Q. David Bowers
On December 22, 1989, The Coin Dealer Newsletter, also highly respected as a source of information, stated that any MS-65 trade dollar was worth $15,800 wholesale ("bid") and that a survey of Teletype and electronic exchanges showed that no coins were being offered for sale; there was no "ask" price!
Investors did not care about fine points of numismatics. Most did not know or did not care that in MS-65 grade an 1873-CC or 1876-CC trade dollar was an incredible rarity, if indeed any existed at all, or that the 1875-S was a common date. There was a great homogenization of prices, and most dates settled near the "type" or basic price. To be sure, some were worth more, but as the above "Trends" figures show, all but the 1873-CC and 1878-CC were valued within 20% of the minimum of $15,000. In other words, investors didn't care (or didn't know) if they were buying a rare trade dollar or a common one-it made no difference as long as it was "investment quality" MS-65!
As the 1878-CC was as rare then as it is now, few if any changed hands at the rarefied level of $150,000. I imagine that this price represents Coin World "Trends" compiler Keith Zaner's guess as to what one might have sold for if offered in those times of illogical market structure.
Finally, in spring 1989 the market ran out of steam. The supply of new buyers so essential to price growth ended, and prices began a tailspin. Common date Mint State trade dollars, which sold for more than $15,000 at the height of the frenzy, plummeted in value. The prices given in this text are closing prices of December 1989, and as high as they may seem, they would have been even higher had spring or summer 1989 prices been used!
After 1989, investors fell over themselves exiting the coin market, Wall Street money was rarely discussed, and trade dollars in higher grades once again became the domain of collectors. Of course, any collector keeps investment in the back of his mind, and hopes that his collection, when sold at a later date, will yield a profit. However, after 1989, investment became secondary. As a result, the pricing structure of high-grade trade dollars since 1989 is more reflective of collector demand. However, at the prices levels for MS-65 and Proof-65, much of the structure is based upon sales to investors (whose numbers are no longer legion).
The A. W. Collection sold by Chris Napolitano, April 30, 1992, to a private collector for $127,500. The group consisted of a set of trade dollars assembled over nine years by a well-known Eastern collector. His goal was to acquire a high-level PCGS-certified Mint State example of each business strike date and mintmark. No effort was made to acquire the different I and II types of 1875-6. The following is an inventory of the dates and grades.
1873 MS-64 (PCGS). Medium iridescent toning. Nice strike.
1873-CC MS-63 (PCGS). Brilliant and frosty. Some lightness of strike on eagle's sinister leg.
1873-S MS-64 (PCGS). Brilliant and frosty. Nice strike.
1874 MS-64 (PCGS). Brilliant. Slight weakness at stars 6 and 7.
1874-CC MS-64 (PCGS). Brilliant. Very frosty and attractive. Some very slight weakness on eagle's sinister claw. Die breaks on obverse from 4th through branch and top of 5th star to border, and another extending more or less horizontally from the border through the bottom of the date numerals (but passing below 7) to the border.
1874-S MS-64 (PCGS). Brilliant with some scattered toning streaks. Well struck.
1875 MS-64 (PCGS). Light gray and iridescent toning.
Well struck.
1875-CC VI. MS-63 (PCGS). Well struck.
1875-S VI. MS-64 (PCGS). Brilliant. Decent strike.
1875-S/CC VI. MS-64 (PCGS). Brilliant; well struck. Usual variety with right C prominent; left C visible only as a tiny speck.
1876 VII. MS-64 (PCGS). Light gray and iridescent surfaces.
1876-CC VII MS-63 (PCGS). Lightly toned surfaces. Well struck.
1876-S VI. MS-64 (PCGS). Brilliant. Some slight weakness of striking on eagle's sinister leg.
1877 MS-64 (PCGS). Light gray and iridescent toning. Stars somewhat lightly struck, especially on the right side.
1877-CC MS-64 (PCGS). Light gray toning. Well struck.
1877-S MS-64 (PCGS). Brilliant. Well struck.
1878-CC MS-64 (PCGS). Brilliant. Very slight weakness, scarcely worthy of note, at stars 5, 6, 7 and 8.
1878-S MS-64 (PCGS). Well struck. Lightly toned.
Stack's Public Auction Sale, September 10-11, 1992. This remarkable offering was catalogued by Norman Stack as reprinted below. Note the consignor's comment in the introduction, that in the course of 20 years he could find only one Uncirculated specimen each of 1873-CC, 1873-S, 1876-CC, and 1877-CC.
This collection of U.S. trade dollars is unquestionably the finest or nearly the finest set of business strikes ever offered at a public auction sale. The collection is complete by date and mint for the period 1873-1878 and includes 19 different issues. It is augmented by examples of the rare 1875-S/CC and 1876-S Micro S varieties. More importantly, and herein lies the the importance of the collection, each piece is at least Brilliant Uncirculated in condition, with many in higher grade. This includes even the 1873-CC, 1873-S 1876-CC, and 1877-CC. In our consignor's 20 years of active collecting of trade dollars, these four specimens were the only ones he could locate in full Uncirculated condition. In fact, it is his opinion that these four coins may well be unique in these grades. Even if they are not the only ones known in their exalted grades, modern collectors are well advised to note that many years may go by before comparable examples again cross the auction block.
