1876 Trade Dollar. Type I/I. MS-65+ (PCGS). CAC.

1876 Trade Dollar. Type I/I. MS-65+ (PCGS). CAC.，Exquisite satin white surfaces are fully brilliant with intense mint luster. Sharply struck in virtually all areas with remarkably smooth and well preserved surfaces for a circulation strike trade dollar of any issue. Although a great success in Oriental commerce beginning with its introduction in 1873, the trade dollar suffered a setback in 1876 from which the denomination never recovered. In the latter year silver prices dropped to the point where a trade dollar contained only 91 cents worth of silver, a significant reduction from the $1.02 bullion value of these coins at the series debut. The federal government reacted quickly and, as one of its provisions, the Act of July 22, 1876, demonetized the trade dollar within the United States and limited its coinage for use in the export trade (the raison detre for the denomination, anyhow). Circulation strike production continued apace, as a result, with the 1877-S even setting the mintage record for the series at 9,519,000 pieces.<p>On February 22, 1878, however, Treasury Secretary John Sherman halted trade dollar coinage for commercial use. Brother of the famous Civil War general, Sherman was a foe of the trade dollar and, with the standard silver dollar re-authorized through the Bland-Allison Act of February 28, 1878, western mining interests were more than content that there was still a ready outlet for their precious metal. The Philadelphia Mint struck only Proof trade dollars in 1878, although final circulation strike productions took place in Carson City and San Francisco. Thereafter the trade dollar remained a Proof-only affair at the Philadelphia Mint until the series official end in 1883.<p>The Philadelphia Mint produced 455,000 circulation strike trade dollars in 1876, a relatively limited total for this series. Even so, this is the most frequently encountered Philadelphia Mint issue of the type in Mint State. Preserved with such care as to appear pristine at most viewing angles, this premium quality Gem is rare from a condition standpoint and belongs in the finest collection.，，