The Trade Dollar was introduced in 1873 so American silver coins could compete with Mexican pesos and other large silver coins in trade with China and the rest of Asia. It was slightly heavier than the standard silver dollar.

The coin was briefly legal tender in the United States, but that status was removed in 1876. Regular production for trade ended in 1878, and later dates through 1885 were struck mostly as proof coins for collectors. The 1884 and 1885 dates are extremely rare.

Many Trade Dollars carry small stamped marks called chop marks, added by merchants in Asia to show that a coin had been checked. These are part of the coin’s history, and collectors often value them.