The 1885 Trade Dollar: A Great Numismatic Mystery
Few coins have cemented themselves as true legends in the lore of American numismatics. Coins like the 1907 Ultra High Relief Saint-Gaudens Double Eagle, 1913 Liberty Head Nickel, and 1894-S Barber Dime are ubiquitous, telling intricate tales that we have listened to with stars in our eyes. After all, there are only a handful of each of these coins produced, and the reasons they exist range from inspirational to nefarious. The 1885 Trade Dollar is a coin that should be immortalized just like any of these other legends, yet we don’t often hear its mysterious story.
The 1885 Trade Dollar is truly one of the rarest coins in the world. Only five examples were ever struck and, miraculously, all five have survived to the present day. The origin story of this coin, however, is quite puzzling.
What is a Trade Dollar?
US Trade Dollars were authorized by Congress with passage of the Coinage Act of 1873. These Trade Dollars were created to compete with the large silver trade coins that were prevalent across Asia at the time. The majority of business strike Trade Dollars were sent to China, while proof issues were struck for collectors. Business strikes were discontinued in 1878, and the proof coins were halted five years later in 1883. However, this 1883 end point leaves a suspicious question as to how an 1885 Trade Dollar could possibly exist.
The 1885 Trade Dollar Mystery
For many years, it was believed the 1885 Trade Dollars were discovered in 1901 by a man named John W. Haseltine, who was sorting through his late father-in-law’s numismatic estate. His father-in-law supposedly acquired the coins from Philadelphia Mint Superintendent A. Loudon Snowden.
One theory suggests Philadelphia Mint Superintendent A. Loudon Snowden had the coins made in secret upon resigning from his post. Though the timing seems convenient, this is by no means conclusive. Another theory suggests that Philadelphia Mint employees could have struck the coins in secret themselves, but there is no significant backing behind this idea. It is also possible the coins were minted with the expectation they would be released in proof sets, but the plans were cancelled after five had already been struck. While there are many theories as to the coins’ origin, all are based on speculation. To date, this remains one of the great mysteries of numismatics.
The Coins Reach the Marketplace
The first known sale of an 1885 Trade Dollar occurred on April 26, 1911, over 25 years after the coins were minted. The coin was purchased by Virgil Brand, an established numismatist who founded the Chicago Coin Co., which remains in business to this very day. The first to appear at auction came on July 1913 as part of the H.O. Granberg Collection. The next two were sold at coin exhibitions within the next two years. Finally, in 1915, the fifth coin was sold in advertisement in The Numismatist.
Where the Coins Reside Today
Over the past century, these five treasures have traded hands among some of the most iconic numismatic figures, from Louis E. Eliasberg to King Farouk I of Egypt. Today, they reside in some of the world’s premier private collections.
The Proof 66 Eliasberg Specimen was sold at auction for an astonishing $3.9 million in 2019. One year later, the Proof 64 Olsen-French Specimen sold for $1.3 million. The Proof 63+ Cameo Amon G. Carter Specimen sold in 2003 for $920,000. The Proof 62 Farouk-Norweb Specimen sold for $1 million in 2004, and the Brilliant Proof Adolphe Menjou Specimen has been privately owned since the 1970s.
With only five examples in existence, the 1885 Trade Dollar has left numismatists clamoring for over a century. The absolute rarity, paired with the mystifying origin story, has established the coin as one of the greatest in history. Rare Collectibles TV has been honored place several Trade Dollar issues, including the 1875 Proof and 1874-CC, with clients through our Private Advisory Coin Team.
