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An extremely rare 1885 Trade Dollar is expected to sell for up to $2 million when it is auctioned next month.
Designed to facilitate U.S. trade with China, Trade Dollars were minted in the mid-19th-century.
“While the Mint had ended production of circulation-strike trade dollars in 1878, Proof examples were officially distributed in Proof sets through 1883,” explained auction house Stack’s Bowers Galleries in a statement. “Additional Proof examples were struck at the beginning of 1884, but were never distributed and all but 10 were eventually melted. It is believed that a similar situation occurred in 1885, leaving just five examples of that date for collectors today.”
EXTREMELY RARE 1894 DIME ONCE OWNED BY JERRY BUSS SELLS FOR $1.3M
The reverse of the 1885 Trade Dollar. (Stack's Bowers Galleries)
The coin will be offered at Stack’s Bowers Galleries’ Baltimore Auction, which takes place from March 18 to 20.
Rare coins are big business. Last year, an extremely rare half-dollar coin from 1838 was sold at auction for $504,000.
RARE ROMAN COIN DISCOVERED ON REMOTE SCOTTISH ISLAND
The obverse of the 1885 Trade Dollar. (Stack's Bowers Galleries)
An extremely rare 1894 dime, one of only 24 minted and once owned by former Lakers owner Jerry Buss, sold at auction for $1.32 million last year, including the buyer’s commission.
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In 2016, an 1894-S dime sold for $2 million at a Florida auction.
The Associated Press contributed to this article. Follow James Rogers on Twitter @jamesjrogers
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