1883 CC Morgan Silver Dollar NGC MS64

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1878 S Trade Dollar NGC UNC Details - Cleaned

Minor hairline scratches on the plastic slab.

History of the Trade Dollar (1973-1885) (From NGC Coin Explorer)

Federal officials faced a dilemma in the years after the Civil War. The Comstock Lode and other Western mines were producing large quantities of silver, but the government could use only limited amounts of it in coinage. This seems puzzling in retrospect, for silver coins were few and far between in circulation (a lingering legacy of wartime hoarding), and Americans presumably would have welcomed major infusions of silver coins.

But Mint officials feared that new silver coins would be subject to hoarding as well, since the marketplace was awash with paper money, including fractional currency born of wartime need. People would have been only too happy to exchange these notes, which brought less than full face value, for precious-metal coinage.

For a time, the miners found outlets for their silver, often in coinage form, in foreign markets. Canada, Latin America and Europe all absorbed significant quantities during the 1860s. But then, for various reasons these markets became glutted. In Europe, for example, Prussian Chancellor Otto von Bismarck established a gold standard for Germany after unifying the country in 1871 and promptly dumped huge amounts of silver on the international market.

For the miners and their powerful allies in Washington these developments were doubly disturbing: Not only was it hard to sell their silver, but the market price was steadily declining. Initially, coinage did offer one escape valve: Under a long- standing law, silver could be deposited with the Mint for conversion into silver coins, for which it could then be exchanged.

Having no other ready outlet, miners took advantage of this one. Invariably, they chose silver dollars, the one denomination that hadn’t been changed when silver coins were reduced in weight (and precious-metal content) in 1853. As a direct result, silver dollar mintages soared above one million in both 1871 and 1872.

But with the Coinage Act of 1873, Congress closed this loophole by suspending further production of silver dollars. And that’s where the Trade dollar came in: flexing their muscle, the mining interests won approval for this new silver coin—one that would, in theory at least, not only provide an outlet for the metal, but also open a whole new market for it in an area that was already receiving Congressional attention.

The market in question was Asia, particularly China. Some U.S. silver had found its way to that region previously, but now a full-fledged offensive was planned. The Chinese had shown a decided preference for silver coins, and up to then the bulk of American trade with China had been carried out with Spanish and Mexican dollars. The Trade dollar’s architects set out to supplant those rivals by giving the new coin a higher silver content. They even had it inscribed on the coin: “420 GRAINS, 900 FINE.”

The Trade Dollar design

At first glance, the Trade dollar looks much like a regular silver dollar. It’s the same diameter and about the same weight as its predecessor, the Seated Liberty dollar, and its portraiture is similar: a seated female figure representing Liberty on the obverse and a naturalistic eagle on the reverse—designs prepared by Mint Chief Engraver William Barber.

The Trade Dollar composition

In contrast to the new Trade dollar, the regular U.S. silver dollar weighed just 412.5 grains, and the Mexican dollar weighed only 416. But the architects had miscalculated; though it weighed slightly less, the Mexican coin had a higher fineness and therefore contained slightly more pure silver. The astute Chinese recognized this and, in many provinces, gave the U.S. coin short shrift, favoring the Mexican coin.

Problems with the Trade Dollar

That’s not to say the Trade dollar wasn’t used. On the contrary, over 27 million went overseas and found their way into Asian commerce, many later being sent on to India in trade for opium. Numerous pieces show chop marks—distinctive Chinese symbols—placed on them by merchants to attest to their authenticity. But usage of the coins never approached Americans’ expectations.

The Trade dollar’s biggest problems occurred not in China but at home. In a last-minute deal, Congress had made the coin a legal tender for domestic payments up to five dollars. In 1876, millions were dumped into circulation in the United States when silver prices plummeted, making them worth substantially more as money than as metal.

Congress quickly revoked their legal tender status (the only time this has been done with any U.S. coin), but the seeds of serious trouble had been sown. In the late 1870s, employers bought up huge numbers of the coins at slightly more than bullion value (80 to 83 cents apiece) and then put them in pay envelopes at face value. Merchants and banks accepted them only at bullion value or rejected them altogether, so the workers effectively lost one-sixth to one-fifth of their pay at a time when that pay often amounted to less than $10 a week.

Spurned abroad and despised by many at home, the Trade dollar soon faded into oblivion. After 1878, production was suspended except for proofs—and even those dwindled to just ten in 1884 and five in 1885.

Like many other “fantasy” coins before them, the 1884 and 1885 pieces were clandestinely struck for Mint crony William Idler and were unknown to the numismatic community until six pieces from Idler’s estate were sold by dealer John Haseltine in 1908. Notwithstanding their questionable origin, these two dates are viewed as great rarities today.

