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An ultra-rare 1885 Trade Dollar, is expected to sell for up to $2 million, when the next month is up for auction.
Designed to allow the U.S. to trade with China, Trade Dollars were minted in the mid-19th century.
“When the Coin had ended up in the production of the circulation strike trade dollars in 1878, the Evidence of the examples that were officially distributed in Proof sets through 1883,” says the auction house Stack’s Bowers Galleries, in a statement. “A further Proof examples were struck at the beginning of 1884, but has never been distributed, and 10 were finally gone. It is believed that a similar situation occurred in 1885, leaving only five examples of the same date to the collectors of today be the day.”
VERY RARE, 1894 DIME, ONCE IN THE HANDS OF JERRY BUSS SOLD IT FOR $1.3 M
It is the reverse of the 1885 Trade Dollar. (Stack’s Bowers Galleries)
The coin will be offered at the Stack’s Bowers Galleries Baltimore Auction, which will take place from 18th March to the 20th.
Rare coins are big business. Last year, in a rare half-dollar coin in 1838, it was sold at an auction for $504,000.
RARE ROMAN COIN FOUND ON A REMOTE SCOTTISH ISLAND
The front page of the 1885 Trade Dollar. (Stack’s Bowers Galleries)
An ultra-rare 1894 penny, one of only 24 minted, and once the property of the former Lakers owner, Jerry Buss, was sold at auction for $1.32 million the previous year, including the buyer’s commission.
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In 2016, an 1894-S dime sold for $2 million at a Florida auction.
The Associated Press contributed to this article. Follow James Rogers on Twitter @jamesjrogers