1877-S Trade $1 (1877-S Trade Dollar) NGC MS65. This lovely, gem 1877-S Trade Dollar has a full strike exhibiting all of the details of William Barbers design. The coin has none of the flatness that is occasionally seen on Libertys head and hand caused by stacking new coins. The obverse is lightly toned at the periphery showing shades of russet and silver-grey. The reverse is proof-like with cameo devices against mirrored fields. A trace of russet toning is seen at the bottom of the reverse through the denomination and dentils.

The obverse shows a female figure of Liberty holding a LIBERTY inscribed ribbon. She is seated on a bale of cotton tied with ropes. On another ribbon at the foot of the bale is the motto IN GOD WE TRUST. Liberty faces left, perhaps to the Pacific Ocean or China. She wears a beaded coronet similar to the one on the double eagle. In her hand, which is extended, she holds an olive branch, symbol of peace. Behind her left hand is a sheaf of wheat. Around her are thirteen stars interrupted by the olive branch and Liberty head. They are spaced four, two and seven. The date is below the motto. The reverse shows an eagle facing right. In its right talons are three arrows, an error from the heraldic point of view. The left talons hold another olive branch. Around the top border is the inscription UNITED STATES OF AMERICA. Below the inscription is a banner with the motto E PLURIBUS UNUM. Below the olive branch and arrows is an inscription 420 GRAINS, 900 FINE. Dentils are around the periphery of both sides, and the edge is reeded.

During the late 1860s there was extensive trade between American merchants and China. The Chinese suppliers distrusted paper currency and preferred to receive payment in sliver coin. At the time, the Liberty Seated dollar weighed 412.5 grains with 371.25 grains of silver. Thousands of them were exported to the Orient, where most were melted for bullion. Most Chinese merchants preferred the Mexican eight reales, which were slightly heavier and contained slightly more than 377 grains of silver. Chinese bankers and businessmen agreed to take United States silver dollars only at a discount. In order to remedy this situation, Congress, encouraged by the silver-mining interests in the West, felt that a heavier trade or commercial dollar was needed. The result was a coin containing 378 troy grains of silver, slightly higher than the Mexican coinage.

When first issued in 1873, Trade Dollars were legal tender. However, as the price of silver declined, people would make profit by depositing silver bullion and receiving Trade Dollars in exchange. In 1876 Trade Dollars were demonetized, and their value fluctuated and was solely determined by the price of silver.

The 1877-S Trade Dollar had an original mintage of 9,519,000, the highest of any other date in the series. Most of the coins of this date were shipped to China, where they were used in commerce. Most of these were chopmarked. Chopmarks were marks made using a punch to indicate that the coin was genuine and full weight, and the 1877-S is the most common of all chopmarked Trade Dollars. Today, unchopmarked, uncirculated coins of this date are rare.

In its population report, NGC has certified 28 in MS65 condition with 5 better. PCGS has certified 25 with 7 better, and these numbers do not account for resubmissions and crossovers.