The huge influx of gold following the California Gold Rush of 1849 lowered the value of this metal in relation to silver, pushing up the bullion value of United States silver coins above their face value as reckoned in gold. Widespread hoarding resulted, and it took several years of Congressional dithering before action was finally taken with the Act of February 21, 1853. This reduced the weight of the half dime through half dollar about 7%, just enough to keep them in circulation. A massive recoining ensued, and the Philadelphia Mint produced more than 13 million half dimes of the new tenor in just the first year.

 

This date is extremely common in worn condition, so common in fact that dealers specifically excluded the "Arrows" coins from their buy ads well into the 20th Century. While there appears to have been no conscious attempt to preserve Mint State examples at the time of issue, the sheer numbers produced has provided collectors with a generous supply. Precious few of these, however, qualify as gems. Despite its large mintage, this date has resulted in very few varieties. The only one of note is a misplaced date in which the bottoms of duplicate numerals 853 are seen protruding from Liberty's base.