Collectors Corner^SM: The Collectibles Marketplace

The year 1878 marked the last run of circulating United States Trade Dollars. Courtesy of PCGS TrueView. Click image to enlarge.

The 1878 Morgan Dollars were the first of this iconic silver series. Courtesy of PCGS TrueView. Click image to enlarge.

Mention the term “1878 silver dollar” in passing to a numismatist and, depending on who you’re talking to, the listener will likely have one of two very different types of coins on their mind. There were, after all, two kinds of silver dollars produced by the United States Mint. Both types were struck for circulation, and both are very popular in their respective collecting circles. These two silver dollars are the Trade Dollar and Morgan Dollar.

The two kinds of silver dollars share few attributes beyond their identical date. They were different in virtually every other way, including their respective weights and where they were intended to circulate. And this provides two intriguing storylines for coin collectors.

The Trade Dollar

Trade Dollars were struck for circulation from 1873 through 1878, but they weren’t made for handling cash transactions in the United States. Rather, they were struck for circulation in Asia and designed to compete against other large silver coins from other countries in commerce there.

However, they were legal tender in the United States, and a great many Trade Dollars wound up in change stateside. That much being said, the plurality of Trade Dollars were used as intended and were eventually melted, as their silver content was treasured by those who held them. The Trade Dollar had an overall weight of 27.22 grams and a silver weight of .7874 ounces – more than the net .77344 ounces of silver in contemporary U.S. silver dollars.

The last batch of circulating Trade Dollars was struck in 1878 to the tune of more than 4.2 million pieces. The Philadelphia Mint struck only 900 proofs, but Carson City managed to emit 97,000, and San Francisco – positioned closest to Asia – churned out 4,162,000.

Today the 1878-S Trade Dollar remains one of the most popular dates among type collectors given its relative commonness. Yet, the 1878 proof and 1878-CC Trade Dollars are highly coveted by collectors. All Trade Dollars are scarce in better grades.

The Morgan Dollar

While the 1878 Trade Dollar enjoyed its broadest use across the Pacific in Asia, there’s perhaps no more quintessential American silver coin than the Morgan Dollar. And the first of these was struck in 1878. Morgan Dollars were the result of the Bland-Allison Act, with production supporting the booming silver mine industry in the western United States.

The Morgan Dollar has an overall weight of 26.73 grams and a net silver weight of .77344 ounces. Nearly 22.5 million Morgan Dollars were struck in 1878, with the vast majority of these coming from the Philadelphia and San Francisco Mints. A total of 10,508,800 circulation strikes came from Philly, where 750 proofs were also minted. Carson City produced 2,212,000, while San Fran made 9,774,000.

The Philadelphia strikes (both circulation and proof) are divided into two major subtypes, with multiple varieties noted among series specialists thereof. The 1878 8 Tail Feathers subtype reveals eight feathers hanging below the rear of the eagle on the reverse, while the 1878 7 Tail Feathers aptly shows just seven.

Among the 7 Tail Feathers strikes are myriad varieties known as VAMs – a shorthand term relating to the initials of Leroy Van Allen and A. George Mallis, who cataloged hundreds of silver dollars in their seminal tome The Comprehensive Catalog & Encyclopedia of Morgan and Peace Dollars. Three of these 7 Tail Feathers varieties are the 1878 7 Over 8 Tail Feathers Strong, 1878 7 Tail Feathers Reverse of 1878, and 1878 7 Tail Feathers Reverse of 1879.

The closeups above can help collectors determine how many tail feathers are on the reverse of their 1878 Morgan Dollars. Courtesy of PCGS. Click image to enlarge.

A Shared Love for Classic Silver Dollars

While the various types of 1878 Dollars may have very distinct narratives, they share at least one thing in common beyond similar vintage: they are all prized by coin collectors. Those who collect Trade Dollars and Morgan Dollars will find many options for doing so on the PCGS Set Registry, where dozens of categories are suited to either or both of these beloved silver dollar series.