1876-S T$1 Type I/I MS(PCGS#40114)

June 2026 Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

2206

Grade

MS65

Price

18,300

Lot Description

Sharply struck with bold to full definition from the rims to the centers, both sides also possess complete, billowy mint luster. Silky smooth in texture with faint champagne-gold highlights that appear to drift toward the rims. In sum, this is a beautiful Gem that is worthy of the strongest bids.<p>The United States trade dollar made its debut in 1873 with circulation strike coinage continuing through 1878. Authorized by the Act of February 12, 1873, which also abolished the standard silver dollar, the trade dollar had its genesis in the 1850s with growing commercial ties between merchants in the United States and the burgeoning ports and cities of Asia, especially China. During the late 19th century Asian merchants preferred to conduct business using silver coins, the favored medium of exchange being Spanish-American and Mexican 8 reales that had long been popular in the international market. In order to acquire these coins for overseas commerce, however, American merchants had to pay a premium, and calls were soon heard for a domestically produced silver coin. The only one of the United States Mint's contemporary coins that came close to filling this bill was the Liberty Seated silver dollar, examples of which were extensively used in the export trade during the late 1850s, 1860s and early 1870s. As a whole, however, these coins were unsuitable for commerce with Asian markets, in which they unable to compete with the Mexican dollar. The trade dollar replaced the silver dollar in 1873 with the specific purpose of meeting the needs of commerce with the Far East. Indeed, the new denomination was authorized at a weight standard of 420 grains, greater than the 412.5-grain silver dollar to make the trade dollar more attractive in the eyes of merchants in Asia. Yearly mintages were correspondingly much higher than those of the Liberty Seated dollar, especially at those coinage facilities closest to the ports of embarkation for the Far East (the Carson City and, especially, San Francisco mints). The trade dollar became an instant, if short-lived success in its intended role.<p>At 5,227,000 pieces produced, the 1876-S has one of the highest mintages among circulation strike trade dollars, and it is one of the leading type candidates in this series. The Type I/I hub combination constitutes the majority of survivors and, since many are chopmarked from having passed through the hands of Chinese merchants, this issue clearly saw widespread use in the Oriental trade. Although in grades through MS-64 the 1876-S is plentiful by trade dollar standards, the issue is remarkably rare as a Gem. Indeed, the present example is among the finest certified and would serve as a highlight in any numismatic cabinet.