The Trade Dollar mintage

In all, fewer than 36 million Trade dollars were struck during the coin’s 13-year lifespan, including about 11,000 proofs. Production took place at Philadelphia, Carson City and San Francisco. The rarest business strike is the 1878-CC with a mintage of 97,000, many of which appear to have been melted. All high grade business strikes of the Trade dollar are rare to non-existent, leaving proofs to fill most of the demand from type collectors.

The extraordinary beauty of originally-toned proofs entices many collectors to attempt complete proof runs (excluding the virtually unavailable 1884 and 1885, of course). Indeed, any Trade dollar is highly prized in pristine condition. Points to check for wear include Liberty’s ear, left knee and breast and the eagle’s head and left wing.

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The NGC Coin Explorer — a searchable catalog of American and US coins — is your convenient numismatic library with important coin details from the NGC Price Guide, NGC Census, NGC Registry and Auction Central resources all in one place. Consider this coin list to be your coin index where you can look up coins of all types to learn collectible coin facts, coin values, coin histories and more. This database of US coins provides coin information that all numismatists can reference as a coin guide when buying coins or selling coins.

1885 CC Morgan Silver Dollar PCGS MS64 GSA

1882 CC Morgan Silver Dollar GSA with Box & Card (MS63)*

In GSA Plastic - With Box and Numbered Description Card

*What we believe this coin would grade.

1901 O Morgan Silver Dollar NGC MS64

Premium Quality Nice White Well Struck with Minimal Bag Marks!

The item pictured is the actual item you will receive. We do not use stock photos unless noted.

1886 Morgan Silver Dollar PCGS MS64

Premium Quality Nice White Well Struck with Minimal Bag Marks!

1921 Peace Silver Dollar NGC MS63 High Relief

DESIGNER: Anthony de Francisci
EDGE: Reeded
DIAMETER: 38.10 millimeters
WEIGHT: 26.73 grams
MINTAGE: 1,006,473
MINT: Philadelphia
METAL: 90% Silver, 10% Copper

The 1921 Peace dollar is a very interesting and extremely important coin. It is, of course, the first year of issue for the Peace dollar series. Slightly over a million pieces were struck, a modest mintage for a silver dollar. But the 1921 was struck in very high relief, not unlike the 1907 High Relief $20 St. Gaudens. For many years the 1921 was not recognized as a separate type coin, although it clearly is such. The PCGS founders, along with the experts on the PCGS (and now PCGS CoinFacts) Board of Experts, confronted this lack of type coin recognition sometime shortly after the 1986 launch of PCGS. We all just start listing the 1921 as a separate type and the numismatic community soon followed suit. So the 1921 is now important as both the first year of issue (and one of the scarcer isuues) for the Peace dollar series, and as a very important one-year-only 20th century silver type coin.

The 1921 is one of the scarcest Peace dollars in both circulated and mint state condition. In Gem condition it is scarce, but not quite as rare as some of the usually very weakly struck S Mints such as 1925-S and 1928-S which, because of strike, are very rare in Gem condition. Nevertheless, because of the high relief of the 1921, strike can definitely be a problem. The majority of mint state specimens show weakness in the central devices, i.e. Liberty's hair and the eagle's feathers. Well struck Gems are definitely the exception. Luster can vary on this issue. I have seen many that are white and quite frosty and I have also seen many that have a very satiny look. Toning is not uncommon and is light to heavy golden. Note that I am of the very strong opinion that any 1921 Peace dollar...indeed any Peace dollar...that has any rainbow colors (blue, red, green, etc) is absolutely artificially toned. While not very scientific, my approach to toning on coins is to remember the colors I saw in the 1960's and 1970's and if a new look appears, it's artificial to me. This is kind of an "old school" approach and I may be wrong, but unless you believe global warming has created new colors for coins, it just seems illogical to me that new colors would suddenly appear naturally on coins. Back to the 1921 Peace dollar...this is, in my opinion, one of the most important coins of the 20th century, and also one of the most beautiful. (From PCGS CoinFacts)

1904 O Morgan Silver Dollar NGC MS65

DESIGNER: George T. Morgan
EDGE: Reeded
DIAMETER: 38.10 millimeters
WEIGHT: 26.73 grams
MINTAGE: 3,720,000
MINT: New Orleans
METAL: 90% Silver, 10% Copper

1904 O Morgan Silver Dollar NGC MS63

DESIGNER: George T. Morgan
EDGE: Reeded
DIAMETER: 38.10 millimeters
WEIGHT: 26.73 grams
MINTAGE: 3,720,000
MINT: New Orleans
METAL: 90% Silver, 10% Copper

1898-O Morgan Silver Dollar PCGS MS64

This coin would make a nice addition to your collection, or numismatic investment portfolio!

DESIGNER: George T. Morgan
EDGE: Reeded
DIAMETER: 38.10 millimeters
WEIGHT: 26.73 grams
MINTAGE: 4,440,000
MINT: New Orleans
METAL: 90% Silver, 10% Copper