1880 T$1 Trade PR64 认证号-8761, PCGS号7060

PCGS grade. Ex: Granert Collection; Edouard Frossard; J.M. Clapp; Louis E. Eliasberg, Sr. Sold by Bowers & Merena Apr '97 price realized $9,350. Lot #2349. Image courtesy of Heritage Numismatic Auctions.

Q. David Bowers

The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993):

Coinage Context

No business strikes made: As in all years 1879-1885, the only trade dollars made were Proofs. This year set a record for Proof trade dollar mintage.

Trade dollars continue their reverse flow: During 1880 trade dollars of earlier dates continued to come back to the United States, primarily through the London and other European markets.

Numismatic Information

Proof coinage sets record: The popular speculation in Proof-only trade dollars continued and peaked in March 1880, as the following delivery figures indicate: January: none; (In some years the Mint did not begin delivering Proofs until after January.)February: 488; March: 777; April: 201; May: 58; June: 50; July: 20; August: 25; September: 30; October: 27; November: 40; and December: 271. By year's end some 1,987 Proofs had left the coining press, a record for the denomination.

Availability of Proofs today: Most of the Proofs still exist, perhaps 1,300 to 1,700 of the 1,987 coined. They are readily available in various grades from Proof-60 to Proof-65 or better. Very occasionally a worn example, such as an Extremely Fine coin (technically graded Proof-40 or 45), will come on the market - a piece which was spent by some numismatist who could not wait for his investment to mature (actually, any profits went to the next generation of owners).

Varieties:

OBVERSE TYPE II, RIBBON ENDS POINT DOWN, 1876-1885
REVERSE TYPE II: NO BERRY BELOW CLAW, 1875-1885

Proofs:

1. With top of 1 in date below G of GOD. Crossbar of 4 in 420 is perfect (compare to No.2 below).

2. With top of 1 in date below GO of GOD. The reverse of some specimens has these characteristics:
No projection or right side to crossbar of 4 in 420 (but a tiny dot-like remnant is visible); lower right serif of first L in DOLLAR is flat on the top (as normal), but the second L has a rounded top (abnormal). This is the variety most often seen.

Proofs:

Dies prepared: Obverse: at least 2; Reverse: at least 2 Proof mintage: 1,987; Delivery figures by month:
January: none; February: 488; March: 777; April: 201; May: 58; June: 50; July: 20; August: 25; September: 30; October: 27; November: 40; December: 271.

Characteristics of striking: Usually seen with areas of lightness, particularly at the top of the obverse-the stars and the head of Miss Liberty.

Commentary

The 1880 trade dollar is a Proof-only issue made for collectors. No business strikes were produced. 1880 had the highest Proof mintage of any date of the trade dollar denomination.