Lot 3116
1878 Trade Dollar. NGC graded Proof 65 Cameo. Fully white coin. Only 900 proofs minted for this proof only date. From one end to the other the intense silvery luster gyrates with almost atomic intensity in the deeply reflective mirrors and bold cameo devices. Where an ineffectual imprint is now and then left after the dies retract, the opposite is in fact the case here: devices show crystal clarity and wonderful detail in the centers, on the stars, and at all of the legends. Bidders be advised, you may face stiff competition.
On February 22, 1878, Secretary of the Treasury John Sherman, a foe of the trade dollar denomination, mandated that coinage cease. By this time Philadelphia had produced no business strikes, and made none later, only Proofs. Carson City had made some, production was halted there, and many extant coins were melted. San Francisco ended its coinage, but not immediately, as it wanted to take care of pending business and deposits. Mintage at Philadelphia in 1878 was limited to Proofs, as mentioned above, and occurred in only four months: January 300, February 200, March 200, and May 200. Proof 1878 trade dollars were sold in sets; later issues, 1879-1883, were sold as singles.
Some remained unsold: by early 1879 there were 219 unsold 1878-dated Proofs on hand. These were distributed, presumably for bullion value or possibly face value, probably to coin dealers. The official Mint issue price for Proof trade dollars from 1878 to 1883 was $1.025 each, according to one account, because the coin had been demonetized; most other sources give the figure as $1.25 each, a figure with which coin historian R. W. Julian agrees. Pop 13; 4 finer at NGC.
Estimated Value $7,500 - 8,500.
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