US Trade Dollar
A new piece of legislation was introduced in 1873 that affected coinage, and in that year the US Mint began to strike special coins called "Trade Dollars" consisting of 90% fine silver. Initially, the idea was to use these coins principally for foreign trade, and many were, indeed, sent to China in exchange for goods. This, plus the declining value of silver, caused the Trade Dollars to be disliked for domestic use and they were often traded for less than the face-value of one dollar within the US. [2]
Another reason that the Trade Dollar might have been viewed suspiciously within the US is that other nations in the past had debased some coinage during times of war. [3] One example was a coin minted under the Kingdom of Prussia:
Such debased "trade coins" were occasionally minted during times of war, e.g. the Prussian ephraimiten, silver-clad copper coins minted during the Seven Years' War. If these were ever accepted or approved as legal tender, they would be valued far below the regular coins, their value being calculated according to a specified formula. [2]
The US Trade Dollar coins were officially demonitized in 1876. Coins continued to be struck for commercial export until 1878, although collectible "proof" coins were minted until 1883. [4]
The reverse (back) of the coin features an eagle holding arrows in one talon and an olive branch in the other. Above the eagle's head is a banner with the de facto motto of the US at the time: "E Pluribus Unum" ("Out of many, one"). Beneath the eagle is the lettering: "420 grains, 900 Fine" and "Trade Dollar."
The edge is reeded, with a series of vertical lines around the circumference.
Now, to be honest, this item is a replica, not a genuine Trade Dollar, but I still like it! The appearance is very pleasing, the "feel" of the coin in the hand is nice, and it has a balanced weight to it. I know it is a reproduction because the seller said it was "brand new," with "alloy electroplating" material, and described it as "commemorative." Plus, it only cost USD $1.50 with free shipping, so it can't be the genuine article. 😏 Still, I don't care!
If this were a genuine Trade Dollar, a few requirement would need to be met. First, it would be seriously more expensive than I paid. Genuine Trade Dollars cost hundreds of dollars, minimum, to thousands of dollars. Secondly, it would weight almost exactly 420 grains on a good scale; I don't have such a scale, so I have no clue what this weighs. Thirdly, only "proof" quality coins were struck between 1879 and 1883, and this item (stamped 1881) is not "proof" quality, although it is still quite nice.
Again, I am pleased with this purchase, as silly as it might seem to some folks, as it isn't solid silver. Yet, it is another lovely example of the Goddess Libertas, the personification of the concept of liberty, to add to my collection. And, if nothing else, the research I did on this piece has given me a bit more knowledge, and I hope my readers have learned something, too!
😊SOURCES
1 Wikipedia: Comstock Lode
2 Wikipedia: Ephraimiten
3 Wikipedia: Trade Coin
4 Wikipedia: Trade Dollar (US Coin)
Replica of 1910 Peso • 10 Drachmai Coin KM# 72
Pre-1982 Copper Pennies • Krugerrand
Thalassa • Estate Sale • Silver Saver Bar
a big hug is due to @enginewitty for designing the following personal banner for me 🤗
Thanks for interesting and informative article. I have seen these designs on some rounds, and might even have a few (not originals), but i didn’t know the history. More info just makes collecting more fun 😁👍
This is pretty interesting information there! So, this replica was made at the time of afterwards? I am assuming afterwards, as it would make sense to have replicas at the time, unless you were counterfeiting...
Yes, I think this is a rather recently-made piece.I learned so much while researching this!
I'm not a collector so this was quite fascinating to me. I never really thought about the fact that people make replicas of old coins. I guess you would have to be knowledgeable and informed if you were collecting
Yes, replicas are made — some are "commemorative" to recognize something noteworthy as this item here does, and some are "fakes"/counterfeit in an effort to deceive people 😕 I do some research before I bid/buy, and then a LOT of research afterwards (because I am a geek like that... LOL).
Thanks for the lesson on those coins, there is always something that I didn't know!
Nice replica. Good the seller didn't try to pass it as the real thing. Some are not so forthcoming and rip people off. There are tons of fake coins coming out of China. Their even faking graded coins in holders.
howdy there thekittygirl! I love this post, it's so educational and interesting with great photos! Thanks kittygirl, I hope I can get one of these originals some day!
Here's what a Proof looks like, so you can compare...
Wow ... now I learned more about coins. Started with a box I was given by my father in law ... working into the subject more and more.
Your article really helped a lot, besides it boosted the passion for coins in me one more time. Unfortunately buying coins at our little island is hard if even possible ... maybe I should investigate the Italian market ....
Have a most beautiful Saturday <3
For some reason the word going through my mind is "counterfeit" and it seems to me that counterfeiting is a federal offense. I didn't see anything on that coin from the pictures that would give any indication that it wasn't authentic and so I would have to believe it is intended or at least could cause some confusion. Did I miss something in the pictures?
There is no marking that I could find that indicated it was not real. The seller disclosed that it was a "commemorative" item, so no-harm-no-foul on his part. It was made overseas, so I doubt there would be any recourse should our government pursue it.
There may not be any recourse on the company that made it but that wouldn't stop the government from paying you a visit for possession of counterfeit money.
The law on reproduction for commemorative or play money when resembling US money is can be no larger than 75% of the size of the original currency that is depicted with the reproduction.
I don't know how large the original trade dollars were and so I can't say for sure how yours matches up.
More than likely nothing will have happen with you and this but you just never know.
Well, poop. Now, I dunno whether to take a blowtorch to this and try to deface it or melt it down, or just hope for the best. And here I thought I was simply getting a cool & interesting replica. 😕
I wouldn't do anything with it like that, just make sure you don't show it to anyone who works for the federal government, then you might have an issue. It is cool and interesting for sure.