1884 Trade Dollar: The Million-Dollar Mystery Coin
Posted by Andrew Adamo - A certified ANA Professional Numismatist, Active member of ICTA, contributor to CoinWeek, Numismatic News, NGC and ANA on Jun 5th 2025
1884 Trade Dollar: The Million-Dollar Mystery Coin
The 1884 Trade Dollar is one of the great rarities of U.S. coinage—an “off-the-books” silver dollar that technically shouldn’t exist. After the United States Mint halted regular Trade-dollar production in 1878 (and proof-only issues with the 1883 date), the Philadelphia Mint quietly struck just ten proof specimens dated 1884. These pieces were almost certainly made at the personal direction of Mint Superintendent A. Loudon Snowden for favors or private sale, never recorded in official ledgers, and unknown to collectors until the early 20th century.
All ten coins survive today, each pedigreed through famous collections such as Eliasberg, Norweb, and Simpson. Because the entire population is accounted for and every genuine coin traces to a published roster, the 1884 Trade Dollar consistently brings seven-figure prices when one appears at auction—making it rarer than the celebrated 1804 Draped-Bust Dollar and nearly as elusive as the 1894-S Barber Dime.
Continue reading to learn more about the 1884 Trade Dollar – History, Mintage, & Latest Auction Prices.
1884 Trade Dollar Quick-Reference Facts
| Spec | Detail |
|---|---|
| Denomination | $1 (Trade Dollar) |
| Designer | William Barber |
| Composition | 90 % silver, 10 % copper |
| Weight | 27.22 g (420 grains) |
| Diameter | 38.1 mm |
| Edge | Reeded |
| Mint | Philadelphia (no mintmark) |
| Mintage (official) | 10 proofs |
| Surviving examples | 10 (all accounted for) pcgs.com |
The 1884 Trade Dollar is one of the most celebrated great rarities in United States coinage. Here’s what makes it special:
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Series & type: Trade-Dollar (silver dollar created for commerce with East Asia, 1873-1885)
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Date/mint: 1884, Philadelphia; no mint-mark
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Mintage: 10 Proof-only pieces (no business strikes) pcgs.com
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Specs: 90 % Ag / 10 % Cu, 27.22 g, 38.1 mm, reeded edge (identical to earlier Trade dollars) pcgs.com
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Survival: All ten pieces are traced today; six grade PR-65 or better, with a single PR-67 at the top of the census. pcgs.com
Why the coin exists
The U.S. Mint officially ended regular Trade-Dollar coinage in 1878 and struck only Proofs for collectors through 1883. Yet in January 1884 the Philadelphia Mint quietly produced ten additional Proofs, apparently at the direction of Superintendent A. Loudon Snowden for distribution to well-connected insiders. The pieces never appeared on official production ledgers and were unknown to the hobby until dealer John W. Haseltine unveiled them in 1908, sparking claims of a “back-door” release. This whiff of intrigue, plus the microscopic mintage, gives the 1884 Trade Dollar its mystique. numismaticnews.net
Standing among U.S. classics
With just ten known, the 1884 Trade Dollar is scarcer than the 1804 Draped-Bust Dollar (≈15 known) and almost on par with the 1894-S Barber Dime (9 known). It ranks #78 in 100 Greatest U.S. Coins. coinweek.com
Market performance
PCGS now lists PR-63 at ≈ $1.35 M and PR-65 at ≈ $1.6 M, but in-hand eye-appeal and pedigree drive actual hammer prices, which have ranged from about $480 k (PR-63+) to $1.15 M (Gem) during the past decade. pcgs.com
Collecting notes
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Single-die diagnostics: Every genuine piece shares the same obverse and reverse dies; look for identical lint marks and fine polish lines below Liberty’s arm.
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Pedigree is everything: Because the roster of ten coins is fully published, any bona-fide example will trace through famous collections such as Dunham, Eliasberg, Norweb or Simpson.
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Beware imitations: A handful of copper or silver-plated die-trials (Judd-1732/1733) sometimes appear; certification by PCGS or NGC and a documented provenance are mandatory for any transaction.
The 1884 Trade Dollar is a Proof-only, mystery-laden silver dollar struck off the books, with just ten certified examples. Its combination of drama, pedigree and absolute rarity ensures million-dollar price tags whenever one surfaces — which, on average, happens only once every few years.
Why the Date Exists at All
Business-strike Trade Dollars were abandoned after 1878, but proof strikings for collectors continued through 1883. Then, without any entry in Mint production ledgers, ten coins dated 1884 quietly emerged from the Philadelphia Mint.
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Contemporary research points to Superintendent A. Loudon Snowden ordering the pieces, possibly as favors for well-connected collectors. coinweek.com
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The numismatic community did not learn of them until 1908, when dealer John W. Haseltine revealed their existence, sparking accusations of an illicit “back-door” release. en.wikipedia.org
Mystery and controversy have fueled the coin’s fame ever since, earning it the #78 spot in 100 Greatest U.S. Coins. coinweek.com
Rarity in Numbers
PCGS estimates just six pieces remain in Gem Proof 65 or better, with a single PR67 at the top of the census. pcgs.com
That makes the 1884 Trade Dollar scarcer than the 1804 Dollar (15 known) and almost on par with the 1894-S Barber Dime (9 known).
Notable Auction Results (Adjusted for Buyer’s Premium)
| Date | Venue | Grade | Price Realized |
|---|---|---|---|
| Jan 15 2025 | Heritage (FUN) | PCGS PR65 CAC | $1,140,000 coinweek.com |
| Jan 10 2019 | Heritage (FUN) | NGC PR66 (Eliasberg) | $1,140,000 ngccoin.com |
| Apr 23 2021 | Heritage (Bob R. Simpson Collection) | PCGS PR63+ CAM | $480,000 coinweek.com |
| Mar 19 2020 | Stack’s Bowers (Amon Carter specimen) | PCGS PR64+ CAM | $552,000 pcgs.com |
| Jan 2014 | Heritage | PCGS PR65 | $998,750 coinweek.com |
Price guide snapshot (June 2025): PCGS lists PR63 at $1.35 M and PR65 at $1.6 M, but actual hammer prices continue to track in the $500 k–$1.15 M range depending on eye-appeal and pedigree. pcgs.com
Market Outlook
With all ten pieces permanently in advanced collections or museums, fresh material surfaces only every few years—usually when estates change hands. Each public sale tends to reset the benchmark, and the 2025 FUN repeat of the 2019 record suggests seven-figure prices are the new floor for Gem examples.
Collecting & Authentication Tips
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Pedigree matters. Every genuine coin can be traced through a well-documented roster dating back to Snowden’s circle. Verify the chain of ownership before purchase. coinweek.com
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Diagnostics. All ten pieces share a single die pair; look for identical lint marks in the obverse field and a tiny die polish ridge below Liberty’s extended arm.
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Beware silver-plated copies. A handful of copper die-trial pieces (Judd-1732/1733) have been plated to mimic the originals. Weight, ring test, and professional grading are essential. pcgs.com
Key Takeaways for 1884 Trade Dollar
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Only 10 were struck—all proofs—making it one of the rarest U.S. silver dollars.
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Record price: $1.14 million (2019 & 2025).
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Origins shrouded in Mint intrigue, enhancing collector demand.
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PCGS price guide now starts at $1.35 M for PR63, but recent trades show a $500 k - $1.1 M trading band.
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Authentic examples are always certified by PCGS or NGC and carry pedigrees back to the early 20th century.
For high-resolution roster photos and additional provenance notes, see CoinWeek’s 2024 Collector’s Guide and PCGS CoinFacts.