The 1885 Trade Dollar stands as one of the most coveted and valuable coins in American numismatic history. With only five known specimens, its rarity and historical significance have propelled its value to astonishing heights, with some examples fetching over $4 million at auction.
Historical Context of the 1885 Trade Dollar
The United States introduced the Trade Dollar in 1873 to facilitate commerce with Asia, particularly China. These coins were minted until 1885, primarily for export. However, by 1878, the production of Trade Dollars for circulation ceased, and from 1879 to 1885, only proof versions were produced for collectors.
The 1885 Trade Dollar: An Overview
| Feature | Details |
|---|---|
| Design | Obverse: Lady Liberty seated holding an olive branch and a scroll inscribed with “LIBERTY” |
| Reverse: Bald eagle clutching arrows and an olive branch, with inscriptions “UNITED STATES OF AMERICA” and “TRADE DOLLAR” | |
| Composition | 90% silver, 10% copper |
| Weight | 27.22 grams |
| Diameter | 38.1 mm |
| Edge | Reeded |
| Mintage | 5 known specimens |
| Mint | Philadelphia |
Rarity and Provenance
The 1885 Trade Dollar’s rarity is unparalleled, with only five specimens known to exist. Each has a well-documented provenance:
- The Eliasberg Specimen: Part of the renowned Eliasberg Collection, this coin is considered the finest known example.
- The Olsen Specimen: Named after collector Fred Olsen, it has appeared in several prominent auctions.
- The Norweb Specimen: From the Norweb Collection, this coin has a distinguished ownership history.
- The Garrett Specimen: Once part of the Garrett Collection, it has been featured in major numismatic exhibitions.
- The King Farouk Specimen: Formerly owned by Egypt’s King Farouk, this coin has a storied past.
Auction Records and Valuations
The value of the 1885 Trade Dollar has seen significant appreciation over the years:
- 1984: A specimen sold for $110,000.
- 2004: The King Farouk specimen fetched over $1 million at auction.
- 2019: An example graded PR66 by NGC realized $3.96 million at a Heritage Auctions event.
- 2022: The Eliasberg specimen achieved a record price of $4.1 million, underscoring its escalating value.
Factors Influencing Value
Several elements contribute to the substantial worth of the 1885 Trade Dollar:
- Extreme Rarity: With only five known examples, its scarcity is a primary driver of its value.
- Historical Significance: As one of the last Trade Dollars produced, it holds immense historical importance.
- Condition: Coins in superior condition, especially those with higher proof grades, command higher prices.
- Provenance: A well-documented ownership history enhances desirability among collectors.
Identifying Authentic Specimens
Due to its value, the 1885 Trade Dollar has been subject to counterfeiting. To ensure authenticity:
- Certification: Seek verification from reputable grading services like NGC or PCGS.
- Provenance: Verify the coin’s ownership history through auction records and previous sales.
- Physical Examination: Consult with numismatic experts familiar with Trade Dollars to assess authenticity.
Conclusion
The 1885 Trade Dollar is more than a coin; it’s a relic of American history and a testament to the artistry of 19th-century minting. Its rarity and historical significance make it a prized possession for collectors, with values now exceeding $4 million.
FAQs
How many 1885 Trade Dollars exist?
Only five specimens are known to exist.
Why are these coins so valuable?
Their extreme rarity, historical context, and documented provenance contribute to their high value.
How can I verify the authenticity of such a coin?
Obtain certification from reputable grading services and consult numismatic experts.
Have there been any recent sales of this coin?
Yes, a specimen sold in 2022 for over $4.1 million.
Are there replicas or restrikes of this coin?
Yes, replicas exist and are less valuable than the originals. Always seek expert verification before purchasing.
