Ultra-rare coins that go up for auction almost always attract attention. This time, it’s an 1885 Trade Dollar $1 coin that could be worth millions.
Stack’s Bowers Galleries, the auction house which will be offering the coin from March 18 to 20, released a statement:
“While the Mint had ended production of circulation-strike trade dollars in 1878, proof examples were officially distributed in Proof sets through 1883.
Additional proof examples were struck at the beginning of 1884, but were never distributed and all but 10 were eventually melted. It is believed that a similar situation occurred in 1885, leaving just five examples of that date for collectors today.”
The coin could be worth about $2 million when the gavel finally drops.
Coinweek.com explained the origin of the trade dollar — it was made by the government to help curtail the value of the Mexican peso, which had more silver than the U.S. dollar.
The U.S. began making trade dollars in 1873. They were 90 percent silver and weighed a little bit more than the peso. After two years of sending the coins abroad to lessen trade tensions, the trade dollars were given legal tender status in the states.
— Legend Coin Auctions (@LegendAuctions) February 15, 2013
In 1879, the trade dollar was issued just for collectors, but in 1887 they were told to redeem the coins, which brought $8 million in trade coins back to the government. According to coinweek.com, the trade dollars which are dated 1884 and 1885 are the most rare, writing:
“Prior to 1908, these coins were not known to exist. Officials and collectors learned that 10 proofs dated 1884, and five proofs dated 1885 were minted. The production of these extra pieces was not recorded in official records. In 2006, a collector purchased an 1885 U.S. trade dollar in a private transaction for $3.3 million.”
— Coin Collector (@coincollectmag) May 30, 2019
There have been other super-rare coins that went up for auction, including an 1894 S-dime that went for $2 million in Florida.
Another 1894 S-dime sold at auction for $1.32 million. It was one of only 24 that were minted; it was formerly owned by the late Lakers’ owner Jerry Buss, who was a rare coins buff.
A coin known as a “one-year wonder,” an 1876 20-cent piece, sold for $456,000 in Chicago. That coin was among 10,000 20-cent pieces minted in the Carson City Mint that were supposed to be destroyed by the government. That one somehow survived being melted down.
https://t.co/OJMQWn1vv6 Daily Coin:
1875-S Trade Dollar, PCGS MS66+ CAC
Sold for $24,675 on 3/21/19
PCGS Price Guide MS66+: $32,500
NGC Price Guide MS 66 (no + avail): $29,000
Sold by Legend Auctions
Auction info by: https://t.co/OJMQWn1vv6#silverdollars #collector pic.twitter.com/ko88BtgNw1
— PriceThatCoin.com (@pricethatcoin) April 22, 2019