1873-CC With Arrows 25 Cent Coin of the Week 10/02/2011

1873-CC with Arrows Liberty Seated Quarter Coin of The Week 10/02/2011
Mintage: 12,462
Finest Known: NGC MS65 (ex-Norweb)

On February 12, 1873 the Coinage Act was passed into legislation, calling for the dimes, quarters, and half dollar denominations to increase their silver content by less than one half of 1%.
The 1873-CC without Arrows weighed 6.23 grams whereas the 1873-CC with Arrows tipped the scale at 6.25 grams.
After April 1, 1873 the without Arrows coins were ordered to be melted. The melted coins then became the “With Arrows” variety. Arrowheads placed to the left and right of the date was used to signify the change in weight.






In the first few years of the 1870s orders that originated from the various coinage acts informed the regional mints that silver coins would only be paid out in exchange for gold. The minimum amount in an exchange was set at $100.00. The only other reason that a mint would release small silver coins was if a small amount were necessary for change that was less than one dollar in settlements for gold deposits. It seems to me that because of the restrictions in payment of silver specie in commerce that stockpiles of silver coins built up in the vaults of the Carson City Mint and that were most likely destined for the melting pot.
With the arrival of the new dies ( with arrows) finally reaching the Mint on Carson Street in late June 1873 the minting of 3500 1873-CC with Arrows quarters were struck. By the end of July 1873 the final delivery of 8962 pieces were struck and stored in the mint’s vaults.
There were virtually no collectors on the western frontier during the 1870s and few if any at all of the 1873-CC with Arrows quarters were saved and being a low mintage coin with a commercial demand that was virtually non existent contributed to this coins rarity. The fact that no quarters were minted in 1874 at the Mint on Carson Street proves further evidence that small denomination coinage in the Comstock Region were not needed in commercial transactions.
If the majority of this issue were kept in the storage vaults from 1873 to 1874 and were still around in 1875 to 1876, surely some would have escaped the mint during the specie payment years of the latter 1870s. Maybe due to the Treasury’s vaults over stuffed with excessive silver coins there was no need for new supplies until after 1885. This may explain the low mintages on Liberty Seated coinage series during the following years of the 1870s. Whatever did happen with mintages and melting’s during the last thirty years of the 1800’s suggests that only a small fraction of 1870 to 1873 silver issues from the Carson City mint ever left the mint facility.
The 1873-CC with Arrows quarter was struck from a single die marriage. The reverse die is the same die that was used to strike the 1870-CC, 1871-CC, and the 1872-CC quarters and is identifiable by a small die scratch (as produced) within the upper opening of the “F” in OF. This is a key diagnostic when verifying authenticity of this key date. Per “the Mint on Carson Street “by Rusty Goe “Curiously, the mintage figure of 12,462 for the 1873-CC with Arrows quarter is identical to the first year total of the silver dollar production at the Carson City Mint. Perhaps Superintendent Rice viewed the new coin designs as a rebirth of the Carson City Mint and wanted to commemorate the event by returning to a special number synonymous with the mint’s origins, all fanciful conjecture of course, since no one knows for sure.” Quite an interesting coincidence in my opinion regarding the identical mintage figures.
Some recent auction results:
VF20 $6325. Aug11 Heritage Lot#3760 NCS grading
VF20$6900. Mar 11 Heritage Lot#3514 NCS grading
F15 $7475. Feb11 Goldberg Lot#1365 PCGS grading
F12 $8625. Jan11 Heritage Lot#5514 NGC grading
G6 $4500. Nov10 eBay PCGS grading
As I write this article there is currently an 1873-CC with Arrows XF details on eBay listed with a “Buy it Now” for $38,000.00. Being a raw coin (not graded by a third party grading service) that amount would make me a very nervous buyer, also Southgate Coins has on their website a beautiful example of the 1873-CC with Arrows Liberty Seated Quarter in PCGS VG10 for $12,750.00. While these prices may scare a lot of collectors I find (in my opinion) that the rarity of this issue isn’t truly reflected in the prices listed.
Survival estimates in all grades 30-35
Estimated in uncirculated 2-3
Estimates in XF to AU grades 5-6
Total certified in all grades PCGS/NGC 27
(*per TMOCS 2003)
Now unless Loosechange hits the lottery, this great issue form Carson City will elude me. For those collectors that have acquired this issue, you have a very special coin to behold.
Prior to completing this article, I phoned Southgate Coins and spoke with Rusty with questions that I had in researching the Coin of The Week and I would like to say ”Thank-you Rusty for taking the time out of your busy schedule to speak with me about our favorite subject, The Carson City Mint and it coinage. You Sir are a wealth of knowledge in the history of our favorite mint as well as the history of the Comstock Region. So thank you again for your help and insight.
References: “The Mint on Carson Street” by Rusty Goe
NGC Coin Explorer Website
Heritage Auctions
PCGS Coin Facts
Lastly I want to say as this is my last entry in this super project; Thanks go out to all the COWboys for including me in this venture, it has been an enjoyable learning experience and a lot of fun. I look forward to the last few “Coin of the Week” posts. Bruce Thayer thanks for taking the lead on this project and keeping it flowing, my hats off to you, fantastic job!

