Coin Specifications

Category: Trade Dollars (1873-1885)
Mint: Philadelphia
Mintage: 3,039,200
Obverse Designer: William Barber
Reverse Designer: William Barber
Composition: Silver
Fineness: 0.9000
Weight: 27.2200g
ASW: 0.7876oz
Melt Value: $19.92 (7/26/2021)
Diameter: 38.1mm
Edge: Reeded
Link to this coin

1877 T$1 MS obverse 1877 T$1 MS reverse
Expand All    Collapse All

Description & Analysis

The coining of more than three million trade dollars at the Philadelphia Mint in 1877 is ample proof that most of this production was intended for profiteering. Holders of silver bullion deposited it with the mint and received trade dollars in return at their bullion value, stating that the coins were intended for export. Since the intrinsic value of trade dollars had fallen to around 90 cents by this time, the coins received represented a profit if placed into domestic circulation at their nominal face value of one dollar. Though this had been prohibited when the trade dollar's legal tender status was repealed in 1876, the law was unenforceable.

Taking advantage of this exchange were factory owners and other large employers of poor, often illiterate laborers, the former purchasing these coins from bullion brokers below their perceived face value and then paying them out as wages at the rate of one dollar each. Businesses would lose the trade of these wage earners if the trade dollars were refused for purchases, but then the recipients were stuck with the coins that banks refused to take above their diminished bullion value.

Treasury Secretary John Sherman attempted to thwart this practice by declaring in June of 1877 that no legitimate export demand for trade dollars still existed, but his efforts were in vain. It was easy to produce suspect documents indicating an intention of export, so the Mint was forced to fill the orders into early 1878. In fact, most of the 1877(P) trade dollars were struck during the second half of the year, subsequent to Sherman's declaration.

This issue is very common in well worn condition, almost certainly reflecting this widespread domestic circulation. Examples are reasonably plentiful in the lower Mint State grades, but gems and quite rare. In addition, the typical 1877(P) trade dollar is weakly struck at its peripheries.

The only variety of note is a doubled-die obverse, FS-101, which is evident at the right end of the banner reading IN GOD WE TRUST and also at the lowermost star on the right.


GRADE SUMMARY

Loading... Working...

Use the scroll bar at the bottom of this box to view a summary of the NGC Price Guide, NGC Census, Auction Prices Realized and NGC Registry Scores for each grade.

There was no data found for this Coin.

Select Designation

 
NGC PRICE GUIDE
NGC CENSUS
AUCTION PRICES REALIZED
NGC REGISTRY
SCORE
FIND IT ON EBAY

Select Grade

Price Guide

Last Updated: 6/17/2019

Click on a price to see historical prices, comparison charts and trends.

1877 T$1 MS
  GVGFVFXF505355586061626364656667686970
Base $ 125 145 180 260 325 400 490 525 700 1000 1100 1400 2000 3250 15500 35000 - - - -
$ - - 500 575 775 - - 1700 2500 4400 18700 - - -
1877 T$1 MS PL
  GVGFVFXF505355586061626364656667686970
Base $ - - - - - - - - - - - 3150 - 4950 - - - - - -

NGC Price and Value Guides Disclaimer

Disclaimer: The prices listed in the various NGC Price and Value Guides are compiled from a number of independent, third party sources in the numismatic community which NGC believes to be reliable. Prices provided are averages, not specific prices for individual coins. Further, because these prices are only updated from time to time, they do not reflect short term pricing trends, which are quite common and are often quite dramatic, given the volatile nature of the collectible coin marketplace. This is especially true for rare coins, where there are fewer sales and greater variations in sale prices. For all of these reasons, the prices in these guides are designed to serve merely as one of many measures and factors that coin buyers and sellers can use in determining coin values. These prices are not intended, and should not be relied upon, to replace the due diligence and — when appropriate — expert consultation that coin buyers and sellers should undertake when entering into a coin transaction. As such, NGC disclaims all warranties, express or implied, with respect to the information contained in the NGC Guides. By using the NGC Guides, the user agrees that neither NGC nor any of its affiliates, shareholders, officers, employees or agents shall have any liability for any loss or damage of any kind, including without limitation any loss arising from reliance on the information contained in the Guides.

Census

 
NGC GRADE SUMMARY

Total Graded: 794
Low Grade: PrAg
Average Grade: 55
High Grade: 66

The chart showing PrAg series, G series, VG series, F series, VF series, 40 series, 45 series, 50 series, 53 series, 55 series, 58 series, 60 series, 61 series, 62 series, 63 series, 64 series, 65 series, 66 series.
NGC CENSUS DETAIL Last Updated: 7/20/2021 1877 T$1 MS
 PrAgGVGFVF4045505355586061626364656667686970Total
Base548141225977253960821470845161101----786
--------------1-------1
-------------2-4------6
-----------------------
Total548141225977253960821470865265101----793
 1%1%1%2%15%7%10%3%5%8%10%2%9%11%7%8%1%0%---- 
1877 T$1 MS PL
 PrAgGVGFVF4045505355586061626364656667686970Total
Base-----------114-2------8
-----------------------
-----------------------
-----------------------
Total-----------114-2------8
 -----------13%13%50%-25%------ 

NGC Registry

NGC Registry Score 1877 T$1 MS
 PrAgGVGFVF4045505355586061626364656667686970
Base25532345650253266774782011601345158417251834212426653510621876388875102541178613481
27836747151257769477193312221425163117611931230429474413669180509335107651235114155
000000771933122214251631176119312304294744136691805093351076500
0000007961047128315041678179820272485322853157165846397941127500
Registry Image Gallery
Grade: MS 65
Points: 6218
Owner: Jon Lorenzo
 
Grade: MS 62
Points: 2124
Owner: polhejm
 
View the Registry Image Gallery

Related Articles

A Challenging Time for Coin Authenticators

8/11/2008 — Skip Fazzari looks at steady improvements in counterfeiting technique, and discusses why the 21st century is a challenging time for coin authenticators. Learn more about why it’s more important than ever to have your collectibles authenticated.
View full article >


NGC Auction Central Disclaimer

NGC Auction Central Disclaimer

Disclaimer: The auction prices realized listed in the NGC Auction Central are compiled from a number of independent, third party sources in the numismatic community which NGC believes to be reliable. The auction data listed by NGC may occasionally contain typographical or input errors that can result in incorrect prices realized appearing on the NGC website. Therefore, the prices realized listed in NGC Auction Central are designed to serve merely as one of many measures and facts that coin buyers and sellers can use in determining coin values. These prices are not intended, and should not be relied upon, to replace the due diligence and – when appropriate – expert consultation that coin buyers and sellers should undertake when entering into a coin transaction. As such, NGC disclaims all warranties, express or implied, with respect to the information contained in the NGC Auction Central. By using the NGC Auction Central, the user agrees that neither NGC nor any of its affiliates, shareholders, officers, employees or agents shall have any liability for any loss or damage of any kind, including without limitation any loss arising from reliance on the information contained in the NGC Auction Central.