1877 Trade Dollar. JK-14. MS-65 (CACG).

Beautiful 1877 Trade Dollar Rare MS-65 Grade from CACG 1877 Trade Dollar. JK-14. MS-65 (CACG). An enchanting Gem with silky smooth surfaces that present as overall pristine in hand. Largely brilliant, but with iridescent gold and pale orange peripheral toning evident under closer scrutiny. Both sides are intensely lustrous with a strongly frosted texture that includes semi-reflective qualities in the fields. The reverse is sharply struck throughout, the obverse the same in and around the center with minor softness confined to the upper and right peripheral areas. Attractive in all regards, and conditionally rare for both the type and issue. Although a modest success in Far East commerce beginning with its introduction in 1873, the trade dollar suffered a setback in 1876 from which the denomination never recovered. In the latter 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. The Philadelphia Mint struck only Proof trade dollars in 1878, although final circulation strike productions took place in Carson City and San Francisco. Thereafter the trade dollar remained a Proof-only affair at the Philadelphia Mint until the series' official end in 1883. The last of the Philadelphia Mint's circulation strike trade dollar issues, and a plentiful one in an absolute sense, the 1877 registered a generous mintage for the type at 3,039,200 pieces. While survivors are plentiful in circulated grades, and even lower quality Uncirculated coins are readily obtainable by trade dollar standards, the 1877 is a major numismatic rarity in MS-65. This is a significant offering that will surely attract many strong bids when it crosses the auction block. Provenance: From Heritage's June 2023 U.S. Coins in Early Holders Showcase Auction, lot 52231, as NGC OH/CAC MS-65. CACG Population: 1; 0 finer. PCGS# 7044. NGC ID: 253C. Click here for certification details from CAC.

Estimate:£0.74

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