WEEK #300 When and Why? Happy Friday!

[LISA B]

QUESTION:

 

When and why was the legal tender status of the USA trade dollar repealed?

 

Good Luck!

 

Our first place winner will receive copy of Coin Collecting Boards of The 1930's & 1940's, Autographed by David W. Lange. There will also be a runner up prize given to a randomly selected player with the correct answer.

 

REMINDER: The Numisma-Quest ends on Saturday at midnight EST. Entries after that time will not be valid. See the Trivia info post for more details.

 

When you post your answer, only the administrators can see it . Stop back this Monday. We will make all the posts visible and announce the winners.

[BigBob]

Congress repealed legal tender status in 1876

due to decline in silver bullion prices.

1887- law was passed to allow the treasury to redeem all unmutilated trade dollars for 6 months

[jackson64]

in 1878..because of the Morgan..??

[rons]

The law authorizing Trade dollars was repealed in February, 1887. Repealed because the silver prices were declining

[dan8402]

In 1876, millions of trade dollars were dumped on the US when silver prices dropped. They were then worth more as money $1 than the silver content. So, Congress revoked their legal tender status to prevent the trade dollar from being bought for $0.80 or so abroad and used as $1 in the US.

[mhardin2413]

1876, when the price of silver tanked.

[MunkyMan95]

Coinage act of 1965 made all coins and currency of the United States (including certain bank issues) legal tender. This has been taken to reverse the demonetization of the Trade Dollar.

 

Unless you're asking about when they were demonetized the first time. The trade dollar was demonetized on 7/22/1876. It revolved entirely around the politics of silver operating on a world-wide basis

[PovertyRow]

1876 due to the decline in the price of silver bullion

[rrantique]

In October 1876. Dealers in farm produce refused them at face value. Due to a decline in silver.

[BankNote1]

when? 1876. why? because of the decline in the price of silver bullion. Treasury was to limit the amount of Trade Dollars to the export demand...In 1887 they could be redeemed for 6 months by the Treasury, if the coins were undamaged.

[bsshog40]

1878 due to the trade dollar only being worth approx. .80c

[Muleman]

repealed February 19, 1887

 

Due to market value and the flood of them back into the US the US redeemed them at the treasury and in 1887 demonitized all non mutilated coinage

[LISA B]

QUESTION: When and why was the legal tender status of the USA trade dollar repealed?

 

ANSWER: It was repealed in 1876 when it became evident that trade dollars were being requested by depositors for use in domestic circulation.

 

Congratulations to our 1st place winner to dan8402! You will receive a copy of Coin Collecting Boards of The 1930's & 1940's, Autographed by David W. Lange.

 

Our runner up this week is BankNote1 !

 

Thanks for playing this weeks Numisma-Quest. Don’t forget to stop by for this weeks PMG question.