Many countries such as Great Britain, France, and Spain were actively circulating silver coins in the Orient in the 1870s to gain favor in trade. The United States responded by minting Trade silver dollars from 1873 to 1885. The Trade Silver Dollars were minted with a higher silver content than the domestic Morgan Silver Dollar, and was done to ensure America’s completive edge.
The American Trade Silver Dollar was never intended to be used as currency domestically. However, by 1876 silver production was so high it forced the metal’s price downward. This meant that face value of the coins was worth more than its silver content, and caused some Trade Dollars to creep into domestic circulation. Many Trade silver dollars at Zoomcoin were minted with crop marks, which were commonly used as a way to prove authenticity against counterfeits in.
Trade silver dollars could be bought in the Orient for about 80 cents, and then could be spent at their full dollar value. Even when Congress banned their use in the United States as legal tender in 1876, people still bought them at the discount rate in the Orient, and tried to spend them in America. Interestingly, Trade Dollars were re-monetized in 1965.
About 36 million Trade silver dollars were struck, and it is thought 80 percent went to foreign markets. While many of these coins were used overseas, it never reached expectations. However, before domestic legal tender status was revoked many employers bought them for 80 cents, and then paid their workers with these coins. Congress quickly banned their use, and many banks would only pay their bullion value, or not accept them at all. These workers lost about one fifth of their earned wages.
Coin collectors interested in Trade Dollars need to be careful, because counterfeits abound. It is in your best interest to only purchase these coins through a reputable dealer, like Monaco Rare Coins. Also known as Zoomcoin, they have been in business for over thirty years. When you purchase silver dollars at Zoomcoin you are assured of getting the real deal.
Finally, about 36 million Trade silver dollars were struck, and it is thought 80 percent went to foreign markets. While many of these coins were used overseas, it never reached expectations. Today, these coins are coveted by coin collectors. The rarest of Trade Dollars is the 1878-CC. Only 97 thousand were minted and many were melted down.