Patterns (1852)
Beginning in 1849, large quantities of gold bullion from the Californian gold fields reached the East, and many coins were struck from this metal. On the international market, silver became “rare” in relation to gold, and the historic ratio of values was disrupted. In 1851, 1852, and early 1853, federal silver coins disappeared from circulation and went into the hands of speculators, hoarders, and melters, as they were worth more in bullion value than the face value stamped on them. In 1851, the silver three-cent piece or trime reached circulation and was successful, using a new alloy of 75% silver and 25% copper (instead of the regular standard of 90% silver, 10% copper), with a metal value insufficient to attract hoarders. Accordingly, silver three-cent pieces minted during this time remained in circulation.
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