An extremely rare 1885 Trade Dollar is expected to sell for up to $2 million when it is auctioned next month.
Designed to facilitate U.S. trade with China, Trade Dollars were minted in the mid-19th-century.
“While the Mint had ended production of circulation-strike trade dollars in 1878, Proof examples were officially distributed in Proof sets through 1883,” explained auction house Stack’s Bowers Galleries in a statement. “Additional Proof examples were struck at the beginning of 1884, but were never distributed and all but 10 were eventually melted. It is believed that a similar situation occurred in 1885, leaving just five examples of that date for collectors today.”
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The coin will be offered at Stack’s Bowers Galleries’ Baltimore Auction, which takes place from March 18 to 20.
Rare coins are big business. Last year, an extremely rare half-dollar coin from 1838 was sold at auction for $504,000.
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An extremely rare 1894 dime, one of only 24 minted and once owned by former Lakers owner Jerry Buss, sold at auction for $1.32 million last year, including the buyer’s commission.