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Posted 08/24/2016 5:41 pm
The silver dollar was unpopular in most areas of the country because it was heavy and bulky to carry around. Also the discovery of gold in California changed the ratio of the value between gold and silver. As a result all of the silver coins from the Half Dime to the silver dollar had a melt value in excess of their face value.
In 1853 Congress reduced the weight of all of the silver coins from the Half Dime to the half dollar. That is why coins had arrows at the date in 1854 to '55, and rays around the eagle for the quarter and half dollar in 1853. For whatever reason, probably to "maintain the integrity of the (silver) dollar," the weight of the silver dollar was not reduced. It continued to have an intrinsic value that exceeded its face value. Therefore the silver dollar melted for more than it was worth which was one more reason for it not to circulate.
In 1853 Congress reduced the weight of all of the silver coins from the Half Dime to the half dollar. That is why coins had arrows at the date in 1854 to '55, and rays around the eagle for the quarter and half dollar in 1853. For whatever reason, probably to "maintain the integrity of the (silver) dollar," the weight of the silver dollar was not reduced. It continued to have an intrinsic value that exceeded its face value. Therefore the silver dollar melted for more than it was worth which was one more reason for it not to circulate.
