Collecting Preferences 1901-1950

During the first half of the twentieth century trade dollars, if not dishonored by collectors, were certainly unwanted. Circulated specimens of common dates were typically available for not much more than face value, and in the early years of the present century even Proofs sold for little more than a dollar each. Some sold for less than face value.

In the two leading collectors’ periodicals of the day, The Numismatist (official journal of the American Numismatic Association) and the American Journal of Numismatics (organ of the American Numismatic Society), very little appeared concerning this denomination. It was almost as if the trade dollar did not exist. To be sure, publicity surrounding the newly discovered trade dollars dated 1884 and 1885 created a stir in 1908, for collectors had not suspected that these dates existed. From that time forward, the offering of an 1884 or 1885 in an auction sale commanded attention, but such issues as 1873-CC and 1878-CC went unnoticed.

In the 1930s, when coin collecting took a quantum jump forward due to the availability of coin albums and folders, the publication of regularly-issued reference books including Wayte Raymond’s Standard Catalogue of U.S. Coins, and the commemorative half dollar boom of 1935-6, the new-found popularity did not extend in a meaningful way to trade dollars. As late as the 1940s, circulated trade dollars of common dates were items for the typical dealer’s junk box, although by this time Proofs had meaningful value. Especially in demand were the rare 1884 and 1885, which continued to be in demand. Louis E. Eliasberg, the Baltimore collector who assembled a cabinet consisting of one each of every date and mintmark in the federal series from the 1793 half cent to the 1933 double eagle, was very proud of his 1885 trade dollar and considered it to be one of the highlights of his collection.