1874-CC T$1 MS(PCGS#7035)

March 2018 Baltimore U.S. Coins Auction

拍卖行

Stack's Bowers

批号

10287

等级

MS64

价格

334,383

详细说明

Lovely High Grade 1874-CC Trade Dollar PCGS/CAC MS-64 1874-CC Trade Dollar. MS-64 (PCGS). CAC. This is a gorgeous Choice quality example of a conditionally challenging Carson City Mint issue. Adorned with mottled reddish-gold and light russet iridescence, both sides are highly lustrous with an intense satin finish. The strike is razor sharp with most design elements fully rendered. Smooth and attractive, there is not much separating this beautiful coin from a Gem Mint State grade. 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 owes its existence to Comptroller of the Currency John Jay Knox, principal architect of that omnibus coinage act. During a visit to San Francisco in 1870, Knox became aware of the strong influence of the China trade in the economy of the California port city. That trade, in turn, was heavily dependent on Mexican dollars, which were not only far more plentiful than American silver dollars at the time, but were also more acceptable to Chinese merchants due to their slightly higher weight and greater silver content. The San Francisco Mint had actually produced 20,000 silver dollars in 1859 at the request of local merchants, and the coins proved successful in trade with the Orient despite their disadvantages relative to Mexican dollars. The experiment was not repeated until 1872, however, when the 1872-S dollar emerged with an even smaller mintage of 9,000 pieces. Philadelphia Mint Liberty Seated dollars were also widely exported to the Orient beginning in the early 1840s but, again, such pieces were not plentiful and enjoyed less favor with Chinese merchants than their Mexican counterparts. 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), 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 (Carson City and, especially, San Francisco). The trade dollar became an instant success in its intended role. After delivering 124,500 pieces in 1873, the Carson City Mint stepped up trade dollar coinage in 1874 with a mintage of 1,373,200 coins. Most examples were shipped to China, as intended, where they circulated widely based on the multitude of chopmarked examples. Limited quantities of 1874-CC trade dollars remained stateside since the denomination enjoyed legal tender status within the United States until demonetized through the Act of July 22, 1876. Contemporary numismatic interest in this denomination was virtually nil, however, with few examples preserved in Mint State. In the finest grades, in fact, the 1874-CC is one of the rarest issues of its type. A superior quality survivor in terms of both surface preservation and eye appeal, this near-Gem is sure to sell for a strong bid. Provenance: From the A.J. Vanderbilt Collection. Earlier from Superior's Lee and Peter L. Shaffer Collections sale, September 1988, lot 3238; via Stack's. Lot tag included. PCGS Population: 23; 3 finer (MS-66 finest). PCGS# 7035. NGC ID: 2532. Click here for certification details from PCGS.