1878 Silver Trade Dollar Value: How Much is it Worth Today?

In 1878, the US Mint produced two silver dollar types – Morgan Dollars and Trade Dollars. It was the last year for Trade Dollars and the first one for Morgan Dollars. Between these two, a multitude of varieties exist so far. Some of these varieties are error coins, but they’re numerous enough to be graded separately. Let’s confirm the 1878 Silver Trade Dollar Value.

1878 Silver Trade Dollar Value Chart
Mint Mark	Good (G 4)	Fine (F 12)	Extremely Fine (EF/XF 40)	About Uncirculated (AU 50)	Low Mint State (MS 60)	Mid Mint State (MS 63)	Proof (PR/PF 63)
1878 (P) Proof No Mint Mark Silver Trade Dollar Value	–	–	$1,719	–	–	–	$3,718
1878-S Silver Trade Dollar Value	$138	$183	$234	$350	$1,140	$2,495	–
1878-CC Silver Trade Dollar Value	$540	$1,089	$3,221	$5,222	$15,907	$28,207	–

 

1878 Silver Trade Dollar Specifications

From the late 1400s to the late 1700s, we freely used colonial coins for commerce within the US. At first, we used British, French, and European coins, especially Spanish Silver Dollars made in Mexico. Then in 1792, we started minting our own coins, but European currency still circulated, and Spanish Dollars remained a firm favorite. They were said to carry 24.4g.

But they often had far lower amounts of fine silver, about 24.0g. American Dollars had 24.1g of fine silver so they were relatively equal. This meant American Dollars and Spanish Dollars could be equitably traded. But after Mexico’s independence in 1821, they got stricter with their 24.4g standard. So the US coined Trade Dollars with 24.5g of fine silver to keep up.

Also, in Asia, America needed a national identity, and our Silver Trade Dollars allowed us to compete with coins from other countries. These Trade Dollars were introduced in 1873, and they had more silver (420 grains or 24.49g) than Seated Liberty and Morgan Dollars, which had 412.5 grains or 24.056g. Meanwhile, Spanish Silver Dollars had 377.1 grains or 24.44g.

The First Generation of Barber Coins

The coins were designed by Chief Mint Engraver William Barber, though he wasn’t the only contender for the final coin. After his first sketches, Treasury Agent Henry Linderman and Mint Director James Pollock approached Bailey Banks & Biddle. They asked this jewelry engraving firm to produce alternative sketches, but in the end, they preferred William’s.

The coin would mostly be sent to China, and this influenced its design. It had elements of commerce including merchandise and other references to overseas sales. But when silver prices dropped in 1876, Trade Dollars flooded back into the US, and business strikes were phased out in 1878. But the mint kept making Proof Silver Trade Dollars from 1879 to 1883.

About 15 were secretly made from 1884 to 1885 and weren’t publicly acknowledged until 1908. Then in February 1887, the US Treasury offered to redeem Trade Dollars without chop marks or counter-stamps. About 8M coins were handed over for melting, and the silver was recycled into half dollars, dimes, and quarters. Let’s look at the 1878 Trade Dollar’s features.

The Obverse of the 1878 Silver Trade Dollar

The obverse (heads side) of the 1878 Silver Trade Dollar shows a seated Lady Liberty facing the sea. The olive branch in her hand points towards the water, representing the direction of East Asia. Her other hand holds a sash that says Liberty. She sits on bales of merchandise.

There’s also a bundle of wheat behind her and 13 six-pointed stars surround her, for the 13 original states of the union. In God We Trust is written on a banner that’s in the grass under her bare feet. She has a tiara in her hair, and denticles run all around the rim of the coin.

The Reverse of the 1878 Silver Trade Dollar

The reverse (tails side) 0f the 1878 Silver Trade Dollar features a bald eagle with its wings out. It holds three arrows in one leg and an olive branch in the other. This order is reversed from other coins, possibly because it’s the eagle’s back that’s facing us rather than its chest.

The eagle’s head is raised and turned to the upper right as it looks at a banner that reads E Pluribus Unum. The coin has the legend United States of America up top and Trade Dollar at the bottom, with denticles all around the rim. Under the eagle, it says 420 Grains, 900 Fine.

