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The United States trade dollar was a dollar coin minted by the United States Mint to compete with other large silver trade coins that were already popular in East Asia. The idea first came about in the 1860s, when the price of silver began to decline due to increased mining in the western United States .
The Seated Liberty portrait designs appeared on most regular-issue silver United States coinage from 1836 through 1891. The denominations which featured the Goddess of Liberty in a Seated Liberty design included the half dime , the dime , the quarter , the half dollar , and until 1873 the silver dollar .
The American trade dollar therefore had to contain more silver, at 420 grains of 90% fine silver, fine content 378.0 grains (24.49 g), or 0.44 g more fine silver than the regular circulation Seated Liberty Dollars and Morgan Dollars. Most trade dollars ended up in China during their first two years of production, where they were very successful.
The Seated Liberty dollar was a dollar coin struck by the United States Mint from 1840 to 1873 and designed by its chief engraver, Christian Gobrecht.It was the last silver coin of that denomination to be struck before passage of the Coinage Act of 1873, which temporarily ended production of the silver dollar for American commerce.
The Liberty Dollar "base value" was created by Bernard von NotHaus. As of 2009, the base value of the Liberty Dollar was $20 Liberty Dollars to one ounce of silver. [13] At the time the Liberty Dollar operation was closed, one ounce Liberty Dollar gold pieces were denominated $1,000 with a maximum charge of 10% over spot price with membership.
Business strike trade dollars were last produced in 1878 and proof coin production continued until 1885. [5] The coin weighs 420 grains (27.2 g), about 8 grains (0.52 g) more than the domestic silver dollar (Seated Liberty Dollars and Morgan Dollars) of the time. It is 4 grains heavier than the Mexican peso; however, the peso is .903 silver. [6]
The gold peso, however, has since increased in value to approx. two silver pesos. Furthermore, the fineness of Philippine fractional silver coins was reduced from 0.900 to 0.835 and worsened the quality of the local currency, and the introduction of Alfonsino silver coins in 1897 did little to improve the peso's exchange value.
By 1873, the decreasing value of silver made it profitable to mint silver in exchange for gold at the Union's standard rate of 15.5 : 1. Indeed, in all of 1871 and 1872 the French mint had received just 5,000,000 francs of silver for conversion to coin, [ citation needed ] but in 1873 alone received 154,000,000 francs.