1874 Trade Dollar. Proof-65 (NGC). CAC.
A handsome piece with undeniable originality in the form of warm copper-gray, deep rose and olive-blue patina. Direct lighting calls forth more vivid undertones of cobalt blue and champagne-apricot, as well as appreciable reflectivity to the finish in the fields. Frosty motifs are smartly impressed and crisp in all but a few isolated areas, and the texture is expectably smooth for the coveted premium Gem grade from NGC. The 1874 is the second issue in the Proof trade dollar series, produced to the extent of 700 pieces. It was typical for the era that, at the turn of the year, several unsold Proofs from the preceding year's delivery were still on hand at the Philadelphia Mint. While these coins were usually wholesaled to Philadelphia and New York coin dealers at face value, on January 9, 1875, the Mint made the curious move of releasing some 175 unsold Proof trade dollars into circulation. While some of these coins may have found their way into the stocks of contemporary dealers, many Proof 1874 trade dollars were lost. The same set of circumstances also affected the first year 1873 and, indeed, these two issues are the rarest and most underrated Proof trade dollars of the 1873 to 1883 era. The 1874 is particularly elusive in high grades, as related by Bruce Amspacher (quoted in Bowers, 1993): "The rarest of the non-clandestine [i.e., 1884 and 1885] issues in gem condition." Clearly this visually appealing Proof-65 coin represents an important find.
PCGS# 7054. NGC ID: 27YK.
NGC Census: 16; 9 finer in this category (Proof-67 finest). CAC Population: 3; 5.

Estimate: $10000