Lot 1640
1883. NGC graded Proof 65. A touch of delicate golden toning graces the borders. Only 979 proofs minted for this Proof-only year. Pop 52; 45 finer
An impressive looking and well featured Gem Proof. This abbreviated series spanned the years 1873 to 1883 and Proofs were sold to collectors each year, either in Proof sets or individually. Today, Gems are very scarce.
Regular issue Silver Dollars had always been shunned by Easterners, who had refused to lug bulky coins around with them in their pockets and purses. Paper money was the preferred medium of exchange for all larger purchases. And yet, the Mint kept right on striking Silver Dollars. That is, they were made each year until 1873, when Congress passed the Act of 1873 demonetizing Silver Dollars (at the time, Seated Dollars). Instead, 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, quick-witted Americans soon began to buy them up at their bullion value which was less than face value. (Since Trade Dollars had never been monetized they could not technically be placed into circulation in the States.) The hoarders then sold to jobbers who turned around and wholesaled them to employers. The employers foisted them off on their captive employees, making a small, but useful profit in the process! Imagine the stink that would arise if your employer were to pay your wages in, say, Canadian dollars, and you get some 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. Estimated Value $5,000 - 5,500
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| Realized $6,325 |
