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Auction: 316 - The Collector's Series
Lot: 430

1834 $2.50 Classic. Breen 6140. Large Head. NGC MS65. Vibrant golden yellow with surfaces that are highly reflective in the obverse fields, and frosty in the central design elements. This is a very attractive example of the first year of issue for this distinctive "No Motto" type. By 1834 the price of gold had risen to a point where the bullion value contained in US gold coins was more than the face value. This motivated gold dealers to acquire vast quantities of US gold coins and as a consequence, most of the early mintages disappeared from circulation. In order to provide gold coins that would actually circulate Congress passed the Act of June 28th, 1834 which contained provisions lowering the amount of gold contained in the $2.50 pieces of that year. To clearly differentiate the new coins from the old ones a significant design change was made - the Latin motto on the reverse was completely eliminated. Small Head and Large Head varieties exist. The Large Head can easily be distinguished by the indentation in the two curls near the back of Liberty´s head. The major grading services report only two 1834 $2.50 gold pieces in higher grades, both just one point higher than the current example. The last time a comparable piece appeared in auction was back in August of 2010. You may have to wait years to acquire a better example.

Sold for
$21,000