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Sale 78
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Lot 1273
1880. NGC graded Proof 64. Lovely blue toning. Well struck. Only 1,987 pieces minted. A gleaming near-gem of the highest quality for this class and for this popularly collected design. Full reflective luster under the color blends smoothly with iridescent highlights on the well-maintained surfaces.
By the later-1870s, it became clear to everyone except congressmen that America's Trade Dollar experiment was a dismal failure. Many of these nonmonetized coins remained at home instead of circulating in the Orient, as had been the primary intent, and caused grief to workers and small businessmen. Eventually, the wheels of congress began turning: after 1878, only Proofs were struck, exclusively for collectors. And finally, in 1887, our "Coconuts on the Hill" (as H. L. Mencken called these erstwhile DC. gentlemen) put an end to the experiment.
Historic Note: In an attempt to obtain the best possible design for the new Trade Dollar, Mint Director Linderman used a provision of the new Coinage Act of 1873 to hire outside artists. There were several patterns made for the 1873 trade dollar, but in the end Linderman chose one by Chief Engraver William Barber. The adopted design had the familiar figure of a seated Liberty, but in a somewhat different pose from the regular coinage.There was a great deal of ceremony connected with the first trade dollar coinage, and mintage was heavy for quite some time. Most of the 1873 coinage did go to the Orient, as intended in the legislation, but by 1874 the ever-declining world price of silver made it advantageous to dump many of the trade dollars 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 the legal-tender status of the coin. 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, unscrupulous individuals willing to put them in circulation at the expense of someone else.
Estimated Value $3,300 - 3,400.
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| Realized $3,408 |
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