Ron Guth: The 1853-O With Arrows Half Dime has a much lower mintage than its counterpart from the Philadelphia Mint, but the mintage is substantially larger than that of the 1853-O Without Arrows. The main reason for the larger mintage is the feverish pace at which old, heavier silver coins were being brought to the Mint to be converted into new, lower weight coins. The grade distribution of this date is nearly identical to that of the 1853-O Without Arrows, which indicates that collectors did not save the 1853-O With Arrows Half Dime in proportion to its mintage.
High grade 1853-O With Arrows Half Dimes are scarce in high grade, especially above MS65. Superb examples can be counted on one hand, and the best example known today is a single PCGS MS67.