1876-S T$1 MS(PCGS#7043)

March 2018 Baltimore U.S. Coins Auction

拍卖行

Stack's Bowers

批号

2246

等级

MS65

价格

106,395

详细说明

Gem Mint State 1876-S Trade Dollar A Condition Rarity 1876-S Trade Dollar. Type I/I. MS-65 (PCGS). CAC. Fully struck with razor sharp definition from the rims to the centers, both sides also possess billowy satin luster. Silky smooth in texture with mottled golden-russet peripheral highlights to otherwise antique silver surfaces. In sum, this is a simply beautiful Gem that is worthy of the strongest bids. The United States trade dollar made its debut in 1873 with circulation strike coinage continuing on a yearly basis through 1878. Authorized by the Act of February 12, 1873, which also abolished the standard silver dollar, the trade dollar had its genesis in the 1850s with growing commercial ties between merchants in the United States and the burgeoning ports and cities in the Orient, especially China. During the late 19th century Oriental merchants preferred to conduct business using silver coins, the favored medium of exchange being Spanish-American 8 reales that had long been popular in the international market. In order to acquire these coins for overseas commerce, however, American merchants had to pay a premium, and calls were soon heard for a domestically produced silver coin. The only one of the United States Mint's contemporary coins that came close to filling this bill was the Liberty Seated silver dollar, examples of which were used in trade with the Orient from time to time during the late 1850s, 1860s and early 1870s. As a whole, however, these coins were unsuitable for commerce with the Orient, at least partly because yearly mintages were limited to the point where there were simply not enough Liberty Seated dollars to meet demand. The trade dollar replaced the silver dollar in 1873 with the specific purpose of meeting the needs of commerce with the Orient. Indeed, the new denomination was authorized at a weight standard of 420 grains, greater than the 412.5-grain silver dollar and intended to make the trade dollar more attractive in the eyes of Oriental merchants. Yearly mintages were also much higher than those of the Liberty Seated dollar, especially at those coinage facilities closest to the ports of embarkation for the Orient (the Carson City and, especially, San Francisco mints), and the trade dollar became an instant success in its intended role. At 5,227,000 pieces produced, the 1876-S has one of the highest mintages among circulation strike trade dollars, and it is one of the leading type candidates in this series. The Type I/I hub combination constitutes the majority of survivors and, since many are chopmarked from having passed through the hands of Chinese merchants, this issue clearly saw widespread use in the Oriental trade. Although in grades through MS-64 the 1876-S is plentiful by trade dollar standards, the issue is remarkably rare as a Gem. Indeed, the present example is among the finest certified and would serve as a highlight in any numismatic cabinet. PCGS Population: 7; with a single MS-66 finer. PCGS# 7043. NGC ID: 253B. Click here for certification details from PCGS.