The U.S. Trade Dollar, 1873-1885: A Silver Coin Made for Trade in Asia

This article is based on CoinWeek's coin profile "Trade Dollar, 1873-1885," in the version dated September 3, 2026. It is not news of a recent event; it explains a U.S. silver coin of the 19th century.

A Silver Coin Made for Trade in Asia

The Trade Dollar was authorized under the Coinage Act of 1873. It was created to compete in Asian commerce, particularly with Mexico's silver peso, which dominated regional trade.

According to CoinWeek, earlier U.S. silver dollars, such as the Gobrecht and Liberty Seated Dollars, were lighter and less trusted than their Mexican counterparts, and American merchants had long struggled abroad. Louis Garnett, Treasurer and Assayer of the San Francisco Mint, observed the disadvantage firsthand and urged Congress to approve a heavier export coin.

27.22 Grams of .900 Fine Silver

The Trade Dollar weighed 27.22 grams, slightly heavier than the previous silver dollar, and was struck in .900 fine silver. Its diameter is 38.10 mm and it has a reeded edge. The designer was William Barber.

It was not intended for domestic circulation or as a monetary unit. Congress gave it limited legal tender status, but revoked it in 1876 after confusion over the coin's role led to misuse within the United States.

Mints and Mintages

Between 1874 and 1878, millions of Trade Dollars were produced at the Philadelphia, San Francisco and Carson City Mints. Philadelphia coins carry no mintmark; San Francisco coins carry "S" and Carson City coins "CC." Most were exported to Asia, where they were accepted in exchange for goods such as tea, silk and porcelain.

CoinWeek lists the highest business-strike mintage as 9,519,000 (1877-S) and the lowest as 97,000 (1878-CC).

Mint records show total production of $35,965,924, including 6,564 Proofs. More than $28 million were exported, nearly $1 million were melted before 1887, and $7.6 million were redeemed and recoined, mostly into Morgan Dollars and subsidiary silver coins.

Problems at Home and Redemption

In the United States, silver producers and banks put Trade Dollars into domestic commerce, where they circulated at a discount and frustrated the public. Congress passed the Act of 1887, which authorized a six-month redemption period in which holders could exchange Trade Dollars for standard silver dollars. This removed most from circulation, and the Act also ended any future production of the coin.

Chopmarks

In Asia, merchants often stamped Trade Dollars with chopmarks, small counterstamps confirming the coin's silver content. According to CoinWeek, collectors dismissed these marked coins for decades, but researchers now view them as historic artifacts of global commerce. CoinWeek cites William Taylor Leverage's By Weight, Not By Coyne: An Introduction to Chopmarked Coins (2023) as a modern study of the practice.

Proof-Only Years, and 1884 and 1885

After 1878, the reintroduction of the standard silver dollar ended the Trade Dollar's export purpose. From 1879 to 1883, the coin was struck only as a Proof for collectors.

In 1884 and 1885, Trade Dollar Proofs were struck secretly at the Philadelphia Mint. These pieces remained unknown until 1907 and can all be traced back to coin dealer William K. Idler. CoinWeek's specifications list a Proof mintage of 5 for 1885.

Design

The obverse shows Liberty seated on a bale of goods, facing west toward the Pacific, holding an olive branch in her right hand and a ribbon inscribed LIBERTY in her left. IN GOD WE TRUST appears on a panel beneath the bale, and thirteen stars circle the upper rim.

The reverse shows an eagle with outstretched wings clutching three arrows and an olive branch, with E PLURIBUS UNUM on a banner above. The legends UNITED STATES OF AMERICA and TRADE DOLLAR surround the design, with the inscription 420 GRAINS, 900 FINE.

Known varieties include the 1875-S Over CC and the 1876-CC Doubled Die.

Source: CoinWeek, "Trade Dollar, 1873-1885" (September 3, 2026).