Hone your grading skills -- Trade Dollar

How many undipped, problem free XF / AU coins did you find?

 

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I think it is graded XF also---
It's a really nice looking coin Mike !!!! The color and detail is just right!

Speedy

 

How do we know it's not dipped? Maybe back in 1970 is had a very light one. IMO, dipping is a relative term and any coin which is currently available for internet purchase or trade is suspect.

 

Yours is the first I have seen. :hail: :smile

 

Just wondering about something, please educate me.
Is the uneven toning around the extended arm/olive branch area commen on these coins.
From comments on other coins in this forum, people had mentioned this difference could be evidence of cleaning.
Now, I am not saying that about this coin.
I am only asking to further my knowledge.
Thanks.

 

You are right, without knowing the exact location and state of this coin since its minting, there is no way to know for sure.

That said, the look of this coin is consistent with an original coin with original skin. I have seen several circulated silver pieces from this time that were known to be original (i.e. traceable provenance), and they have a similar look.

But you're right -- original is a relative term and without proof it is difficult to be 100% sure this coin was never dipped in the past...Mike

 

I would suggest that the trade dollar is an original-looking coin because of this very toning pattern. If, however, the areas very near the devices were black, and the fields light and hairlined, I would be worried. However, this coin, with the lack of toning in the more hidden areas, as well as a complete lack of hairlines or other remnants of cleaning, leads me to believe this coin is original as they come.

Also, remember you should expect a different look to an XF/AU coin with little wear, and a G/VG coin where the entire original surface has been worn away. These heavily circulated coins have a very different look as they tone. If I saw a coin that looked like the trade dollar, but was in G condition, I would be very wary, however this same look on an XF or AU coin indicates originality.

A few examples....

Original (looking) XF/AU:


Not Original (looking) XF/AU:


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Original (looking) VG/F:


Not Original (looking) VG/F:


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See the difference?

All IMHO...Mike

 

XF 45 I would price it in the $350-$400 range. Very nice eye appeal. <---- term used by us old timers..

 

And one more example:

Original (looking) XF/AU trade dollar:


Not original (looking) XF/AU trade dollar:

 

Gotcha, Mike.
The areas that I questioned were merely protected from wear from the high points of the design.
That makes total sense now.
Thank you for taking the time to provide examples.

 

They just aren't out there. Any of the ones that show up on Teletrade or Heritage are usually in ANACS problem holders.

By the way, nice pictures everybody. They are outstanding!

 

PCGS graded the coin XF 45.

My subjective description of the coin: The coin is deeply toned and has a thick skin. It is a bit more dove-grey than the photos suggest, but otherwise they are an accurate representation of the coin in-hand. There is luster evident in all of the protected areas of the coin, but the open areas of the fields and the high points of the devices show rub and clear circulation marks. The rims are perfect (from what I can see), and the coin is well struck, although some weakness in Liberty's crown and on one star is noted. The reverse strike is strong, and the eagle shows very good detail througout. There are a few spots on both sides, none particularly distracting. There is also an old light scratch in the obverse field which has long since toned over partially obscuring it.

I would grade the coin AU 50 details, scratched, net XF 45...but a ten point bonus for originality : net AU 55. The coin cost $400, which is a very strong price for this coin. I would have happily paid more.

Some background about this issue: The 1874-P trade dollar is the rarest trade dollar in circulated condition. Due to the fact that they were worth more than one dollar when they were minted, virtually all of the estimated 987k were melted or exported (where they were often immediately melted or chopmarked) -- there are records that indicate 300k were melted in one month in India. Add to that the high percentage of extant coins which have been dipped or otherwise cleaned, and you get a feeling of just how rare a coin this is. Try and find another. Despite its rarity, the coin's value is just above that of the most common trade dollars.

It is kind of an esoteric coin, that will likely never be in high demand, but one I'm very excited to have acquired if for only its original looking appearance. I have been looking for a nice XF/AU trade dollar for several years now, and I am overjoyed to have finally filled that hole! The coin will soon be freed from its PCGS tomb where it will likely live out its days in a Dansco 7070.

Thanks for all your comments and guesses -- I appreciate them...Mike

 

Thank YOU for sharing it with us, Mike.

 

Leadfoot,

I got in late on this one but would like to thank you for sharing that coin.
I have two Trade Dollars myself but both "commons". Don't care I love the design.

Darn nice one you got there!

clembo