The 1878 Trade Dollar, also known as the 420 Grains 900 Fine coin, was issued by the United States Mint as a response to the demand for a silver coin that could be readily used in trade with the Orient. The coin was minted from 1873 to 1885 and was designed by William Barber, who was the Chief Engraver of the US Mint at that time.
History
The Trade Dollar was primarily used by American merchants who were trading with China and other countries in the Orient. The Chinese preferred silver as payment for their goods, and the Trade Dollar was seen as a convenient means of payment. The coin was also used in other parts of Asia, including Japan and Korea.However, the Trade Dollar faced several challenges during its circulation. The value of silver fluctuated, which affected the value of the coin. Additionally, there were concerns about counterfeit coins, which led to the US Mint reducing the weight of the coin in 1876.
Design
The obverse of the Trade Dollar features Lady Liberty, who is depicted holding a branch of olive and a bundle of arrows. The reverse of the coin features an eagle with outstretched wings, clutching arrows and an olive branch.The Trade Dollar is larger and heavier than the standard silver dollar of the time, which made it distinctive. The coin has a diameter of 38.1mm and weighs 27.22 grams.
Value
The value of the 1878 Trade Dollar 420 Grains 900 Fine coin varies depending on its condition and rarity. A coin in good condition could fetch a high price at auction, while a coin in poor condition may only be worth its silver content.As of 2021, a coin in good condition could be worth thousands of dollars. However, it is important to note that the value of the coin can fluctuate depending on the silver market and other factors.
Conclusion
The 1878 Trade Dollar 420 Grains 900 Fine coin is a fascinating piece of American history. It was minted in response to the demand for a silver coin that could be used in trade with the Orient, and it played an important role in commerce during its circulation. Today, the coin is highly sought after by collectors and investors, and its value continues to fluctuate with the silver market.
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