Trade Dollars (1873-1885)

Trade Dollars (1873-1885)

The U.S. Trade Dollar, struck between 1873 and 1885, was America’s first silver coin specifically designed for international commerce, particularly with China. It carries both historical importance and collector appeal, representing a fascinating intersection of U.S. coinage, global trade, and politics.

Chopmarks are not seen as “damage” in the traditional sense but as proof of a coin’s role in global trade. Silver dollars have chopmarks because they circulated in Asia, where merchants punched them to test their authenticity.

Design & Specifications

• Designer: William Barber, Chief Engraver of the U.S. Mint

• Obverse: Lady Liberty seated on a bale of merchandise, olive branch in hand—symbolizing peace and commerce.

• Reverse: A heraldic eagle clutching arrows and olive branches, with inscriptions including “TRADE DOLLAR” and “420 GRAINS, 900 FINE.”

• Metal Content: 90% silver, 10% copper; slightly heavier than a Morgan Dollar to better compete with Mexican pesos in Asian trade.

• Diameter: 38.1 mm; Weight: 27.22 grams

Historical Significance

• Enacted under the Coinage Act of 1873, Trade Dollars aimed to facilitate U.S. silver exports and strengthen commercial ties in Asia.

• They circulated widely in China, where merchants valued their higher silver content compared to the U.S. silver dollar.

• In the U.S., they were initially legal tender for amounts up to $5, but falling silver prices led to widespread domestic misuse. Many laborers were paid in Trade Dollars valued below face value, fueling resentment.

• Legal tender status was revoked in 1876, though the Mint continued striking them for export until 1878, and later only as proofs (1879–1885).

Collectibility

• Circulation Strikes (1873–1878): Scarcer in high grades due to export use and heavy chopmarking by Chinese merchants.

• Chopmarked Specimens: Considered collectible today, as they document the coin’s intended overseas circulation.

• Proof-Only Years (1879–1885): Struck in small numbers for collectors; 1884 and 1885 proofs are legendary rarities, with only a handful known.

• Condition Rarity: Uncirculated Trade Dollars, especially without chopmarks, are far scarcer than their mintages suggest.

Quick Key Date Chart