1878 S UNITED STATES of AMERICA US Silver Trade Dollar Coin for CHINA NGC i82364

Description

Item:
i82364
Authentic Coin of:
United States of America -
Trade Dollar
1878 S
Silver Trade Dollar 38.1mm (27.22 grams) 0.900 Silver (0.7876 oz. ASW) San Francisco mint
Reference: KM# 108  |  Designer: William Barber
Liberty seated on a pedestal facing the sea to the left holding olive branches surrounded by 13 stars; ribbon inscribed IN GOD WE TRUST on the bottom; year below.
UNITED STATES OF AMERICA E PLURIBUS UNUM 420 GRAINS, .900 FINE. TRADE DOLLAR; American Eagle with spread wings and head to right standing on arrows and olive branch.
You are bidding on the exact item pictured, provided with a Certificate of Authenticity and Lifetime Guarantee of Authenticity.
Trade dollars
are silver coins minted as trade coins by various countries to facilitate trade with China and the Orient. They all approximated in weight and fineness to the Spanish dollar, which had set the standard for a de facto common currency for trade in the Far East.
The United States
trade dollar
was a dollar coin minted by the United States Mint to compete with other large silver trade coins that were already popular in East Asia. The idea first came about in the 1860s, when the price of silver began to decline due to increased mining efforts in the western United States. A bill providing in part for the issuance of the trade dollar was eventually put before Congress, where it was approved and later signed into law as the Coinage Act of 1873. The act made trade dollars legal tender up to five dollars. A number of designs were considered for the trade dollar, and an obverse and reverse created by William Barber were selected.
The first trade dollars were struck in 1873, and the majority of the coins were sent to China. Eventually, bullion producers began converting large amounts of silver into trade dollars, causing the coins to make their way into American commercial channels. This caused frustration among those to whom they were given in payment, as the coins were largely maligned and traded for less than one dollar each. In response to their wide distribution in American commerce, the coins were officially demonetized in 1876, but continued to circulate. Production of business strikes ended in 1878, though the mintage of proof coins officially continued until 1883. The trade dollar was re-monetized when the Coinage Act of 1965 was signed into law.
United States
The United States trade dollar is a silver (fineness of .900 or 90%) dollar coin that was issued by the United States Mint and minted in Philadelphia, Pennsylvania, Carson City, and San Francisco from 1873 to 1885. Business strike trade dollars were last produced in 1878 and proof coin production continued until 1885. The coin weighs 420 grains (27.2 g), about 8 grains (0.52 g) more than the domestic silver dollar (Seated Liberty Dollars and Morgan Dollars) of the time. It is 4 grains heavier than the Mexican peso; however, the peso is .903 silver.
The coin was designed by William Barber, the mint's chief engraver. More trade dollars were minted in San Francisco than Carson City and Philadelphia combined. San Francisco was closest both to the source of the silver as well as the ultimate destination of the coins, China. Many Trade dollars have what are called "chopmarks" on them. Chinese merchants would stamp the coins in order to verify their correct weight and value.
The United States Congress authorized the U.S. Mint to create a trade dollar to improve trade with the Orient, China in particular. Prior to that, the Mexican peso had been the primary silver coin used in trading with China. In fact, the eagle on the trade dollar's reverse looks quite similar to the peso's.
Collectors are warned that recently a large number of U.S. Trade dollars have been forged in China made with base metal. Careful testing or purchasing from known dealers or buying sealed and certified coins may be necessary to avoid these fakes.
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