Any numismatists in the house?
I recently purchased a 1876 Trade Dollar in good condition that I am very happy with :). I have done some reading and I realize that trade dollars were intended for the export trade and not general use in the US.
So were there regular silver dollars minted in addition to trade dollars, and if not, why not?
I read that article but I didn’t see where it said that the trade dollar was a replacement for the "normal’ silver dollar for those years. I assumed that was the case, but wanted an expert to explain it. They could have minted both trade and regular silver dollars at the same time if they wanted to…
“Trade Dollars did not circulate in the United States initially, but were legal tender for up to $5. Things changed, however, in 1876, when the price of silver spiraled downward as Western producers dumped silver on the market, making the Trade Dollar worth more at face value than its silver content. That resulted in Trade Dollars pouring back into the United States, as they were bought for as little as the equivalent of 80 US cents in Asia, and were then spent at $1 in the United States. This prompted Congress to revoke their legal tender status, and restrict their coinage to exportation demand only.”
The Coinage Act of 1873 ws passed in reaction to the Panic of '73, and ended production of domestic (seated liberty) silver dollars. The Trade Dollar was coined specifically for use in foreign trade. Issuance of domestic silver dollars resumed with the Morgan Dollar in 1878, authorized by the Bland-Allison Act.
The value of your coin may depend on the presence or absence of a mint mark. Trade Dollars were struck in Philadelphia (no mint mark), San Francisco (S mint mark) and Carson City (CC mint mark); if the mint mark is present, it’s on the reverse below the eagle, just above the “D” in “SILVER DOLLAR”. The San Francisco and Carson City mints tended to produce fewer coins than Philadelphia in most years.
Thanks Polycarp. So no “seated” silver dollars were minted between 1873 and 1878. The trade dollar was minted during that time mainly for export use, but they were considered legal tender in the US with some limitations.
My 1876 trade was minted in Philidelphia, and is in good condition. I plan to wear it as a necklace at some point…
Use a clasp-type holder, as drilling a hole in it will destroy any collectible value.
Good point Chefguy. I have ordered a silver screwtop bezel. It cost me too much to drill a hole into… 