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The Certified 1878-S Trade Dollar graded VF35 by NGC is a historically important and visually appealing example of a U.S. silver coin series minted specifically for overseas commerce. Struck at the San Francisco Mint in the final year of regular production for circulation-issue Trade Dollars, the 1878-S represents the closing chapter of a unique monetary experiment in American coinage history. In Very Fine 35 condition, this coin retains strong mid-level detail and an attractive level of wear, bridging the gap between full Fine and Extra Fine grades. NGC certification ensures that the coin is authentic and problem-free, offering collectors a solid, collectible representation of this fascinating series.
The Trade Dollar was authorized under the Coinage Act of 1873 and was struck primarily to compete with other large silver coins in East Asian markets, particularly China. These coins were minted with a silver weight of 420 grains (approximately 27.2 grams), heavier than the standard U.S. silver dollar, to align with the silver-rich foreign coinage preferred in overseas commerce. Although they were initially legal tender in the United States up to five dollars, Congress revoked their domestic legal tender status in 1876 due to excessive domestic circulation and abuse by unscrupulous businesses who paid debts with Trade Dollars when silver prices declined. Production for circulation ceased in 1878, making this date the final year such coins were officially released into general commerce.
The obverse of the 1878-S Trade Dollar features a graceful image of Liberty seated on a bale of merchandise, her right hand extended holding an olive branch toward the sea, symbolic of America’s reach into global trade. Her left hand rests on a shield inscribed with “LIBERTY,” while behind her, wheat and other agricultural symbols reflect the country's prosperity. Thirteen stars encircle the upper rim, and the date “1878” is clearly positioned below. In VF35 condition, Liberty’s figure shows moderate but even wear, with distinct outlines in her hair, gown, shield, and olive branch. While the highest points are soft, the overall design remains bold and clear, and the rims and legends are complete and well-defined.
The reverse features an American eagle clutching three arrows in its left talon and an olive branch in its right, a nod to the nation’s readiness for both war and peace. The inscriptions “UNITED STATES OF AMERICA” and “420 GRAINS, 900 FINE” encircle the upper two-thirds of the design, with “TRADE DOLLAR” boldly stated beneath the eagle. The mintmark “S” for San Francisco appears above the “D” in “DOLLAR.” In VF35, the eagle’s wings, head, and tail feathers display clear structure, with most major features intact and only moderate wear across the central portions. The legends remain bold and the mintmark is sharply visible. Surface color may exhibit light silver-gray toning or natural patina typical for coins of this age and metal composition.
The 1878-S had a mintage of 4,162,000 coins, making it one of the more plentiful issues in the Trade Dollar series. However, many of these coins were shipped to Asia for circulation and subjected to chop-marking by merchants—small punches added to the coin’s surface to verify its authenticity and weight. Collectors often prefer examples like this one, which are free of chop marks and have been certified problem-free by a reputable grading service like NGC. Surviving, unaltered coins with even wear and clear details in VF and higher grades are in consistent demand by both type collectors and those building complete Trade Dollar sets.
Graded VF35, this coin sits just below the Extra Fine threshold, retaining nearly all its major details while showing moderate, honest wear across the highest points of the design. It has avoided the heavy wear of lower-grade circulated examples and likely displays attractive, even toning across both sides. This makes it an excellent candidate for collectors seeking an affordable yet visually pleasing example of an 1878-S without paying the premium associated with higher-grade specimens. NGC encapsulation provides secure long-term storage, authenticity assurance, and increased liquidity in the collector market.
The San Francisco Mint played a crucial role in the production of Trade Dollars due to its strategic location on the Pacific coast. With easy access to Asian trade routes and the massive silver output from Nevada’s Comstock Lode, San Francisco was well positioned to strike millions of Trade Dollars destined for export. Its "S" mintmark is found on the vast majority of circulating Trade Dollars, including the 1878 issue, making it a historically significant and regionally important mint for the series.
The Trade Dollar series holds a unique place in U.S. numismatic history. It was the only series designed primarily for foreign trade rather than domestic use, and its unusual inscriptions—particularly the silver content expressed in grains and fineness—set it apart from all other U.S. silver dollars. The series also highlights a period of economic transition and global competition in silver currency, and its complex history involving exportation, chop marks, demonetization, and eventual redemption by the U.S. government makes it a fascinating area of study and collecting.
Collectors value the 1878-S as the final regular-issue Trade Dollar struck for circulation. Although Proof-only issues were struck from 1879 to 1885, the 1878-S marks the end of an era in terms of mass-minted Trade Dollars. For type set builders and collectors focused on 19th-century U.S. silver, this issue—especially in attractive mid-grade and problem-free condition—offers great historical and aesthetic appeal at an approachable price point. The VF35 grade strikes an ideal balance for many collectors, preserving the essential details of Barber’s masterful design while still reflecting the coin’s history of use in real-world commerce.
The Certified 1878-S Trade Dollar graded VF35 by NGC is a strong and appealing representation of a transitional American coin designed for international circulation. With its final-year-of-issue status, clear design elements, and certification by one of the leading grading services, it serves as an important addition to collections focused on U.S. silver, 19th-century commerce, or the evolution of American trade policy. Its integrity, originality, and historical value make it a collectible worthy of pride and long-term preservation.