Q. David Bowers
In our opinion, the Coining Room, under orders from [Col. A. Loudon] Snowden as superintendent of the Mint, began striking Proof coins in early January 1884, in preparation for the release of the Proof sets of the year. At that time (and, indeed, since 1879), the trade dollars did not form a part of the Proof set of the year itself, but was offered separately at $1.25. As there had been no change in instructions, the sets were expected to contain all denominations except the trade dollar, but those would have been available at extra cost to anyone desiring them. Apparently a significant number of Proofs of each denomination were actually struck in January, consistent with normal Mint practice. In addition a couple of complete sets in copper were struck, including the trade dollar. At least one of these sets was presented by Snowden to A.M. Smith, the collector who also wrote most of the Mint's "visitor's manuals" during that period, and who had also received complete copper sets of 1882 and 1883.
At this point, probably some time in mid-January, the Treasury Department apparently sent instructions to the Mint that trade dollars were not going to be offered for sale in Proof when the regular silvery' minor Proof sets and the gold Proof sets were made available to the public. The copper sets which had been produced did not pose any problem under the new ruling since copper for such purposes was never receipted for. The silver trade dollar Proofs, however, were another matter entirely since the silver used to strike them had to be accounted for. Snowden either had to order the remelting of these coins or else replace the bullion directly in order to balance the account. Apparently he compromised, saving about 10 specimens (whose bullion value he would have replaced) while having the unknown remaining quantity melted. With the bullion journals balanced there would have been no record of the trade dollar coinage remaining.
The Straub die record book, in Barber's possession since before 1900, shows that the trade dollar dies were properly prepared and properly receipted for. That the dies were properly destroyed is shown by the January 2,1885 die destruction record of the coiner, listing a pair of 1884 trade dollar dies having been melted on that date (along with the other dies of 1884), according to R.W. Julian who has seen the die destruction records. The coins themselves were properly struck under proper authority as part of the Mint's regular business in preparing Proof coins of the year. They were legally owned by Snowden (and any others involved) once the bullion had been replaced, since it was standard policy for Mint employees and friends to be able to acquire current coins of the year by exchanging the proper amount of bullion for them. This still remained the policy into the late 1930s. They thus formed a legitimate issue directly comparable to the Proof trade dollars of the 1879-1883 period.
Of the preceding, this part seems to be conjecture: Proof trade dollars were prepared in significant numbers in anticipation of their normal sale to collectors. Before any were sold, the order came from Col. A. Loudon Snowden, superintendent of the Mint, stating that Proof trade dollars were not to be issued that year. All pieces struck were destroyed, except for 10 saved by Snowden, who satisfied the silver bullion account by personally substituting an equivalent amount of silver as a replacement for the 10 coins.
Should scholars accept the Carlson theory, the 1884 dollar could be, as he concluded in his remarks, "a legitimate issue directly comparable to the Prooftrade dollars of the 1879-1883 period." Ifthis is the case, then the 1884 may have a different status, philosophically, than the 1885.
Status of the 1884 trade dollar today: Today the 1884 and 1885 trade dollars are recognized as prime rarities. The appearance of a single specimen on the market is a cause for excited publicity. Whether or not the 1884 (and 1885) trade dollars are legitimate issues hasn't made the slightest difference in the coins' market prices; offerings on the auction market have been met with great enthusiasm. Seemingly, if a rarity has an aspect of mystery to it or, even better, a nuance of "naughtiness," its value and desirability are enhanced; witness two of the most famous and valuable United States rarities: the 1913 Liberty Head nickel (of which five are known) and the 1804 dollar (of which 15 are known).
Varieties:
OBVERSE TYPE II, RIBBON ENDS POINT DOWN, 1876-1885
REVERSE TYPE II: NO BERRY BELOW CLAW, 1875-1885
Proofs:
1.Normal issue: Breen·5830. All were struck fromone pair of dies.
Plain (not crosslet) 4 in date. Struck on normal trade dollar planchets of about 420 grains weight.
