Lot 1623
1873 Trade Dollar. PCGS graded Proof 64. Lovely toning on both sides, Well struck anbd choice. A sparkling and original specimen of this first year of issue, a satiny frosted beauty with fully defined design features floating atop the reflective field, plus a burst of varying golden hues on both sides. 865 Proofs struck. Pop 27; 6 finer; 4 in 65; 2 in 66. (PCGS # 7053) .
Despite all of the later rhetoric by advocates of free silver coinage (primarily in 1876-1877), the 1873 Coinage Act actually favored silver coinage. It did abolish the silver dollar (which was not in circulation anyway), the three-cent silver (trime), and the half dime, but the latter two were of little importance considering the new five-cent pieces of copper-nickel. The two cent piece also was abolished but this made no stir, then or later. In line with the metric five-cent piece of 1866 (copper-nickel), the legislators made the minor silver coins into even metric weights by adding a tiny amount of silver less than one-half of one percent. The change was marked in 1873 and 1874 by the addition of arrows at the date.
The major point of the legislation of 1873 was the new Trade dollar. Although the Treasury was empowered to set a slight fee for costs of coining, the bullion depositor was able to bring his bullion to the mints for conversion into Trade dollars.
Estimated Value $3,000 - 3,500.
Ex Dr. Hesselgesser.
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| Realized $4,025 |
