Q. David Bowers
In advertisements in The Numismatist during the early twentieth century, little was ever mentioned about trade dollars. They were oflow value, and virtually no one wasted print on them. Commentary was sparse. However, an interesting exception is furnished by a listing of the New York Coin & Stamp Company (David Proskey) in the January 1928 issue. To my knowledge, this is the first advertisement that endeavored to educate collectors concerning the history and numismatic appeal of the series:
United States Silver Trade Dollars:
The Act of Congress taking effect April 1st, 1873, made the trade dollar of 420 grains weight legal tender, together with all minor silver coins to the value of $5, and any owner of silver bullion could deposit it in any mint to be coined into trade dollars only. All preceding laws relative to dollars were repealed, and in effect abolishing the old 412 1/2-grain dollar. The premium of all gold and silver at that time prevented the common use of either metal as currency, east of the Rocky Mountains, until February 1878, when bullion silver ceased to be received at the mints for trade dollar coinage, the Philadelphia Mint stopping their coinage for circulation December 1877, and San Francisco in April 1878. The total coinage having been nearly $36 million, of which nearly $26 million were exported in addition to $5 million held mainly by banks in California, after demonetization.
Those struck at the Philadelphia Mint in 1878, and all succeeding years until 1883, a few hundred each year, were only for the Proof sets made for coin collectors, and sold in the Mint at about 50% profit. (QDB note: Single Proofs were sold for $1.25 each. The Mint's profit was the difference between this and the bullion value, which varied between 87 and 93 cents, plus the expense of coining.)Great quantities of the currency issues have since been turned into bullion bars and minor coins, and it is doubtful if $500,000 of all issues could be gathered in the entire world. Therefore, taking into consideration the scarcity of some dates, they are the cheapest U.S. coins ever issued.
NOTE-Afterword "GRAINS" sometimes a period, others a comma, on same date and mint.
1873 VF, $1.50; Uncirculated, $2.00; Proofs, $4.00.
1874 VF, $2.00; Uncirculated, $2.50; Proofs, $5.00.
1875 VF, $1.50; Uncirculated, $2.00; Proofs, $4.00.
1876 VF, $1.50; Uncirculated, $1.75; Proofs, $3.00.
1877 VF, $1.25; Uncirculated, $1.50; Proofs, $4.00.
1878 VF, $1.00; Uncirculated, $1.50, Proofs, $6.00. (Only 900 coined in Philadelphia.)
1879 only 1,541 coined, all Proofs, $4.50.
1880 only 1,987 coined, all Proofs, $4.50.
1881 only 960 coined, all Proofs, $6.00.
1882 only 1,087 coined, all Proofs, $4.00.
1883 only 979 coined, all Proofs, $5.00.
In addition to providing a commentary about the trade dollar series, the preceding advertisement is typical in that it ignores mintmarks. The listing "1878 VF, $1.00; Uncirculated, $1.50; Proofs, $6.00," referred to 1878-S coins for the VF and Unc. categories and Philadelphia Mint coins for the Proofs. Probably, David Proskey might have even sold an 1878-CC in Uncirculated grade for $1.50 if he had one for, as noted earlier, many dealers did not pay attention to mintmarks. Proskey's prices for Proofs seem to be higher than typical listings and prices realized of the time. However, it is probably the case that the coins were gems. Proskey had an immense stock of nineteenth century Proof coins, including unsold remainders from the Mint. In the 1930s, many of these went to Wayte Raymond.
In the February 1928 issue of The Numismatist, Barney Bluestone, a well-known dealer from Syracuse, New York, offered these trade dollars:
1874 Proof. $2.75.
1876 Proof. $2.25.
1877 Proof. $2.50.
1879 Proof. $2.85.
1881 Proof. $2.95.
In The Numismatist, February 1928, Ambrose J. Brown offered these two trade dollars:
1875-CC Unc. $2.25.
1880 Uncirculated [sic}$1.50.
The Arnold Numismatic Company, of Providence, Rhode Island, offered the following, trade dollars in The Numismatist, February 1928. It is virtually a certainty that the listings for 1876; 1877, and 1878 Uncirculated coins referred to San Francisco Mint pieces, not Philadelphia issues. At the time, some professional numismatists still ignored mintmarks!
1873 Unc. $1.50; Proof, $3.00.
1874 Unc. $2.25; Proof, $4.00.
1875 Unc. $1.50; Proof, $3.00.
1876 Unc. $1.50; Proof, $2.50.
1877 Unc. $1.50; Proof, $3.50.
1878 Uncirculated $1.50; Proof, $4.50.
1879 Proof, $3.50.
1880 Proof, $2.50.
1881 Proof, $5.00.
1882 Proof, $3.50.
1883 Proof, $4.00.
B. Max Mehl's sale of the Alex J. Rosborough Collection, April 9, 1929, offered several trade dollars as follows. Over the years the adjective "purple" was used by Mehl to indicate Proofs with iridescent toning.
1873 First year of issue. VF, was a Proof. $2.10.
1876 Purple Proof. Getting scarce. $2.20.
1876-S Microscopic S. VF. $2.20.
1876-S Larger S. EF. $2.20.
1877-S AD. $1.00.
1879 Proof. $2.00.
1882 Purple Proof. Scarce. $2.40.
In The Numismatist, May 1930, Frederick C.C. Boyd offered the following trade dollars for sale. At the time, Boyd was a very active dealer and a major advertiser.
1873 Proof. $3.00.
1874 Proof. $3.00.
1875 Proof. $3.50.
1876 Proof. $3.00.
1877 Proof. $3.00.
1878 Proof. $3.00.
1879 Proof. $3.00.
1880 Proof. $3.00.
1881 Proof. $2.50.
1882 Proof. $2.50.
1883 Proof. $2.50.