Registry of 1884 Trade Dollars
The following roster of known specimens 'of the 1884 trade. dollar is corrected and updated from Walter Breen's Encyclopedia, with help from Mark Borckardt, Q. David Bowers, Walter H. Breen, Carl W.A. Carlson, and P. Scott Rubin. The grades.are those estimated by the a,uthor from, the catalogue, descriptions and insome instances represent coins not actually examined. In instances in which coins are known to have been certified; those grades are given. Not included are specific attributions of the five coins once owned by Virgil M. Brand (see above), The specimens listed below are all in silver (see later listing for copper strikings).
1. Hester Specipten. Proof-64
• Mint official, possibly Col. A. Loudon, Snowden (or, definitely Snowden, per description in the Quantity sale, November 1916, below; compare Carlson's account above),
• William Idler
• Capt. John W. Haseltine and Stephen K. Nagy
• Unknown intermediaries
• Clint Hester. Sold in the following auction.
• Numismatic Gallery's sale of the Adolphe Menjou Collection, June 1950, Lot 2040, $765. (Coin owned by Clint Hester)
• Benjamin Stack, Imperial Coin Company (41;1. West 48th Street, New York City; later moved to Las Vegas). Advertised in The Numismatic Scrapbook Magazine, March 1955, P. 384, with an 1885, for $6,500 the pair.
• W.G. Baldenhofer, Farish Baldenhofer Collection (Stack's, November 1955), Lot 1039, $2,200. "This coin is a beautiful. Proof with fine iridescent tone."
• Stack's Fairbanks (Ben Koenig) sale, December 1960, Lot 698, $6,500. "A gem brilliant and iridescent Proof. Sharply struck and superb."
• Stack's Samuel Wolfson sale, May 1963, Lot 1541, $8,750. "A gem brilliant and iridescent Proof."
• Dan Messer (New York City dealer; earlier a partner with Robert Jenove in the Franklin Square Coin Co.; later a partner with Joel Coen in the, Co en-Messer Co.)
• Jack Klausen (Indio, California investor and dealer Joel Rettew (California dealer). Coin advertised in Coin World March 10, 1976.
• Quality sales (Abner Kreisberg and Jerry Cohen; California), Carlson-Shipkey sale, November 1976, Lot 426, $52,500. Lot description by Jack Collins: "A beautiful BRILLIANT PROOF, with fields displaying full mirror-like depth, splendidly contrasted by the frosted devices. Identifiable by a tiny inverted 'question mark' (sans period) adjoining left side of third star, which resulted from a piece of lint adhering to the die during minting,', . This is one of the finest of exactly six authenticated examples known. The pedigree of this specimen: Ex-Mint Superintendent Colonel Archibald, Loudon Snowden...
• Danny Arnold Collection: Danny Arnold was and is a major figure in the entertainment industry in Los Angeles.
• Bowers and Merena Galleries' September 1984 sale of the Arnold-Romisa Collection Lot 2342, $37,400. "Golden choice Proof-65. 420.4 grains. An outstanding coin delicately toned in iridescent shades of light gold. With mirror Proof fields deep enough to' get lost in! A stunning specimen of this legendary rarity. This example is without a doubt one of the finest." Sold to the following. "
• John N. Rowe, III.' Well-known Dallas, Texas professional numismatist (who supervised the sale of the numismatic properties in the Amon Carter, Jr. estate). Sold to the following.
• L.R French, Jr.
• Stack's January 1989, sale of the L.R French, Jr. collection, Lot 201, $72,600. "Brilliant Proof. 'The obverse is close to choice, the reverse has hairlines at the right side, Russet gold obverse, the reverse similar but lighter. the devices are frosty, and the fields are deeply reflective." Bought atthe sale by the following. . . . .
• Anthony Terranova. Tony Terranova, of New York City, is a well-known dealer specialist in high-quality early United States coins.
• Larry Whitlow. Larry Whitlow started in the tare coin business in Harvey, Illinois in 1959 and joined the Professional Numismatists Guild in 1969., He, has made a specialty of rarities and' high grade coins. Sold, to: the following.
• Denver Coin Company.
• Jay Parino. Certified as NGC Proof-64: Sold into a private collection for a "mid six-figure price."!