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The Trade Dollar was authorized by the Coinage
Act of 1873. The intent was for the Trade Dollar to primarily circulate
in the Far East, where the regular US silver dollar had trouble
competing against silver coins of other nations because of its
relatively low silver content. The Trade Dollar contained nearly 2%
more silver than the regular dollar.
The Treasury Department stopped production of business strike Trade
Dollars in February 1878. The Mint’s resources were being diverted to
concentrate on coining millions of the Morgan Silver Dollar, as
mandated by the Bland-Allison Act.
Thus, the 1879 Trade Dollar can be found only in
Proof format. A total
of 1,541 pieces were coined and sold to collectors.
The last of the Trade Dollars were released in 1883, or so everyone at
that time thought. Early in the 20th century, numismatists were shocked
to learn that 10 Trade Dollars dated 1884 were struck, as well as five
from 1885.
These are two of coin collecting’s greatest prizes. Genuine
specimens are worth millions.
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