Recoinage of Trade Dollars 1887-1888

The Annual Report of the Director of the Mint, 1888, a James P. Kimball production, told more about the redemption of trade dollars:

"Trade dollars redeemed under the Act of March 3, 1887 (24 Stats., 634) and remelted yielded 6,687,690.71 standard ounces of silver bullion, of which there has been recoined at Philadelphia and San Francisco to June 30 of the current calendar year 994,978.45 standard ounces, or 14.87%, namely, $1,040,920.30 of dimes, $194,500 of quarter dollars, and $2,500 of half dollars.

"The seignorage or profit on this recoinage from March 3, 1887, to June 30, 1888, aggregates $94,438.67, net gain of about 8.3%, the average abrasion being about .006%."

 

 

Trade Dollar Recoinage (1890)

The Annual Report of the Director of the Mint, 1890, prepared by Edward O. Leech, contained this information:

"The stock of silver bullion derived from the redemption and melting of trade dollars on hand, at the commencement of the fiscal year, was 5,346,527.64 standard ounces, costing $6,147,700.90, of which 2,307,648.03 standard ounces, costing $2,652,167.90, were stored at the Mint at Philadelphia, and 3,038,879.61 standard ounces, costing $3,495,533, at the assay office at New York. Of the stock at Philadelphia 7,233.75 standard ounces, costing $8,313.71, were used in subsidiary coinage during the year.

"The number of trade dollars redeemed under the Act of March 3, 1887, and transferred to the mints at Philadelphia and San Francisco and the assay office at New York for storage, the amount used in subsidiary coinage to the close of the fiscal year ended June 30, 1890, and the uncoined balance on hand at that date are exhibited in the following table.…"

 

Trade Dollar Recoinage (1891)

The Annual Report of the Director of the Mint, 1891, prepared by Edward O. Leech, commented on trade dollar recoinage:

"The total number of trade dollars redeemed under the provisions of the Act of March 3, 1887 was 7,689,036, containing 6,687,690.61 standard ounces of silver, of the coining value in silver dollars of $7,782,040. From this there were coined up to the close of the fiscal year 1891, $2,889,011 in subsidiary silver coins, containing 2,322,042.62 standard ounces, costing $2,668,654.88. In addition there was transferred from trade dollars remelted at the San Francisco Mint to silver dollar bullion, 16.97 ounces, costing $19.51, making the total disposed of up to June 1, 1891, 2,322,059.59 standard ounces, costing $2,668,674.39, leaving on hand 4,365,631.12 standard ounces, costing $5,020,361.

"Of this amount there were stored, at the Philadelphia Mint, 1,326,751.51 standard ounces, costing $1,524,828.61, and, at the New Orleans Mint, 3,038,879.61 standard ounces, costing $5,020,361.61.

"The Act of March 3, 1891, directed the ‘Secretary of the Treasury shall, as soon as practicable, coin into standard silver dollars the trade dollar bullion and trade dollars now in the Treasury, the expense thereof to be charged to the silver profit fund.’

"As soon as the mandatory coinage of silver dollars required by the Act of July 14, 1890, ceased by limitation of law, the conversion of the trade dollar bullion into standard silver dollars was commenced at the mints at Philadelphia and New Orleans.

"The total number of silver dollars coined from trade dollar bullion to November 1, 1891, has been $3,260,100, upon which seignorage has been $40,834.19. The coinage of trade dollar bullion into standard silver dollars will be completed during the present calendar year."

 

Trade Dollar Recoinage (1892)

The Annual Report of the Director of the Mint, 1892, by Edward O. Leech, contained more on the subject of trade dollar recoinage:

"The number of trade dollars redeemed under the Act of March 3, 1887, was 7,689,036, containing 6,687,690.61 ounces of standard silver of the coining value of $7,782,040 in silver dollars, from which there were coined, up to the close of the fiscal year 1891, $2,889,011 in subsidiary silver coins, containing 2,322,042.62 standard ounces, costing $2,668,654.88.

"In addition there was transferred from trade dollars remelted at the San Francisco Mint to the silver bullion account 16.97 standard ounces, costing $19.51, making a total amount disposed of up to June 1, 1891, 2,322,059.59 standard ounces, costing $2,668,674.39, leaving on hand June 1, 1891, 4,365,661.12 standard ounces, costing $5,020,361.…

"Of the balance of trade dollar bullion on hand June 1, 1891, 4,364,311.87 standard ounces, costing $5,018,844.11, were consumed in the coinage of 5,078,472 silver dollars, while there will be sold in sweeps, 1,318.89 standard ounces, costing $1,517.08, leaving on hand December 31, 1890, when this coinage was completed, a fractional balance of .36 of an ounce, costing $0.42, which was transferred to the account of silver bullion purchased under the Act of July 14, 1890."

The same report showed that 1,543,856 1891 Philadelphia Mint dollars and 3,534,616 1891-O dollars were struck from reclaimed trade dollar bullion, totaling 5,078,472, as given above. These were not specifically identified as to varieties and were mixed with 1891 and 1891-O coinage struck from metal purchased under the Sherman Silver Purchase Act of 1890.