1878 Silver Trade Dollars Varieties and Value Guide

The Seated Liberty Dollar of 1836 to 1873 was lighter and had less silver than the Spanish Dollars minted in Mexico. Especially after Mexico gained independence in 1821. So the US developed a Silver Trade Dollar that could compete with European Silver Dollars in Asia. It did quite well until silver prices crashed in 1876. Regular strikes were soon stopped in 1878.

Most coins are either proof strikes or regular strikes, also called business strikes. The latter are intended for everyday use and are referred to as circulation coins. Other strike varieties include Special Mint Sets (SMS), Uncirculated Sets, Enhanced Uncirculated Sets, and Specimens aka Special Proofs (SP). In 1878, the mint coined regular, proof, and SP dollars.

But first, let’s look at mint marks and varieties since they can both increase the value of a coin. A variety is a batch of coins – sometimes hundreds or even thousands – that are made with the same die, so they have identical features. Mint marks show which branch of the US mint made that particular coin. Let’s review 1878 Silver Dollars by type, location, and variety.

• Category: Silver Trade Dollar
• Mint Branches: Philadelphia, Carson City, San Francisco
• Total Mintage: 22,494,800
• Obverse Designer: William Barber
• Reverse Designer: William Barber
• Composition: 90% Silver, 10% Copper
• Diameter: 38.1mm (1.5 inches)
• Weight: 27.2g
• Edge: Reeded

1878-S Silver Trade Dollar Value

On coin lists, Silver Trade Dollars are sometimes categorized as T$1 to distinguish them from Silver Morgan Dollars. And in 1878, the San Francisco Mint made 4,162,000 Silver Trade Dollars. They all have the S Mint Mark on the reverse. In January 2019, an MS 68 sold for $252,000. Only one is currently known, and PCGS estimates its value as $275,000 in 2023.

• Type: Silver Trade Dollar
• Edge: Reeded
• Mint Mark: S
• Place of Minting: San Francisco
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $252,000 in January 2019
• Quantity Produced: 4,162,000
• Designer: William Barber
• % Composition: 90% Silver, 10% Copper
• Mass: 27.2g
• Diameter: 38.1mm

 

1878-S Silver Trade Dollar with Chinese Character Chop Marks Value

In Asia, US coins with chop marks were the standard because it was used to test their authenticity. And while these marks sometimes cancel the coin’s value within the US, they can be a priceless treasure for collectors. In September 2010, an MS 62 was $2,185. PCGS has only graded three. More recently, in March 2017, two AU 58s sold for $353 and $282.

1878-S Silver Trade Dollar DDR FS-801 Value

FS means First Strike and it describes coin errors listed within 30 days of the coin’s original release. A DDR variety (doubled-die reverse) occurs when the reverse die shifts while being struck by the hub, so the second impression lands on a slightly different spot. This flaw is then copied onto all the coins made by that die. In August 2019, an MS 63 DDR was $2,760.

1878-CC Silver Trade Dollar Value

In 1878, the Carson City Mint made 97,000 Silver Trade Dollars. They all had the CC Mint Mark on the reverse. In January 2019, an MS 65 sold for $192,000. Only one is known, and it sold for the same price in August 2022. The NGC price was $55,000 in 1990. The highest known grade is MS 66. PCGS has only graded one. Its current price estimate is $300,000.

• Type: Silver Trade Dollar
• Edge: Reeded
• Mint Mark: CC
• Place of Minting: Carson City
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $192,000 in August 2022
• Quantity Produced: 97,000
• Designer: William Barber
• % Composition: 90% Silver, 10% Copper
• Mass: 27.2g
• Diameter: 38.1mm

1878-CC Silver Trade Dollar with Chinese Character Chop Marks Value

In Asia, American Silver Trade Dollars were often counter-stamped with holes or chop marks to make sure they were genuine. When these coins got back to the US, the mutilation would sometimes lower or even nullify their market value. But for collectors, these counter-stamps can increase the price. A VF 35 sold for $6,463 in March 2017 and $3,120 in October 2022.

