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Eighty Years Ago
SCDHunter
Posts: 686 ✭✭✭
According to the 1931 edition of "The Star Rare Coin Encyclopedia and Premium Catalog", B. Max Mehl was paying 75 cents for proof trade dollars. He apparently wasn't buying circulated ones.
Do you think he actually bought any at those prices?
I am fairly certain that no one brought in their 1913 Liberty Nickel for $50.
Do you think he actually bought any at those prices?
I am fairly certain that no one brought in their 1913 Liberty Nickel for $50.
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Comments
type2,CCHunter.
<< <i>Why would he pay less than a $1 for a silver Dollar????? >>
Trade dollars were no longer legal tender at that time and some did change hands at less than their face value.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>Why would he pay less than a $1 for a silver Dollar????? >>
Simple.
He was a coin dealer.
The name is LEE!
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<< <i>Why would he pay less than a $1 for a silver Dollar????? >>
Trade dollars were no longer legal tender at that time and some did change hands at less than their face value. >>
Indeed, they were demonetized and only worth the melt value - during the Depression silver took quite a dip in price, down to about 35 cents an ounce for awhile there. May have been the reason that the Micro-O Morgans were made - a profit for the maker if you take 20 something cents worth of silver and stamp it into a coin worth $1.
- Marcus Tullius Cicero, 106-43 BC
As others have already stated, Trade Dollars were no longer legal tender at that time......It is interesting to note also, that John Randall (of Randall Hoard fame) paid 90 cents on the dollar for the remnants of that infamous keg of large cents; proving that sometimes coins are sold below face value in bulk once they have been demonitized
www.brunkauctions.com
<< <i>>>Why would he pay less than a $1 for a silver Dollar?????>>
As others have already stated, Trade Dollars were no longer legal tender at that time......It is interesting to note also, that John Randall (of Randall Hoard fame) paid 90 cents on the dollar for the remnants of that infamous keg of large cents; proving that sometimes coins are sold below face value in bulk once they have been demonitized >>
Large cents are legal tender now, as per the Coinage Act of 1965--I believe the only coin at this time that's officially demonetized is the trade dollar?
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He was paying 2.00 to 3.50 for your 1801 dollar.
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<< <i>Why would he pay less than a $1 for a silver Dollar????? >>
Trade dollars were no longer legal tender at that time and some did change hands at less than their face value. >>
Indeed, they were demonetized and only worth the melt value - during the Depression silver took quite a dip in price, down to about 35 cents an ounce for awhile there. May have been the reason that the Micro-O Morgans were made - a profit for the maker if you take 20 something cents worth of silver and stamp it into a coin worth $1. >>
Silver bottomed out at 27 cents an ounce during the Depression, which would put the melt value of a Trade Dollar at about 21 cents. So, he was paying roughly four times melt, depending on what spot was when that offer was made..
TD
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Great picture. One of those that's truly worth a thousand words.
<< <i>Interesting. I did not realize that the trade dollar is no longer legal tender. So I assume making counterfeits of this series is not against the law then >>
I believe the Trade dollar is the only US coin to be demonitized (as opposed to "recalled" an noncurrent).
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
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<< <i>Interesting. I did not realize that the trade dollar is no longer legal tender. So I assume making counterfeits of this series is not against the law then >>
I believe the Trade dollar is the only US coin to be demonitized (as opposed to "recalled" an noncurrent). >>
Trade dollars were first demonitized in 1876 because contrary to their purpose the price of silver was crashing in London which was causing them to be repatriated back from the orient for the Dollar value instead of silver. They were also recalled 3 times states side as long as they were not chop marked (why some are mostly known chopped) and melted into Morgan Dollars as the mint found this to be profitable because the Trade Dollars weighed more than standard dollars so for every so many melted netted them more silver dollars.
The coinage act of 1965 made them legal again by accident but legal never the less.
All of these are reason the series is so rare in just about any capacity. The 3 recalls accounted for the melting of over 7 3/4million coins (most if not all unchopped) and the exporting, chopping and melting of them abroad took care of most of the rest. Coupled by the fact mintage's were done to demand and that they were unloved by collectors for 50-60 years after the series finished and not many were set aside esp the business strikes.
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That is presumably the auction realized price, by the way.
Back in the early days of ANACS we got in a large submission of Proof Seated Liberty coins from somebody who had inherited them from his father. The father had bought them from Mehl back in the day.
The original envelopes did not have auction lot numbers on them, so I assume they were sold retail. They just had the year, the word Proof and a price. Proof quarters were priced at either .75, 1.00 or 1.25. The 75 cent ones were low end, the dollar ones were decent, and the buck-and-a-quarter ones were Gems.
The other denominations were comparable.
TD
What is so special about the Coinage Act of 1965? It merely repeated the wording of the existing 1933 law.
Steve
<< <i>My earliest Blue Book (1948?) listed common trade dollars at 60 cents and 80 cents depending on condition. >>
Which was what they were worth.
What does it show the 1853 A&R quarters and halves at? Face?
<< <i>How much was he paying for 1856 FE cents back then?
Steve >>
He lists two varieties:
nickel: 3.00 to 5.00
pure copper: 5.00 to 10.00
with a note that "The small cents must be in new condition to command any premium"
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<< <i>How much was he paying for 1856 FE cents back then?
Steve >>
He lists two varieties:
nickel: 3.00 to 5.00
pure copper: 5.00 to 10.00
with a note that "The small cents must be in new condition to command any premium" >>
Interesting...perhaps referring to patterns?
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<< <i>My earliest Blue Book (1948?) listed common trade dollars at 60 cents and 80 cents depending on condition. >>
Which was what they were worth.
What does it show the 1853 A&R quarters and halves at? Face? >>
For the quarters: 0.25 to 0.30
For the halves: 0.50 to 0.55
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<< <i>My earliest Blue Book (1948?) listed common trade dollars at 60 cents and 80 cents depending on condition. >>
Which was what they were worth.
What does it show the 1853 A&R quarters and halves at? Face? >>
For the quarters: 0.25 to 0.30
For the halves: 0.50 to 0.55 >>
Thank you. That's just the way things were back then. Common stuff was dirt cheap, including Trade Dollars.
1) The legal tender status of trade dollars is unkown until a judicial determination is made. If the intention was to remonetize them, the legislation should have been more specific.
2) The treasury deparment would redeem trade dollars at face. This was when the cash room was still open, but the bullion value was over $1.