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From Wikipedia, the free encyclopedia
The trade dollar was a United States dollar coin minted to compete with other large silver coins already in popular use in the Orient. The idea first came about in the 1860s, when the price of silver began to decline due to increased mining efforts in the western United States. A bill providing for the issuance of the trade dollar was eventually put before Congress, where it was approved and later signed into law as the Coinage Act of 1873. The act made trade dollars legal tender up to five dollars. A number of designs were considered for the trade dollar, and an obverse and reverse created by William Barber were selected.
United States | |
Value | 1.00 U.S. dollars |
---|---|
Mass | 27.2 g |
Diameter | 38.1 mm |
Edge | Reeded |
Composition | 90% Ag 10% Cu |
Years of minting | 1873-1885 |
Obverse | |
File:Trade dollar obverse.png | |
Design | Left-facing seated Liberty |
Designer | William Barber |
Design date | 1873 |
Reverse | |
File:Trade dollar reverse.png | |
Design | Bald eagle |
Designer | William Barber |
Design date | 1873 |
The coin was first struck in 1873, with most of the production being sent to China. Eventually, the coins made their way into American commerce, causing frustration amongst those who were given them in payment of services. In response, the coins were offically demonetized in 1876, but continued to circulate. Production of proof coins officially ended in 1883, though production of business strikes ceased in 1878. The trade dollar was remonetized in when the Coinage Act of 1965 was signed into law.