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.
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