United States

The United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 trade dollar is a silver

Silver

Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...

 dollar

Dollar

The dollar is the name of the official currency of many countries, including Australia, Belize, Canada, Ecuador, El Salvador, Hong Kong, New Zealand, Singapore, Taiwan, and the United States.-Etymology:...

 coin

Coin

A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....

 that was issued by the United States Mint

United States Mint

The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...

 and minted in Philadelphia, Pennsylvania

Philadelphia, Pennsylvania

Philadelphia is the largest city in the Commonwealth of Pennsylvania and the county seat of Philadelphia County, with which it is coterminous. The city is located in the Northeastern United States along the Delaware and Schuylkill rivers. It is the fifth-most-populous city in the United States,...

, Carson City, and San Francisco from 1873 to 1885. Trade dollars intended for circulation were last produced in 1878 while proof coin

Proof coinage

Proof coinage means special early samples of a coin issue, historically made for checking the dies and for archival purposes, but nowadays often struck in greater numbers specially for coin collectors . Many countries now issue them....

 production continued until 1885.

The coin was designed by William Barber, the mint's chief engraver. More trade dollars were minted in San Francisco than Carson City and Philadelphia combined. San Francisco was closest both to the source of the silver as well as the ultimate destination of the coins, China. Many Trade dollars have what are called "chop marks" on them. Chinese merchants would stamp the coins, thus guaranteeing weight and fineness and, also, advertising their businesses.

The United States Congress

United States Congress

The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....

 authorized the U.S. Mint to create a trade dollar to improve trade with the Orient

Orient

The Orient means "the East." It is a traditional designation for anything that belongs to the Eastern world or the Far East, in relation to Europe. In English it is a metonym that means various parts of Asia.- Derivation :...

, China in particular. Prior to that, the Mexican peso

Mexican peso

The peso is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 15th–19th century Spanish dollar, most continuing to use its sign, "$". The Mexican peso is the 12th most traded currency in the world, the third most traded in the Americas, and by far the most...

 had been the primary silver coin used in trading with China

China

Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...

. In fact, the eagle on the trade dollar's reverse looks quite similar to the peso's. The coin was minted at 420 grain

Grain (measure)

A grain is a unit of measurement of mass that is nominally based upon the mass of a single seed of a cereal. From the Bronze Age into the Renaissance the average masses of wheat and barley grains were part of the legal definition of units of mass. However, there is no evidence of any country ever...

s (27 g) of silver with a fineness

Fineness

The fineness of a precious metal refers to the ratio of the primary metal to any additives or impurities.A piece of alloy metal containing a precious metal may have the weight of its precious component referred to as its fine weight. For example, 1 troy ounce of 18 karat gold may be said to have a...

 of .900 (90%), about 8 grains (520 mg) more than the domestic silver dollar of the time, and 4 more than the peso. However, the peso was .903 silver.

Collectors are warned that recently a large number of U.S. Trade dollars have been forged in China. Purchasing from known dealers or buying sealed and certified coins may be necessary to avoid these fakes.

Japan

The Japanese

Japan

Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...

 Trade Dollar was a dollar coin, issued from 1875 to 1877. It was minted of 27.22 gram

Gram

The gram is a metric system unit of mass....

s of silver with a fineness

Fineness

The fineness of a precious metal refers to the ratio of the primary metal to any additives or impurities.A piece of alloy metal containing a precious metal may have the weight of its precious component referred to as its fine weight. For example, 1 troy ounce of 18 karat gold may be said to have a...

 of 900 (90%). The Yen coin had 26.96 grams of silver at that time, and otherwise nearly identical in design to the trade dollar.

2,736,000 coins of this type were minted, the vast majority in 1876-77. When Japan introduced the gold standard

Gold standard

The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...

 in 1897, the silver 1 yen coins, including the trade dollars, were demonetized. The majority of the trade dollars were counterstamped with the character "gin" (Japanese for "silver"). The Osaka mint placed the mark on the left side of the reverse, the Tokyo mint on the right. The coins were then released for use in Taiwan, Korea and Southern Manchuria.

United Kingdom

With the extension of British trading interests in the East, especially after the founding of Singapore

Singapore

Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...

 in 1819 and Hong Kong

Hong Kong

Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...

 in 1842, it became necessary to produce a special Dollar so as to remove the reliance of a British Colony upon the various foreign coins then in circulation. The picture is a Trade Dollar from the reign of Victoria. It is dated 1900 and minted at the Bombay mint.

China Trade, Silver Dollars were a direct result of the Opium Wars

Opium Wars

The Opium Wars, also known as the Anglo-Chinese Wars, divided into the First Opium War from 1839 to 1842 and the Second Opium War from 1856 to 1860, were the climax of disputes over trade and diplomatic relations between China under the Qing Dynasty and the British Empire...

 (1839-1843, 1856-1860), which began when China tried to stop Britain from selling opium to its citizens. The loser, China, had to open up a number of ports to British trade and residence, and cede Hong Kong to Britain. In the decades that followed, merchants and adventurers flocked to these areas, and international trade flourished. Foreign banks were established, and large silver coins from all over the world began arriving to pay for tea, silk, and Chinese porcelain to be shipped abroad. These .900 fine silver trade dollars were then circulated throughout China, where they were readily accepted as a medium of exchange. The British Trade Dollars, minted exclusively for use in the Far East, depict Britannia standing on shore, holding a trident in one hand and balancing a British shield in the other, with a merchant ship under full sail in the background. On the reverse is an arabesque design with the Chinese symbol for longevity in the center, and the denomination in two languages— Chinese and Jawi Malay.

The British Trade Dollar was minted from 1895 for Hong Kong and the Straits Settlements. But after the Straits dollar

Straits dollar

The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...

was introduced to the Straits Settlements in 1903, it became exclusively a Hong Kong coin, with the last being produced in 1935. Those with the mint mark "B" were produced at the Bombay mint; others, marked "C", were struck in Calcutta. Those with no mint mark were produced in London. The mint mark "C" can be found in the ground between the left foot of Britannia and the base of the shield, while the mint mark "B" is located in the centre prong of the trident. The 1921-B dollar was struck but never released for circulation, and only a limited number of 1934-B and 1935-B coins were released.

In some cases, the date on an already manufactured coin die was altered. As this could not be done without leaving a trace of the former date, some coins show traces of an older date below the clearly visible date. These include 1897-B over 1896-B, 1900-B over 1894-B, 1901-B over 1900-B, 1909-B over 1908-B, 1904-B over 1898-B, 1903-B over 1902-B, 1908-B over 1903-B, 1904-B over 1903-B, 1929-B over 1901-B, 1908-B over 1907-B, and 1910-B over 1900-B.

The British Trade Dollar was demonetized on August 1, 1937.

External links

• US Trade Dollar by year and type. Histories, photos, and more.