While Arrows and Rays Halves are relatively available in the better grades of AU and lower-end Uncirculated, there are very few truly Gem, upper-end Mint State examples known.

When vast quantities of California gold began arriving in the nation’s commercial centers, the overwhelming new supplies made silver overpriced in relation to gold or other currencies. The silver content of the nation’s coins exceeded their face value, leading to wholesale meltings. To alleviate the situation, the silver content of the nation’s minor coinage was somewhat lessened, to an amount less than their face value, indicated by arrows at the date and rays on the reverse. (Neophyte collectors sometimes believe that the 1873 Arrows coinage shows a further silver reduction, but in fact the opposite is true.)