CURIOSITIES OF AMERICAN COINAGE. 



603 



new silver coin called the "trade dollar," ostensibly intended for 

 foreign trade only, actually put into circulation to a large extent at 

 home at a profit to silver owners. The " free coinage " privilege and 

 falling market value of silver made these transactions remunerative. 





|;50 gold piece. Wass, Molitor & Co., 1855. (900 thousandths.) 



Some people who accepted the trade dollars in good faith suffered 

 loss.* This was the first entering wedge of the silver speculation 

 which has attained such gigantic proportions. 



The first coinage of the country was, in a measure, experimental; 

 there were several different and very complicated finenesses, or pro- 

 portions of precious metal and alloy, used. Then, in 1837, an admi- 

 rably simple system of coinage proposed by Dr. Patterson was estab- 

 lished. Later on various more or less absurd ideas were advanced and 

 experiments were tried, such as the " goloid " dollars, consisting of 

 silver and gold in proportions of 15^ to 1 and 24 to 1, invented and 

 patented by Dr. W. W. Hubbell. Specimens of these freak coins 

 were struck at the Philadelphia Mint in 1878.f 



At the time that Congress was engaged in formulating laws for 

 the establishment of the Mint and the regulation of the coinage in 



* Under the act of February 19, 1887, holders of trade dollars were permitted to 

 exchange them for "Bland " dollars if presented at the Treasury, or any subtreasury, within 

 six months from that date. Less than one fourth were thus redeemed ('7,689,036), and 

 since the expiration of the period of redemption trade dollars have been purchased as 

 bullion, at the market price of silver, when presented at the mints. Although containing 

 more silver than the Bland dollar, the trade dollar is worth le*s than half as much, owing 

 to the low price of silver. 



f Two different designs of goloid coins were struck : 



1. The "goloid dollar," having the head of Lii)erty and motto " E Pluribus Unum " on 

 the obverse, while on the reverse the following figures appear : 1 gold, 24 silver, .9 fine, 

 258 grains. 



2. The " goloid metric dollar," having similar design on the obverse, and on the reverse 

 the following figures: 15,3 gold, 236.7 silver, 28 copper, 14 grammes. 



Proof specimens of these coins are preserved in the cabinet of the Mint in Philadelphia. 