1878 (P) Proof Silver Trade Dollar Value

Proof coins ensure dies are accurately rendered, so they’re coined with extra sharp details.  They can be matte, mirror-like, and reverse proofs. In 1878, Trade Dollars had mirror-like proofs. The planchets were tumbled in a vat of 6mm stainless steel balls called satellites before striking them aka burnishing. Proof dies are also polished with horsehair brushes.

The frosted sections were pickled in acid until 1970 when the mint introduced lasers. But the acid-wash doesn’t last. The more the die is used, the weaker the acid-frosting becomes since it wears off the dies with every strike. The first 50 to 100 acid-pickled coins show the highest contrast. They’re graded Deep Cameo by PCGS or Ultra Cameo by NGC. Below that is cameo.

• Type: Proof Silver Trade Dollars
• Edge: Reeded
• Mint Mark: None
• Place of Minting: Philadelphia
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $120,750 in January 2006
• Quantity Produced: 900
• Designer: William Barber
• % Composition: 90% Silver, 10% Copper
• Mass:2g
• Diameter: 1mm

PCGS grades proof coins as PR while NGC grades them as PF. And in 1878, the Philadelphia Mint only made Proof Trade Dollars with none for circulation. They made 900 of them. In January 2006, a PR 68 was $120,750. Then in April 2011, a PR 67 CAM was $29,900 and in August 2014, a PR 66 DCAM was $31,725. In 2023, MS 66+ DCAM is estimated at $40,000.

Grading 1878 Silver Trade Dollars

The top coin appraisers are PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Company), and ANACS (American Numismatic Association Certification Service). They all use variants of the Sheldon Coin Grading Scale, which goes from PO 1 (Poor) to Mint State 70 (MS 70). Proofs are graded PR by PCGS and PF by NGC. Specimens are graded SP.

In addition to these grades, when you submit coins in bulk, NGC sometimes uses descriptive grades instead of numbers. You can request this for common coins. Let’s review them below.

• Details – Coins that were cleaned, chemically improved, or damaged e.g. XF Details.
• Brilliant Uncirculated (BU) – Cleaned, damaged, or altered MS 60 to MS 70.
• Choice Uncirculated – Cleaned, damaged, or altered MS 63 to MS 70.
• Gem Uncirculated (GEM UNC/BU) – Cleaned, damaged, or altered MS 65 to MS 70.

You might get confused when you look at online auction records because some countries use different lettering systems. For example, the UK uses UNC (Uncirculated) instead of AU (About Uncirculated), and some countries use FDC (Fleur de Coin) instead of MS. If you’re unsure, check the coin details to see which country it was graded in, and where the seller is.

You might also see PL for Proof-Like, DPL for Deep-Proof-Like, or DMPL for Deep-Mirror-Proof-Like. These shiny mirror-like coins were struck on non-proof planchets using non-proof dies, which means the dies and planchets were not polished or burnished before the coins were struck. They’re part of the regular strike, but have sharp details and a satin-finish.

1878 Silver Trade Dollar Errors List

Mint errors can raise the investment value of any coin, and at least 20 are listed by Cherry Pickers. The most common ones are doubling or tripling errors when the second or third strike lands on a slightly different spot from the first strike. They happen if the planchet or the die move in mid-strike. Off-center errors are when the planchet shifts before striking.

1878-S Silver Trade Dollar DDR

DDR means doubled-die reverse. It happens when the die shifts between strikes from the reverse hub. This doubling is then reproduced in every coin that die mints, causing a DDO variety. It’s clearest on the arrows and on the proportion descriptors (420 Grains, 900 Fine). It’s a First Strike Error worth around $180 in F 12, $230 in XF 40, and $1,300 in MS 60.

1878 Silver Trade Dollar FAQs

How Can You Tell if a Trade Dollar is Real?

Weigh the coin and measure its dimensions, since counterfeiters are rarely accurate on both counts. The coin should be 38.1mm in diameter and 27.2g. You can also use a magnet to test for iron or steel content since a Trade Dollar shouldn’t have any. It can be helpful to check the reeds and denticles, but remember that older coins will look less perfect since the newer fakes have more advanced minting tools. Finally, confirm that the right font has been used.