1873 The first year issue. Choice Brilliant Uncirculated and virtually in the gem category. Sharply struck and wholly prooflike on the obverse, the reverse frosty and prooflike. Brilliant and untoned. $1,210.00.
1873-CC Gem Brilliant Uncirculated, a lovely specimen with a satiny surface, "cartwheel" in appearance. A needle sharp strike with full radial lines to the stars and all other devices in minute detail. Delicate champagne iridescent toning on the rims, lighter as it goes toward the central portion. $13,750.00. [Purchased at the sale by W.E. Seton; later graded MS-63 by NGC]
1873-S Gem Brilliant Uncirculated, full blazing mint frost and an exceedingly sharp strike. A most undervalued coin. We concur with Breen's opinion of its rarity, "Usually in low grades or chopmarked." $8,250.00.
1874 Brilliant Uncirculated. A prooflike gem with pale golden brown peripheral toning. A sparkling beauty, rarely seen in Mint State, let alone in this exquisite state of preservation. $2,860.00. Ex Stack's February 2, 1978 Sale, Lot 726.
1874-CC Gem Brilliant Uncirculated, "cartwheel" lustre and a first-class strike on both sides. Even the tops of the wing points are fully struck. A bright specimen which should inspire enthusiastic bidding. $3,960.00. Ex Renrob, May 1979, at private treaty as MS-65/70 100% fully struck.
1874-S Large Mintmark. Gem Brilliant Uncirculated, satiny mint bloom. Splendid pale steel with a hint of pink iridescence. Fully struck but for the left wing joint. $2,310.00.
1875 Type II reverse, no berry below the claw. Brilliant Uncirculated, wholly prooflike and a gem. Distinguishable from a Proof only by the edges which are fully rounded as well as the stars, head of Liberty and the tips of most of the reverse lettering. A beautiful example of this rarity. $1,375.00.
1875-CC Type I reverse, berry beneath the claw. Gem Brilliant Uncirculated, sharply struck and fully lustrous. Superb light toning in shades of pale steel and amber, graced by bright frosty lustre. $3,600.00.
1875-S/CC Type I reverse. Gem Brilliant Uncirculated, sparkling mint frost with pink, russet and steel overtones. Ex M.B. Simons, described as follows: "The finest example of this scarce overmintmark we have ever seen. Semi prooflike surface with no noticeable bag abrasions." $6,875.00.
1875-S Type I reverse. Gem Brilliant Uncirculated, a bright, frosty example with pale iridescent toning from the edges to the, centers. $3,520.00.
Ex Steve Ivy Rare Coin Co. by private treaty as "Gem Brilliant Uncirculated 65+ Superb!"
1876 Type I obverse and reverse. Gem Brilliant Uncirculated."Flashy" mint frost with a full "cartwheel" effect. Exquisite pale pink torting on a fully struck specimen. $1,870.00. Ex Stack's by private treaty from our own type set which is used as a demonstration vehicle for new collectors.
1876-CC Tall CC, Type I obverse and reverse; the RT On the scroll containing LIBERTY is touching. Gem Brilliant Uncirculated, bright frosty lustre, sharply struck. Breen calls this variety "very rare." $11,550.00. [Purchased at the sale by W.E. Seton; later graded MS-64 by NGC]
1876/5-S Micro S. Type II obverse and reverse. "Brilliant Uncirculated, russet toning about the outer periphery, frosty. A similar specimen to Auction '86, Lot 1234. Rare arid in demand." As described in our auction catalogue. Ex Coin Galleries Mail Bid Sale, February 11, 1988, Lot 1998.
1876-S Tall Mintmark. Type I obverse and reverse. From Joe Flynn described as follows: "Gem Brilliant Uncirculated, beautiful toning and fully struck, an excellent type coin." $742.50.
1877 Gem Brilliant Uncirculated, a deeply struck example with pale amber toning. $2,310.00.Ex Cincinnati Art Museum Sale (Stack's, June 3, 1977, Lot 544).
1877-CC A blazing specimen. Gem Brilliant Uncirculated. Sharply struck and overall, breathtakingly beautiful. Delicate amber-russet toning about its periphery. $23,100.00. [Purchased at the sale by W.E. Seton; later graded MS-65 by NGC]
1877-S Large Mintmark. From David Bland, described as follows: "Gem Brilliant Uncirculated, fully prooflike and fully struck with beautiful original color, many characteristics of a Proof, superb!" $825.00.
1878-CC One of the great rarities of the entire series. From JJ. Teaparty described as follows: "1878-CC Gem Brilliant Uncirculated." This statement is followed by a letter, "I know we have a quality coin in this 1878-CC as it speaks for itself. Personally I would rate it as one of the best. This coin is unquestionably guaranteed authentic." $7,700.00.
1878-S Medium, partially filled mintmark. Brilliant Uncirculated, gem, frosty with some prooflike surface. $880.00.