 1837 silver dime would be much more comfortable to own than any paper bank note issued by the struggling banking system.
The Mint Act of February 12, 1873 - the infamous Crime of '73 - was an omnibus bill that included a weight increase for the Dime. The actual increase was infinitesimal, the new weight standard being 2.50 grams as opposed to 2.49 grams. Apparently, the change in 1873 was made in an effort to make the weight of the Dime conform more closely to the metric system. The Mint decided that an indentifying feature was needed to distinguish those coins struck after February 12 from those struck before that date. Harkening back to 1853, officials once again decided to place arrows at both sides of the date.
The Arrows, Legend Obverse Seated Dime series lasted for just two years: 1873 and 1874. Most business strikes of this type were delivered in the Philadelphia Mint, but the Carson City and San Francisco facilities also contributed limited numbers of coins in both years. Survivors of these mintmarked deliveries are scarce-to-rare in all grades (CC-mint examples are exceedingly so), while those of the P-mint issues are very scarce in Mint State from the standpoint of market availability.