Trade Dollar
This type of coin was introduced to the United States Mint as this silver trade coins were very famous for trade in Asia. So basically, this type of coins was introduced in the United States when the price of silver was decreasing due to the increment in the mining of the silver in the United States. A bill was presented to the congress to issue this type of coin and congress accepted this summary.
Government authorities confronted a situation in the years after the Civil War. The Comstock Lode and other Western mines were delivering huge amounts of silver; however the legislature could utilize just restricted measures of it in coinage. This appears to be bewildering all things considered, for silver coins were rare available for use (a waiting heritage of wartime accumulating), and Americans probably would have invited significant mixtures of silver coins. In any case, Mint authorities expected that new silver coins would be liable to storing too, since the commercial center was flooded with paper cash, including partial money conceived of wartime require. Individuals would have been just excessively glad, making it impossible to trade these notes, which brought not as much as full face esteem, for valuable metal coinage.
The trade dollars were sent to china and many silver coins were turned into trade dollars and that created the demand of this type of coin in the United States. This caused disappointment among those to whom they were given in installment, as the coins were to a great extent defamed and traded for short of what one dollar each. These coins were circling in the United States market but the business strikes affected this type of coin and these were reintroduced to the United States Mintage until 1883. The trade dollar was re-adapted when the Coinage Act of 1965 was marked into law.
For the excavators and their effective partners in Washington these advancements were doubly irritating: Not just was it difficult to offer their silver, yet the market cost was relentlessly declining. Silver could be converted into silver coins and then this type of coin could be used to trade and it was looking like a perfect escape. Having no other prepared outlet, mineworkers exploited this one. Perpetually, they picked silver dollars, the one section that hadn’t been changed when silver coins were decreased in weight (and valuable metal substance) in 1853. As an immediate outcome, silver dollar mintages took off over one million in both 1871 and 1872.
However, with the Coinage Act of 1873, Congress shut this proviso by suspending further creation of silver dollars. Furthermore, that is the place the Trade dollar came in: utilizing their muscle, the digging premiums won endorsement for this new silver coin—one that would, in principle in any event, give an outlet to the metal, as well as open a radical new market for it in a zone that was at that point accepting Congressional consideration.