Saturday, October 10, 2009

Trade Dollars in Commerce

Trade Dollars in Commerce

This post teach how to Trade Dollars in Commerce.

Designed by the mint’s chief engraver William Barber, father of the famous engraver Charles E. Barber, the Trade Dollar was first minted in 1873. The purpose of the coin was for the expanding trade with countries in the Far East, especially China. In fact, the Trade Dollar isn’t a phenomena specific to the USA, as other countries such as Japan and Great Britain also issued Trade Dollars for commerce with Asia.

The US Trade Dollar

Congress started promoting American commerce overseas by authorizing a new .900 silver coin called US Trade Dollar. The coin weighed 420 grains compared to Mexican coin at 416 grains. It was also larger than its predecessor, which weighed 412.5 grains. In Peking, China the US trade dollar was proclaimed as official trade coin in the country overtaking lighter Mexican money.

In Asia the demand for US Trade Dollar was very strong. Most Trade Dollars ended up in Asia within two years of having been minted. In 1876 mine owners were unloading huge amounts of silver onto the market which caused a great backlash for the US Trade Dollar. Treasury Secretary John Sherman stopped commercial production of the coin in 1878. The rarest of all US Trade Dollars are those dated 1884 and 1885. These coins were made illegally for the collector of the Mint, William Idler.

Japan also made a trade dollar

The Japanese minted the Silver One Yen coin which is also known as the “Dragon Yen”. The coin was not much different from the US Trade Dollar coin. One could see a one yen circulating along with the US Trade Dollar. This coin was also issued for foreign trade, and it weighed at 27.22 grams and was .900 silver the same as the US Trade Dollar.

United Kingdom also made a trade dollar

The Opium War began when china stopped Britain from selling opium to its people. Silver dollars were directly involved in the result of the war. Britannia standing on shore, holding a trident in one hand and balancing a British shield in the other depicts that the British trade dollars mined exclusively for use in Far East. The last British dollar was minted in the year 1935. The coin which has the mark “B” was produced at Bombay and “C” was produced in Calcutta. Bombay was the main facility but most of these silver dollars were used by, and planned for, merchant trades to and with Hong Kong and surrounding ports in China. 1935 trade dollar story is still a mystery; many say that they ceased money as a result of the passage in this year of the Currency rule. 1935-B British Trade Dollar was the last of its kind and then the coin vanished into history.


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