The Trade Dollar was created in 1873 as a special silver coin for international trade, especially with Asia. At that time, the U.S. was moving towards a gold standard, similar to what many European countries were adopting. From 1873 to 1877, the production of Trade Dollars increased, mainly from the San Francisco Mint, to meet growing demand.
15 Coins You Might Have That Could Make You Rich Overnight
However, things changed in 1878 when the Bland-Allison Act was passed, allowing the minting of Silver Dollars for domestic use. This led to the decline of the Trade Dollar, which from 1879 onward was only made in Proof format for collectors.
During the 1880s, the numismatic market was quite small. The Philadelphia Mint struck between 960 and 1,987 Trade Dollar Proofs each year from 1879 to 1883. These coins were available for collectors, and any that remained unsold were melted down for their silver. Surprisingly, no records exist for the 1884 Trade Dollar Proof, with only 10 coins believed to be made. Their existence wasn’t revealed until 1908 when a dealer named John W. Haseltine disclosed them.
Haseltine was known for his connections with questionable Mint releases, which later led to legal troubles in 1909. Despite the controversy, a court ruling protected the rights of collectors to own these unique coins.
The origins of the 1884 Trade Dollar Proof remain unclear, sparking debate among collectors and researchers. Some believe these coins might be fantasy pieces due to their sudden appearance in the numismatic world, similar to the 1913 Liberty Head “V” Nickel.
A notable reference from numismatist Carl W.A. Carlson pointed to a record of a single pair of dies for the 1884 Trade Dollar. These dies were logged in the Mint’s records on January 3, but questions still linger about how many were actually produced and if any were sold.
The 1884 Proofs were sent to the Cash Room on January 19, but rumors suggest an order to destroy them was issued. Thankfully, A. Loudon Snowden, the Mint Superintendent, retained 10 pieces.
One of the earliest collectors to own an 1884 Trade Dollar Proof was William Hartman Woodin, who reportedly acquired several examples in 1910. Woodin later became the Secretary of the Treasury and played a key role in protecting numismatic collectors when private gold ownership was banned in 1933.
The rarity and mysterious history of the 1884 Trade Dollar Proof make it a standout piece in American coinage. It’s ranked #78 in Jeff Garrett and Ron Guth’s book, 100 Greatest U.S. Coins (4th Ed., 2014). With fewer existing pieces than even the 1804 Draped Bust Dollar, this coin is a true rarity, second only to the 1885 Trade Dollar Proof, which has an even smaller mintage of just five coins.
In 2019, one of these coins sold for over $1 million, highlighting its value in the numismatic world. Most examples grade PR63 or higher, with the Olson specimen being the only one that’s technically classified as an impaired Proof.
The Secret Coins Millionaires Collect – And They’re Worth Over $1,000!
Specifications:
- Country: United States of America
- Year of Issue: 1884
- Denomination: Trade Dollar (USD)
- Mintmark: None (Philadelphia)
- Mintage: 10
- Alloy: .900 Silver, .100 Copper
- Weight: 27.22 g
- Diameter: 38.10 mm
- Edge: Reeded
- OBV Designer: William Barber
- REV Designer: William Barber
- Quality: Proof
Ethan is a passionate rare coin collector with years of experience uncovering the stories and history behind unique coins. His insightful articles are a go-to for anyone curious about coin values or their fascinating backstories.