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848

Lot 848 - 1877-S Trade Dollar NGC MS65

Currency:USD Category:Everything Else / Other Start Price:3,750.00 USD Estimated At:7,500.00 - 8,500.00 USD
Lot 848 - 1877-S Trade Dollar NGC MS65
1877-S Trade Dollar. Silver Dollars had never been popular with Easterners, who had stubbornly refused to lug such bulky coins around with them in their pockets and change purses. And yet, the Mint kept right on striking them. That is, they were made annually until 1873, when Congress passed the Act of 1873 demonetizing Silver Dollars (at the time, Seated Dollars). Instead, a new Trade Dollar was substituted. 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. (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 foisted them off on their employees, making a small, but useful profit on the transaction! Imagine the stink that would arise if <I>your <I>employer were to pay your wages in, say, unspendable 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.

This is a sparkling Gem Toned Uncirculated example, solidly at the MS65 level in terms of luster, strike sharpness (very), eye-appeal (mucho), and overall value to the advanced collector or buyer. Bright silver color with a hint of toning lights up the surfaces of this scarce conditionally challenging coin. (#7046)
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