1879 Proof Trade Dollar
The 1879 proof trade dollar from the Legend Collection of Proof Trade Dollars. This coin is graded PCGS PF66 and has a population of twenty with only eight higher.
Mintage
1,541 Proofs
Coinage Context
Production limited to Proofs this year: No more business strikes were coined; only Proofs were made, for collectors, dated through 1885. The various mints were instead making enormous quantities of Morgan dollars, unacceptable in China, circulating little in the United States, and mostly staying in bank vaults and the Treasury.
An influx of trade dollars: By 1879, trade dollars of earlier dates were flowing back into the United States in quantity (see Mint report reprinted below).
Numismatic Information
Popular speculation: There arose in 1879, and continued into 1880, a popular numismatic speculation (later extended to the general public). Word spread that certain coins were of low mintage and would become rare. The "best" condition was considered to be Proofs (business strikes were generally ignored and, in any event, were not available in the trade dollar series). Emphasis was on nickel three-cent pieces and trade dollars, both denominations of which were minted in record Proof numbers. A heightened interest developed in other Mint products as well, especially patterns. Several years later this speculation would extend to regular issue Proof and business strike gold dollars.
Proof mintage: The fever to squirrel away Proof trade dollars did not develop until later in 1879, as the monthly Proof production figures reveal: January: 122, February: 96, March: 75, April: 119, May: 90, June: 140, July: 40, August: 45, September: 89, October: 64, November: 80, and, finally, December with a whopping 581.
An examination of the monthly figures for the following year, 1880 (see next listing), reveals that production of 1880 Proofs was strongest early in that year, but soon faded. Apparently, the Proof trade dollar boom was very short-lived (reminiscent of some booms today!) and extended only from December 1879 through the early part of 1880.
Availability of Proofs today: Most specimens were saved, but with varying degrees of care. Examples are readily available, for a price, in the different grade levels from Proof-60 to Proof-65.
Varieties:
OBVERSE TYPE II, RIBBON ENDS POINT DOWN, 1876-1885
REVERSE TYPE II: NO BERRY BELOW CLAW, 1875-1885
Proofs:
1. First variety: Breen-5825. Top of 8 imperfect (very slightly chipped logotype). Edge of left side of 7 below and slightly to the right of the center of E in IN GOD WE TRUST. Reverse with full feathers. Normal serifs and periods, evidently from a new hub. One in the Katen Sale, June 1992, Lot 115, had Proof surface between eagle’s claw and branch; arrow feathers incomplete and with Proof surface between fragments; this die was also used in 1883 (and possibly in other years).
2. Second variety: Obverse with top of 8 imperfect as above, but with lower left of 1 in date repunched and appearing doubled at the left end of the serif (under magnification). Edge of left side of 7 in line with right side of E in IN GOD WE TRUST. Reverse as No. 1.
3. Third variety: Obverse die probably one of the above (not seen by the author). Reverse with many incomplete feathers in eagle’s legs and lower belly. Cf. 1974 GENA auction, Lot 1181 and Gilhousen (Superior) sale, Lot 1478.
1879 TRADE DOLLAR: MARKET VALUES
Year |
Imp. P. |
Proof |
1878 |
--- |
$1.25 |
1880 |
--- |
1.50 |
1885 |
$1.25 |
1.50 |
1890 |
1.10 |
1.25 |
1895 |
1.10 |
1.25 |
1900 |
1.10 |
1.25 |
1905 |
1.10 |
1.25 |
1910 |
1.25 |
1.50 |
1915 |
1.25 |
1.50 |
1920 |
1.40 |
1.75 |
1925 |
1.75 |
2.00 |
1930 |
2.00 |
2.25 |
1935 |
2.50 |
3.00 |
1940 |
3.00 |
5.00 |
1945 |
5.50 |
11.00 |
1950 |
7.00 |
15.00 |
1955 |
13.00 |
27.50 |
1960 |
30.00 |
60.00 |
1965 |
125.00 |
275.00 |
1970 |
175.00 |
375.00 |
1975 |
475.00 |
1250.00 |
1980 |
850.00 |
2500.00 |
1985 |
1250.00 |
3200.00 |
Year |
Imp. P. |
P-60 |
P-63 |
P-64 |
P-65 |
1986 |
$1000 |
$1260 |
$2400 |
$5000 |
$9050 |
1987 |
950 |
1100 |
2600 |
3600 |
9400 |
1988 |
950 |
1100 |
2900 |
5250 |
10000 |
1989 |
1025 |
1350 |
3200 |
6200 |
14200 |
1990 |
875 |
1200 |
2400 |
5250 |
9750 |
1991 |
900 |
1250 |
1700 |
2900 |
7300 |
1992 |
900 |
1250 |
2000 |
3250 |
6750 |
1993 |
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1994 |
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1995 |
SUMMARY OF CHARACTERISTICS
1879
PROOFS:
Enabling legislation: Act of February 12, 1873
Business strike mintage: None
Designer: William Barber
Weight: 420 grains
Composition: .900 silver, .100 copper
Melt-down (silver value) in year minted: $0.9374
Dies prepared: Obverse: Unknown; Reverse: Unknown
Proof mintage: 1,541; Delivery figures by month: January: 122; February: 96; March: 75; April: 119; May: 90; June: 140; July: 40; August: 45; September: 89; October: 64; November: 80; December: 581.
Characteristics of striking: Usually well struck.
Approximate population Proof-65 or better: 138+/- (URS-9)
Approximate population Proof-64: 104+/- (URS-8)
Approximate population Proof-63: 282+/- (URS-10)
Approximate population Proof-60 to 62: 318+/- (URS-10)
COMMENTARY: Proof-only issue made for collectors; no business strikes were produced.