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Message:: [QUOTE="johnmilton, post: 3469450, member: 101855"]Usualy the older coins had a melt value that was below their face value to small degree. If that had not been true, the coins would have been hoarded and often melted, which would have met that they would not have performed their intended function. The early gold coins (1795 - July 31, 1834) had too much gold in them. For that reason they did not circulate and most of them were exported to Europe and melted. That's why so many dates in the 1820's to the July, 1834 coinage is so rare and expensive. Why is July 31, 1934 important? On August 1 the coinage authorized by the Coinage Act of 1834 began, the so-called Classic Head $2.50 and $5.00 gold pieces. The mint even considered putting the August date on those coins along with the year! In 1853 the weight of all silver coins, except the dollar, was reduced because the discovery of gold in California at altered the value of gold to silver. Every silver coin then in circulation had a melt value that exceeded their face value. The "Arrows and Rays" and "With Arrows" coins had a reduced wieght which made it unprofitable to melt them.[/QUOTE]