Lot 1014
1877-S Trade Dollar. NGC graded MS-65. Evenly toned. Light to medium color visits the fields as it hugs the devices on both sides, while frost occasionally extensive flows across the field virtually unbroken by handling marks or lines. A lustrous and spectacularly preserved Gem, we are encouraged to say. The reverse appears as sharp as the obverse is also unusually clean. The quality is remarkable when one considers these were never saved by collectors in those days who, when the opportunity arose, opted for the Proofs. The present '77-S belongs in a first-class Trade Dollar collection where its Gem level can be appreciated all the more. Pop 27; 5 finer, 4 in 66, 1 in 67.
Historic note: Intended to circulate in Asia, most of the 1873 Trade Dollar coinage did go overseas, per the legislation, but by 1874 an ever-declining world price of silver made it advantageous to dump many of these 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 their legal-tender status. 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, individuals willing to put them in circulation at the expense of someone else, which helps to explain the relative rarity of choice to gem Mint States examples, even of the highest mintage years.
Estimated Value $9,000 - 10,000.
|
| |
| Realized $9,775 |
