Miami Valley Coin Club

The Other Silver Dollar

The Coinage Act of 1873, introduced into Congress by Ohio Senator John Sherman, was to revise the Mint Act of 1837. In addition to authorizing the end of the minting of Liberty Seated Dollars, it outlawed the right of holders of silver bullion to have their metal struck into silver dollars. It also eliminated the minting of the two-cent piece, the three-cent silver, and the half-dime.

The Act authorized several new coins including the mostly ignored Trade Dollar. The Trade Dollar was never meant to be used in the States. It was intended to compete with the Mexican dollar in Southwest Asia and China, where it eventually gained some popularity.

As supplies of Trade Dollars increased, they began to enter in circulation in America. They were larger than the old Liberty Seated Dollars, but often traded for less than a dollar. In 1876, Trade Dollars were officially demonetized. They continued to circulate and under the Coinage Act of 1965, they were re-monetized.

Trade Dollars were struck from 1873 through 1878. After that they were only struck as proofs from 1879 to 1883. It is strange that for the years 1877 and 1878, Trade Dollars were struck by the mints even though they had been demonetized.

The obverse is described as a female figure, facing left toward the Orient, seated on bales of merchandise, holding in her left hand a scroll bearing the word ‘Liberty’. At her back is a sheaf of wheat, expressing, with the bales of goods, the commercial character of the coin: the right hand extended holds the olive branch. The reverse depicts the bald eagle holding three arrows in the right claw and an olive branch in the left (this is the reverse of most other U.S. silver coins of the era).

Trade Dollars are often found with “Chop” marks, Chinese marks stamped into the coins as a way of validating their silver content. In addition to the popularity of collecting Trade Dollars with “Chop” marks, there are also examples called “potty” dollars. Someone took the time to hand-carve an image of a women sitting on a chamber pot. These types are often collected by people who value hobo nickels and love tokens.