1878-CC Trade Dollar - CC Coin of the Week - 2/27/2011

I didn’t know anything about Trade dollars until I joined C4OA and Jim Sneddon wrote his comprehensive article in the Fall 2008 issue of Curry’s Chronicle.

Background

1878 saw the lowest recorded mintage of Trade dollars at Carson City, 97,000 within 2 months, rounding out a total mintage of 4,21,400 between 1873 and 1878.

Jim Sneddon introduced us briefly to the 1878 Trade Dollar in the Summer 2008 issue. When I say briefly, I mean that Jim only wrote 8 pages on the coin. 1878 was a watershed year at the Carson City Mint. It signaled the end of production of Trade dollars in February, 1878 and the beginning of production of Morgan Dollars in March, 1878. Jim reported that on February 22, 1878, 133 years ago this past week, Treasury Secretary John Sherman issued an order to cease production of all Trade dollars. Trade dollars continued to be paid out until July 19, 1878 when approximately 44,148 undistributed 1878-CC Trade dollars were melted. This left the net mintage at 52,852, most, if not all, circulating in the US. The hunt began.

Diagnostics

Jim goes on to describe four known reverse varieties of the 1878-CC Trade dollar, all distinctive by the position of the mintmark below the word “GRAINS”. Jim states that an article by John McCloskey, in issue number 78 of the Gobrecht Journal, provides detailed descriptions and images of each variety. Jim also goes on to describe and provide the provenance for 8 known chopmarked 1878-CC Trade dollars. Because there was no demand to ship Trade dolars to the Orient, the extant population of these chop marked dollars is prohibitively rare and most are safely in the hands of Chopmarked Collectors Club members.

Jim Sneddon’s treatise in the Fall 2008 issue of Curry’s Chronicle is titled “The Different Obverse and Reverse Hubs of the 1873 to 1878 Carson City Trade Dollars". Jim concluded that 1878-CC Trade dollars were comprised only of Type II obverses and Type II reverses. The major characteristics of the Type II reverse is no berry under the eagle’s right facing claw and two feathers that protrude from the back of the eagle’s tail. Moreover, the 1878-CC hubs are of the 2L/2L variety. The 2L obverse is distinctive because the top of the right tip of the ribbon is not doubled. The 2L reverse is distinctive because the feathers that blend down the back of the eagle’s tail are smooth as opposed to detailed on the 2L reverse.

Population

Rusty Goe, in The Mint on Carson Street, estimates only 300 to 500 1878-CC Trade dollars exist in all grades. This adds some weight to Jim Sneddon’s speculation that additional Trade dollars were melted in subsequent years. Only 60 to 75 of the survival population is estimated to survive in uncirculated condition.

Auction Results

Jim Sneddon was able to trace 103 auction appearances for the 1878-CC Trade dollar. Rusty Goe highlighted a few in The Mint on Carson Street. For example, the Jack Roe uncirculated specimen was sold by B. Max Mehl for $52.50 in 1945. Nine years later, the Anderson- Dupont uncirculated specimen sold for $170. Sales progressed to the point that in 1990, the Boys Town specimen, at PCGS MS-64, was sold by Superior Galleries for $28,600. More recent auction sales cover a wide spectrum of value. In January 2009 a PCGS AU-58 sold in a Heritage auction, Lot 3981 at $13,225. In January 2007, a PCGS MS-65 gem sold in a FUN Signature Coin Heritage auction, Lot 1074 at $143,750. The Heritage cataloguer lauded the coin:

"The present MS65 example offers light but lavish toning in shades of rose, aqua, and gold, and is surely among the finest certified survivors, both in terms of the population data as well as the overall eye appeal. As of this writing, PCGS has certified only a single specimen with a finer grade, while NGC also has certified one Gem coin, with one higher (11/06)." No pedigree was given for the coin.

Here are photos of that coin.



In the June, 2004 Medio DaCosta Gomez sale , a raw uncirculated specimen was sold by Stack's, Lot 4520 for $54,625. The cataloguer included this praise in his remarks: "well on the way to Gem. Smooth frosty fields and meticulous devices are bathed in softly luminous clear gold and lavender of the greatest delicacy and beauty."

Here are photos of that coin.


The 1878 Trade dollar is a coin that all Carson City collectors and specifically members of this club should aspire to own.

Garryn,

I am slowly learning more and more about Carson City Trade dollars and your article has certainly helped take me to that next level in knowledge. Nice Article!

deepsouthspike

Hi Garryn

I want to commend you on a very fine and thorough job of presenting this very special coin; the 1878-CC trade dollar. You well covered the various aspects of mintage/survival figures; history; politics; die varieties and much more....all the ingredients for a great post.

This is one of the Top 25*coins from the Carson City mint
*(Top 25 courtesy of The Mint on Carson Street - Rusty Goe)

I thought I would present an image of my 1878-CC trade dollar from the drummer collection. I've fondly named this coin "Gandalf the Gray"...it's now housed in my Capital Plastics 10-piece type set of raw "CC" coins.**

I purchased this coin well over 10 years ago originally encapsulated in an ANACS holder graded AU-50. If anyone has a better image of this great coin, please post it.

the drummer

P.S. Congratulations on your 400th C4OA blog post! Don't go changin' my friend!

**P.P.S. This handsome 10-piece type set as shown was custom designed by Rusty Goe. They're only available from Southgate Coins in Reno, NV. and come in 3 color choices: white; blue; black (pictured)

Garry,

It is fitting that you referenced James Sneddon throughout your COTW post on 1878-CC Trade dollars. If any C4OA member qualifies as an expert on "CC" Trade dollars it is certainly Mr. Sneddon.

Yet in his typically modest way, James has suggested there is another C4OA member, who chooses to fly under the radar, who could provide us all with a world of information about Trade dollars. We can only hope that this anonymous member will come out from hiding some day and start submitting articles on "CC" Trade dollars to Curry's Chronicle.

It is unfortunate that James Sneddon does not use a computer and does not have access to the Internet, for we can only imagine that he would be a regular participant on this Web site's discussion board.

Garry, you made a very relevant connection when you wrote:

1878 was a watershed year at the Carson City Mint. It signaled the end of production of Trade dollars in February, 1878 and the beginning of production of Morgan Dollars in March, 1878.

And I'm sure your COTW posting will tempt some C4OA members, who visit this discussion board, to seek out an 1878-CC Trade dollar.

It's also good to hear about how much you've learned about "CC" Trade dollars since you joined the C4OA—Increasing knowledge about the coins made at the Carson City Mint is one of the foundational missions of this club.

Good job.

Rusty

Garry,

Trade Dollars are such a unique and fascinating subject. Like yourself, I have learned a lot from James Sneddon's articles in Curry's Chronicle.

As you and Rusty point out, 1878 was a tumultuous year at Carson City due to the termination of the Trade Dollar series and the beginning of the Morgan Silver Dollar series. But 1878 is also significant because it is the last year that any Seated Liberty Dime, Quarter or Half Dollar were minted in Carson City!

Great article Garry!
Belay Off

Garryn-
Great stuff on the 1878-CC Trade Dollar. I hadn't realized that nearly half of the number minted were held back and then melted down. But like others say, that's the beauty of the "Coin of the Week" program. The Trade dollar is a unique series, it just couldn't perform as it was intended for. Oh well, the Morgan spoke volumes.
And hey Drummer, that set of yours housed in that Capitol holder looks fabulous! I don't know if the holder makes the coins or the coins make the holder, okay its both. Good work, Drummer. I may have to break down and get me one of those custom C.C. Type Set holders.
-R-