Goldberg Coins and Collectibles

Sale 78

January Pre-Long Beach Sale 17.5% BP

Trade Dollars

Lot	Photo	Description	Realized
Lot 1263		1874-CC NGC graded Unc Details. Improperly cleaned. Desirable Carson City Mint date with luster. Most of these are well circulated and Minit State examples elusive. Estimated Value $1,900 - 2,000. View details and enlarged photos	Unsold
Lot 1264		1873. NGC graded MS-63. Beautiful gold and blue toning here and there on both sides which is deepest and more richly colored at the periphery. Some iridescence, as well. First year issue. Scarce in this grade. Silver Dollars had never been widely used by Mid-Atlantic and East Coast populace, who had refused to carry such bulky coins around with them in their pockets and change purses. Nevertheless, the Mint kept right on striking them. They were made annually until 1873, when Congress passed the Act of 1873 demonetizing Silver Dollars (at the time, Seated Dollars). In their place, a new Trade Dollar was introduced. The Trade Dollar was meant to circulate in the Far East, specifically in the China trade, which then was burgeoning. However, speculators soon began to buy them up at their bullion value which was less than one dollar. (Since Trade Dollars had never been monetized they could not technically be placed into circulation in the States.) These they then sold to jobbers who turned around and wholesaled them to employers. The employers passed them off on their employees, making a small, but useful profit on the transaction! Imagine the stink that would arise if your employer were to pay your wages in, say, unspendable Canadian dollars, and you get an idea of the hassle US Trade Dollars caused. Congress finally solved the mess in 1887 when it canceled the issue's authorization and ceased production. The 1873 Trade Dollar has a relatively low NGC census in Mint State 63: Pop 28; 43 finer. Estimated Value $3,200 - 3,500. View details and enlarged photos	Unsold
Lot 1265		1874. NGC graded Proof 67 Cameo. The finest certified by NGC. Lovely rainbow toning on both sides. Only 700 struck. A splendid example displaying superb silver-spotlight centers encircled by lavender to electric blue color beyond. With the toning giving way to the always-entrancing iridescent blue hue, this will be a show-stopper in any advanced U.S. numismatic portfolio. Among Proof Trade Dollars, the first two years, dated 1873 and 1874, are the most challenging to find in terms of high numerical grade and true eye appeal. This coin sails past the others, as it glides forth with flying colors, and will no doubt be a "must have" item for anyone who has been yearning for such a piece for a long time. Pop 1; none finer at NGC. The Year 1874: In New York City the first electrically-propelled streetcar went into service this year, but most transportation continued to be provided by horsepower in the literal sense. In Massachusetts a law was enacted which limited the daily working hours of women to 10. There were no effective child labor laws in the United States, and it was not unusual to see six- to 10-year-old children working from dawn to dusk in textile mills, coal mines, and other hazardous occupations. Barnum's Hippodrome opened in New York City in March 1874; later it was known as Madison Square Garden, the first of three buildings to use that name. The Remington typewriter was introduced, and would go on to great success and fame. The latter notably increased 18 years later when the backers of the typewriter paid an astounding $10,000 for the first acceptable 1892 Columbian commemorative half dollar. Estimated Value $15,000 - 17,000. View details and enlarged photos	Realized $29,375
Lot 1266		1876-S. PCGS graded Genuine, Cleaning - UNC Details. Chop marks on both sides. Still a nice looking coin (PCGS # 87043) . Estimated Value $400 - 450. View details Check results on similar lots	Realized $705
Lot 1267		1877. PCGS graded Proof 63 Cameo PQ. A hint of light golden toning. Only 510 struck. An decidedly lustrous Proof with nice smooth mirrors reflecting the quality of the strike by the dies; lovely peripheral color, but silvery bold inwards. The reverse and obverse centers play host to a satiny display and originality always appreciated by the stronger Trade Dollar buyers. In short, a lovely Type Coin, one that certainly tags all the bases for this Choice home-run coin. Pop 14; 23 finer, 14 in 64, 2 in 64+, 4 in 65, 2 in 66, 1 in 66+ (PCGS # 87057) . Estimated Value $2,700 - 2,800. View details and enlarged photos Check results on similar lots	Realized $3,760
Lot 1268		1877-S. PCGS graded Genuine, Cleaning - UNC Details. Chop mark on the obverse. (PCGS # 87046) . Estimated Value $400 - 450. View details and enlarged photos Check results on similar lots	Realized $423
Lot 1269		1877. NGC graded AU Details, Reverse Graffiti. Once cleaned but beautifully retoned. The surfaces on both sides show hints of prooflike fields. Easily worth our estimated value. Estimated Value $300 - 350. View details and enlarged photos	Realized $176
Lot 1270		1877-S. NGC graded MS-62 PQ. A hint of light gold tone deepens to dusky lavender and blue at the rim. Frosty, with a few unobtrusive bagmarks, and well struck for this large format coin. Trade Dollars weigh 420 grains, which is more than a standard Silver Dollar and was meant to compete with other nations in trade with Asia. Estimated Value $1,300 - 1,400. View details and enlarged photos	Unsold
Lot 1271		1878. NGC graded Proof 62 Cameo. Mostly untoned with a hint of light gold tone around the edges. Only 900 struck. Estimated Value $1,900 - 2,000. View details and enlarged photos	Realized $2,468
Lot 1272		1878-S. PCGS graded AU Details. Cleaning (PCGS # 7048) . Estimated Value $100 - 125. View details and enlarged photos Check results on similar lots	Realized $212
Lot 1273		1880. NGC graded Proof 64. Lovely blue toning. Well struck. Only 1,987 pieces minted. A gleaming near-gem of the highest quality for this class and for this popularly collected design. Full reflective luster under the color blends smoothly with iridescent highlights on the well-maintained surfaces. By the later-1870s, it became clear to everyone except congressmen that America's Trade Dollar experiment was a dismal failure. Many of these nonmonetized coins remained at home instead of circulating in the Orient, as had been the primary intent, and caused grief to workers and small businessmen. Eventually, the wheels of congress began turning: after 1878, only Proofs were struck, exclusively for collectors. And finally, in 1887, our "Coconuts on the Hill" (as H. L. Mencken called these erstwhile DC. gentlemen) put an end to the experiment. Historic Note: In an attempt to obtain the best possible design for the new Trade Dollar, Mint Director Linderman used a provision of the new Coinage Act of 1873 to hire outside artists. There were several patterns made for the 1873 trade dollar, but in the end Linderman chose one by Chief Engraver William Barber. The adopted design had the familiar figure of a seated Liberty, but in a somewhat different pose from the regular coinage.There was a great deal of ceremony connected with the first trade dollar coinage, and mintage was heavy for quite some time. Most of the 1873 coinage did go to the Orient, as intended in the legislation, but by 1874 the ever-declining world price of silver made it advantageous to dump many of the trade dollars on the American domestic market for whatever they would bring. By 1876 the dumping of trade dollars had become so prevalent that the government withdrew the legal-tender status of the coin. The market value then fell to about 80 cents, varying with the price of silver on the open market.The fall of silver made the owners of bullion even more desperate to get rid of their excess metal, and large numbers of trade dollars were made in 1876 and 1877 despite growing antagonism toward them by the public. There were always, however, unscrupulous individuals willing to put them in circulation at the expense of someone else. Estimated Value $3,300 - 3,400. View details and enlarged photos	Realized $3,408