Q. David Bowers
The Bowers and Merena sale of the Norweb Collection, March 24-25, 1988, offered a full set of trade dollars, including the famous 1884 and 1885 Proofs. This holding was formed many years earlier by Ambassador and (primarily) Mrs. R. Henry Nor-web, at a time when emphasis was not paid to business strikes of exceptional quality. Nonetheless, the 1876-CC and 1877-CC pieces are notable, and the 1878-CC is among the finest sold during the decade of the 1980s. (In the interest of brevity and space, I have omitted the lengthy descriptions for the 1884 and 1885.)
1873 Proof-54. Brilliant surfaces with splashes of blue and amber toning. Some light hairlines. $3,080.00
1873-CC AU-55. Light gray toning with golden coloration in areas where the original mint lustre is intact. $1,320.00.
1873-S AU-55. Fully brilliant with mint lustre around the stars, letters and other protected areas. $532.50.
1873-S EF-45. Light champagne toning. $330.00.
1874 Proof-55. The surfaces are toned in lovely shades of blue, violet and gold. The devices are strongly detailed. $9,350.00.
1874-CC AU-50. Champagne toning with splashes of amber, violet, and baby blue. The reverse is partially prooflike. $522.50.
1874-S VF-20. $121.00.
1875 Proof-55. Pearl gray surfaces with areas of iridescent blue, violet, and amber toning. A beautifully preserved example without hairlines or other defects. $9,240.00.
1875-CC VF-30. $143.00.
1875-S EF-45. Splashes of amber and violet toning on gray surfaces. $154.00.
1875 Proof-55. Coppery amber, light blue and violet toning complement the pleasing reflective fields and lustrous devices. A tiny spot at the inner point of the ninth star on the obverse is noted. $5,380.00.
1875-CC MS-50. A semi-prooflike specimen, with splashes of golden brown toning. Far scarcer in high grades than either the Philadelphia or San Francisco Mint issues. $1,870.00.
1875-S MS-55. A fully lustrous gem specimen. Misted with light gray and golden brown toning with ample mint brilliance visible beneath The devices are nearly as sharp as those seen on Proofs. $4,840.00.
1877 Proof-53 to 54. Glittering deep mirror surfaces with traces of iridescent blue and violet toning at the periphery. The devices are sharply defined and lustrous. A shallow abrasion or planchet irregularity is present on the obverse extending from the laurel branch towards Miss Liberty's foot. A few light hairlines are noted on the reverse. $3,080.00.
1877 AU-55. Attractively toned in mottled shades of violet, blue and gold. A pleasing glossy example with much mint lustre around the stars, letters, and in the protected areas. $495.00.
1877-CC MS-60. An exceptionally attractive example with rich golden toning on pearl gray surfaces. The reverse has considerable prooflike character. Most design details are strong defined, especially on the reverse. $1,760.00.
1877-S MS-60 to 63. Mottled gray and iridescent blue toning on brilliant surfaces. Lustrous and sharply struck. $825.00.
1878 Proof-65. The surfaces have faint champagne toning with splashes of amber at the center and areas of blue and violet at the periphery. The design details are sharp. The surfaces are remarkably smooth and virtually free of imperfections. $8,800.00.
1878-CC MS-63. Fully lustrous with light golden toning and traces of mint brilliance. $8,800.00.
1878-S MS-60/63. The brilliant surfaces lightly splashed with amber toning. The fields have considerable prooflike character, and the devices are nearly as sharply defined as on Proof example. $550.00.
1879 Proof-65. Beautiful mirror fields and razor-sharp cameo devices. The surfaces have lovely champagne toning withareas of blue and violet. $9,350.00.
1880 Proof-65. The fields are immaculate and have the faintest suggestion of golden toning with a tinge of violet at the upper portion of the obverse rim. The devices are sharp and frosty. $10,450.00.
1880 Proof-60. Attractive iridescent blue and violet toning at the centers with areas of gold at the periphery. Some hairlines prevent us from assigning a higher grade. $1,320.00.
1881 Proof-64/65. Lovely mottled golden brown, blue, violet toning with traces of mint brilliance. The mirrorlike fields contrast sharply with the well-defined, lustrous devices. $3,300.00.
1882 Proof-65. A magnificent glittering gem. Toned in breathtaking shades of amber, violet, and blue. $16,500.00.
1883 Proof-65. A splendid specimen with deeply mirrored fields and richly lustrous devices. The surfaces are virtually immaculate and very pleasing. The obverse is brilliant at the center with violet and blue-green toning. $9,460.00.
1884 Proof-60 to 63. 420.8 grains ........$57,200.00.
1885 trade dollar. Proof-60 to 63 .........$121,000.00.
The late 1980s were particularly heady times in the coin market. An investment fever pervaded nu-mismatics. Almost any nineteenth or twentieth century silver or gold coin in higher grades such as MS-64, MS-65, Proof-64, and Proof-65 was recommended for investment purposes. Countless columns of print were devoted to "Wall Street money," which was said to soon deluge the coin market, raising prices even more. Billions of dollars were on, the way, investors were led to believe. When that happened, coins now worth $10,000 might become worth a million!
In the trade dollar series, collectors remained on the sidelines as prices doubled and tripled over what they were just a few years earlier. At the height of the market in 1989, nearly all buyers were investors. As might be expected, wild fluctuations occurred in pricing during 1989 and in the year or two preceding it. As an example, in the December 13, 1989 issue of Coin World, the highly-respected "Trends" column, compiled by Keith Zaner, gave these prices for MS-65 trade dollars:
1873 $15,200
1873-CC $20,000
1874 $16,950
1874 $15,000
1874-CC $16,850
1874-S $16,700
1875 $16,700
1875-CC $16,700
1875-S $15,000
1876 $15,050
1876-CC $16,750
1876-S $15,000
1877 $17,150
1877-CC $16,950
1877-S $15,000
1878-CC $150,000
1878-S $15,000.