1877-P Trade Dollar VF Very Fine JO/766

Description

Coin
Trade Dollar
Year
1877
Mint
Philadelphia
Graded
No
Certified By
Uncertified
Grade
Ungraded
Notes
Trade Dollars (1873-1885) As the United States spread across the continent merchants on the west coast were increasingly dependent on trade with nations from the Far East. The preferred medium of exchange in the Orient was the Spanish Milled dollar, most of which were at the time produced in the lucrative Potosi Mints. The Seated dollar used domestically in the U.S. was slightly lighter and contained less silver. This difference forced traders to exchange the U.S. specie for the Spanish examples at a premium. Eventually Congress created legislation to create a heavier commercial trade instrument and through the Coinage Act of 1873 the Trade Dollar was born. Traders could deposit silver with the Treasury in exchange for the new dollar. The new coin was meant for export only, but found use in the western states where silver dollars were scarce and paper money equivalents were often not accepted. As the price of silver decreased the Trade dollar was discontinued and the final years the denomination was produced as Proof Examples. The storied past and the elusive nature of this interesting dollar type makes the Trade dollar popular among modern collectors. Many seek the mutilated examples with Chinese chop marks punched into the surface which denoted the coin having been tested by the Asian merchants.
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