Loosechange

Hi Loosechange

I congratulate you on a very well done COW post (your final post) on a very special "CC" rarity, the 1873-CC with arrows seated quarter.

I don't know what collection your pictured coin resides in but the photo you chose is a beautiful example.

I like that you wrote; "There were virtually no collectors on the western frontier during the 1870s and few if any at all of the 1873-CC with Arrows quarters were saved and being a low mintage coin with a commercial demand that was virtually non existent contributed to this coins rarity. The fact that no quarters were minted in 1874 at the Mint on Carson Street proves further evidence that small denomination coinage in the Comstock Region were not needed in commercial transactions."

This explains why there are only 2 to 3 examples of this date known in Mint State grades and why this coin is so rare in all grades.

In your article you also pointed out a very important diagnostic; The die scratch in the "F" of "OF"

Great research job Loosechange!

the drummer

Loosechange,


Writing about any coin minted in 1873 forces an author to delve into one of the most complex and controversial coinage periods in our country's history. Add to that, the unanswered questions and ambiguities surrounding a coin minted at Carson City during that year, and you've got a regular Alfred Hitchcock mystery.

It was very apparent that your research really got you thinking. Unless I miss my mark, after writing the article on the 1873-CC Arrows Quarter, you are left with more questions than answers.

When Rusty Goe published The Mint on Carson Street in 2003, the book coalesced knowledge of Carson City coinage and related numismatic history into a comprehensive source never before available to the average coin collector. One of the results was an exponentially greater appreciation of Carson City coinage and a much broader base of collectors interest in owning them.

With the importance of Rusty's book increasingly recognized, cabinets, shoeboxes and grandpa's box of old coins were searched accross the country and, eventually in Europe as well. In the years following the release of The Mint on Carson Street, many CC minted coins were discovered and added to the census. The 1873-CC Arrows Quarter was no exception.

Despite the date's rarity, many pieces were found. Some were damaged, some heavily cleaned and the best were eventually certified and graded. Today, the NGC published census includes a total of 18, 1873-CC Arrows Quarters. Most lie between VG and VF, with 1 in XF, 1 in AU and one monster graded MS-65.

The PCGS population of 1873-CC Arrows Quarters is larger with a total of 39. Again, most of these grade between VG and VF with 3 each in XF and AU and just one in MS-64.

With significant premiums awarded for each higher grade, one must presume that several of the NGC and PCGS totals represent resubmissions of the same coin. Today's published census total of 57 1873-CC Arrows Quarters, NGC and PCGS combined, is very likely 10%-15% overstated. Even so, somewhere around 50 certified 1873-CC Arrows Quarters can be assumed to exist in 2011, a significant increase over the 27 certified examples known back in 2003.

I am very fortunate to own two certified examples of this date, an F-12, pictured below, and a VG-8 piece, also certified by PCGS.

I hope you enjoyed researching and writing the many Carson City Coin of the Week articles you've contributed as much as we've enjoyed reading them.


Belay Off

Mark,

You did a good job in explaining the correlation between the Coinage Act of 1873 and the number of quarters coined, both with and without arrows, in that year.

You also gave your readers something to speculate about concerning the low survival rate of the 1873-CC With Arrows quarters—And all the pre-1875 "CC" quarters as well.

You provided a glimpse into the current market values of Circulated 1873-CC With Arrows quarters. And you gave some heartfelt thoughts about your participation in the COTW adventure.

You've definitely earned your merit badge for the completion of your portion of this massive project.

Three cheers for Loosechange!

Rusty

Hi Belay

Your "reply" is a post within itself...thank you for providing the stunning picture of your beloved rarity 1873-CC with arrows quarter.

I agree with you that the population figures are incorrect due to the many re-submissions.

the drummer

Hi Carsonite

Regarding Loosechange's COW post and your "three cheers" for Mark ...I add a drum roll and three cymbal crashes!!

the drummer