It is always a pleasure to revisit the 100 Greatest United States Coins series from Whitman Publishing. With author Jeff Garrett in the driver’s seat, we get to venture through the ins and outs of what makes the list so compelling, including the coveted top ten spots. With our blog series following along with the fourth edition, we have made it over halfway through the entries but have yet to uncover what makes this next entry worthy of its place among the rest. However, we will just leave you with these words to clue you in on a possible conclusion: surprise release.
#8 – 1885 Proof Trade Dollar
Trade dollars were issued between the Liberty Seated silver dollar (ended in 1873) and the Morgan Silver dollar (began in 1878). Although produced by the United States Mint, they were never meant for circulation. They were minted specifically for trade in the Orient, or the countries of Asia. They were only legal tender in the U.S. for a short period of time and even so, they were only legal in amounts up to $5. After they were no longer deemed legal tender, they were traded at a discount in in the U.S. despite their bulky nature compared to the Seated dollar and Morgan dollar.
After the Morgan Silver Dollar was introduced in 1878, the Trade dollar was officially discontinued by Congress for political purposes despite its success when used as intended (trade with China). After 1878, Trade dollars were minted in small quantities but only for numismatic reasons. However, in 1907 and 1908, a small number of Proof Trade dollars dated 1884 and 1885 were witnessed out in the market. No one saw it coming.
William Idler, a coin dealer who was involved in several other U.S. coin rarities, was at the heart of the matter. He was also linked to the 1836 “second restrike” half cent, the Class III 1804 silver dollar, and many others. Idler was accused of being a scapegoat for Mint employees who needed an outlet for their creativity. Idler’s son-in-law recalls his super secretive collection and how Idler was afraid of having some of the coins seized. Only 1884 Proof Trade dollars were struck and are still accounted for. However, only five of the 1885 coins are known. There are still no records of their production. Numismatic experts believe that they were “clandestine pieces made in the Mint.”
Despite the mystery behind their creation, collectors still find themselves drawn to their rarity. The 1885 Proof Trade dollar is one of the few U.S. minted coins to have broken the million-dollar mark when sold. Regardless of their beginnings, the dollars are now accepted in the numismatic hobby.
In 1960, the 1885 Proof Trade dollar in Choice Proof condition had an estimated value of $15,000. By this fourth edition (2015), its value rose to $3 million.
