When you mention “ the 1878 morgan dollar” to a coin collector, they might think of one of two coins. The United States Mint produced two distinct types of silver dollars that year: the Trade Dollar and the Morgan Dollar. Both are popular among collectors, but they have different histories, designs, and purposes. Let’s explore these two fascinating coins.
The Trade Dollar
Background
The Trade Dollar was minted between 1873 and 1878. Unlike other dollars made for use in the United States, this coin was primarily created for trade in Asia. The idea was to compete with large silver coins from other countries. Even though they were legal tender in the U.S., most Trade Dollars were meant for international commerce.
Features
The Trade Dollar weighs 27.22 grams and contains 0.7874 ounces of silver. Its design was intended to be attractive to foreign markets. In 1878, the last batch of Trade Dollars was struck, totaling over 4.2 million coins. Most of these were minted in San Francisco, which was closer to Asian markets. Only 900 proofs were made in Philadelphia, while Carson City produced 97,000 coins.
Rarity and Collectibility
Today, the 1878-S Trade Dollar is popular among collectors due to its relative availability. However, proof versions and those minted in Carson City are quite rare and sought after. Generally, all Trade Dollars are considered scarce in better grades, making them valuable additions to collections.
The Morgan Dollar
Background
The Morgan Dollar is one of the most recognized silver coins in America, and its first version was also minted in 1878. Created in response to the Bland-Allison Act, this coin supported the growing silver mining industry in the West.
Features
The Morgan Dollar weighs 26.73 grams and has a silver weight of 0.77344 ounces. In 1878, a staggering 22.5 million Morgan Dollars were produced. Most came from the Philadelphia and San Francisco Mints. In Philadelphia, 10,508,800 were made for circulation, along with 750 proofs. The Carson City Mint produced 2,212,000, while San Francisco struck 9,774,000 coins.
Variations
Morgan Dollars minted in Philadelphia are divided into two main types: the 8 Tail Feathers and the 7 Tail Feathers. The 8 Tail Feathers design shows eight feathers below the eagle on the reverse side, while the 7 Tail Feathers design has only seven. Among the 7 Tail Feathers coins, several varieties, known as VAMs, exist. These are named after Leroy Van Allen and A. George Mallis, who cataloged them in their comprehensive work.
Comparison Table
| Feature | Trade Dollar | Morgan Dollar |
|---|---|---|
| Minting Years | 1873 – 1878 | 1878 (first minted) |
| Primary Purpose | Trade in Asia | Domestic circulation |
| Weight | 27.22 grams | 26.73 grams |
| Silver Content | 0.7874 ounces | 0.77344 ounces |
| Mintage | 4.2 million in 1878 | 22.5 million in 1878 |
| Notable Variations | Few distinct variations | 7 Tail Feathers, 8 Tail Feathers, VAMs |
| Mint Locations | Primarily San Francisco | Philadelphia, San Francisco, Carson City |
| Rarity | Scarce in better grades | Varieties and subtypes exist |
Conclusion
The 1878 Trade Dollar and Morgan Dollar are two significant pieces of American coinage history. While the Trade Dollar served international trade purposes, the Morgan Dollar became an iconic symbol of American currency. Both coins share the same year but tell different stories. Collectors value these dollars for their unique designs and historical significance. The Trade Dollar reminds us of America’s role in global trade, while the Morgan Dollar showcases the country’s rich mining heritage. Collecting these coins can be a rewarding hobby, combining history, art, and investment.
Frequently Asked Questions (FAQ)
1. What are the main differences between the 1878 Trade Dollar and Morgan Dollar?
The main differences include their purpose and design. The Trade Dollar was created for international trade, particularly in Asia, while the Morgan Dollar was intended for domestic circulation. They also differ in weight and silver content.
2. Why were Trade Dollars minted primarily for Asia?
Trade Dollars were designed to compete with other large silver coins in Asian markets during the late 19th century. They were legal tender in the U.S. but mainly circulated in foreign countries.
3. How many 1878 Morgan Dollars were produced?
Approximately 22.5 million Morgan Dollars were minted in 1878. The Philadelphia Mint alone produced over 10.5 million of these coins.