LOT Heritage Rare Coin Galleries  /  2006 October Dallas Signature Coin Auction #428  / 

2327

1879 T$1 PR68 Cameo NGC. The trade dollar served sever

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1.00 USD Estimated At:1.00 - 1,000,000.00 USD
1879 T$1 PR68 Cameo NGC. The trade dollar served sever
<B>1879<T$1> PR68 Cameo NGC.</B></I> The Trade dollar served several purposes, competing with the Mexican dollars and other trade coins of various nations. With massive discoveries of silver in Western states such as Nevada, the trade dollar also provided an outlet for the white metal. At the time, Chinese merchants would only accept Mexican coins, forcing others to purchase such pieces at a premium, or abandon a lucrative Oriental trade. California and other Western merchants who desired to continue their trade in the Orient convinced Congress to authorize the trade dollar, slightly heavier than the normal dollar and on par with the Mexican pieces.<BR> These new pieces were originally intended to be named "Commercial Dollars," but Congressional legislation revised the name to "Trade Dollar." Many patterns were produced before the final design was settled, including a number of "Commercial Dollar" pieces and other "Trade Dollar" patterns.<BR> Due to its Western geographical location, San Francisco was the big issue of Trade dollars from 1873 to 1878, while Carson City produced limited quantities, but was still an active participant. By 1879, it was realized that the trade dollar experiment would never work, and pieces were called in for redemption. Meanwhile, the Philadelphia Mint continued to coin proof examples through 1883 and beyond. This 1879 proof is an impeccable Cameo example with fully detailed design features and exceptional contrast between the fields and devices. The surfaces are fully brilliant, with no trace of toning, and no marks of any kind. It is virtually flawless. Census: 6 in 68 Cameo, 0 finer (9/06).
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