1877-S Trade Dollar. MS-64 (PCGS).

Softly frosted surfaces are fully lustrous with an impressively smooth appearance overall. Warmly toned, both sides exhibit subtle lilac-blue and pinkish-rose highlights to dominant pearl-gray patina. Fully struck and crisp. Although a great success in Oriental commerce beginning with its introduction in 1873, the trade dollar suffered a setback in 1876 from which the denomination never recovered. In that year silver prices dropped to the point where a trade dollar contained only 91 cents worth of silver, a significant reduction from the $1.02 bullion value of these coins at the series' debut. The federal government reacted quickly and, as one of its provisions, the Act of July 22, 1876, demonetized the trade dollar within the United States and limited its coinage for use in the export trade (the raison d'etre for the denomination, anyhow). Circulation strike production continued apace, as a result, with the 1877-S even setting the mintage record for the series at 9,519,000 pieces. On February 22, 1878, however, Treasury Secretary John Sherman halted trade dollar coinage for commercial use. Brother of the famous Civil War general, Sherman was a foe of the trade dollar and, with the standard silver dollar re-authorized through the Bland-Allison Act of February 28, 1878, western mining interests were more than content that there was still a ready outlet for their precious metal. Thanks to its record mintage, as above, the 1877-S is one of the quintessential type candidates in this short-lived series. All trade dollar issues are rare in the finer Mint State grades, however, and the present offering sure to catch the eye of discerning numismatists.

PCGS# 7046. NGC ID: 253E.

Estimate: $2000