1877-CC Trade Dollar - 1877-CC Trade $1 PCGS MS64 CAC. This attractive, near-Gem 1877-CC Trade Dollar is fully original and well struck. The light lavender and tan surfaces show no individually distracting abrasion marks. The coins grade is confirmed by its CAC sticker indicating that it is of premium quality and fully merits the grade assigned. The toning is more prominent on the devices than the fields. There are full details on Libertys head and the centers of the stars. The eagles feathers are sharp including the legs. The coins muted luster is present on both sides. There are scuff marks in the center of each side, but these marks are on the holder not the coin. 

William Barber designed the trade dollar. 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 silver 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.
 
William Barber was born in England, married and came to the United States as an adult. He was the son of an engraver and had apprenticed to his father in the early years in England. Among other things he learned typesetting for cards and labels and fine silver engraving. He settled in Boston in September 1852 and worked for Gorham & Company, manufacturers of silver and gold jewelry. Barber was responsible for die making and pattern design for Gorhams trade medals and commemoratives. Eventually, as the Civil War was ending, James B. Longacre, Chief Engraver at the Mint, hired Barber as an assistant in 1865. Barber moved to Philadelphia and began designing patterns and medals for the Mint. One of his most famous medals was the one celebrating the 100th Anniversary of Americas Independence. When Longacre died in 1869, Barber became the fifth Chief Engraver at the Mint. He earned $3,000 per year in salary and held the position until his death in 1879. When he became the Chief Engraver, he immediately hired his unproven son, Charles to be an assistant engraver. This hiring was an example of the kind of patronage that Longacre had tried to eliminate.

Barber is probably best known for his Britannia inspired trade dollar that was made from 1873 to 1878 for circulation in China and other countries of the Far East. In 1878 trade dollars were discontinued, although proofs were made until 1885. One of Barbers negatives is that he was one of two Chief Engravers of the Mint not to have designed any major circulating coinage. He was responsible for the twenty-cent piece, but it was minted for only two years.
 
In its population report, PCGS shows 10 1877-CC Trade Dollar in MS64 condition with 2 better. NGC has 7 with 1 better. At CAC, as of May 2012, there are 2 in MS64 with 1 better.