1834 $2.50 Gold Classic Head XF-45 PCGS

1834 $2.50 Gold Classic Head XF-45 PCGS

Just a nice problem free evenly worn XF! Perhaps one of the most interesting stories in all of American coinage, the classic head design was not by accident or boredom, but because it was more of a necessity than anything else. Due to the influx of Silver coinage entering world markets namely from Latin America, it lowered the price of Silver relative to Gold, which in turn made U.S. Gold coinage worth more than its face value. People began hoarding these coins, refusing to spend them for this reason, hoping they'd continue to go up in value. Instead, a bill was introduced to Congress that lowered the weight of the Gold Eagle, the Half Eagle and the Quarter Eagle by the Act of June 28, 1834 on August 1, 1834. To help distinguish which coins were made with more Gold and which coins were not, the U.S. Mint prepared reverse dies that omitted the motto E PLURIBUS UNUM and used an old John Reich design for its new obverse. This new design became known as the Classic Head design. These Classic Head designs, however were only used on Half and Quarter Eagles and were only used for six years. The Classic Head series was the first series to be struck and display branch mint mintmarks as they were struck in Charlotte, Dahlonega, and New Orleans. These pieces are always in demand as their mintmarks appear on the coins obverse.

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