Non-US "Silver Dollars"

[jtryka]

One area that has interested me for a few years is the coinage of countries that pegged the values of their currencies to the US dollar back when we were under the silver standard. Today when countries peg their currencies it means they need to have enough paper dollars on had to exchange for their currency should the need arise. Back then however, they needed to produce their coinage in the exact specifications of the US dollar (26.73 grams of 0.900 fine silver). There were a number of countries that did this in one form or another, mostly in Latin and South America. Here is an example of Panama, which uses the Balboa (they are still pegged to the dollar even today, and their half Balboa coins are just like our clad halves, because some were minted here!). The first is a one Balboa from 1947, which has the more classic reverse, the second is a 1966 one Balboa which has the coat of arms reverse. Ironic that they were still minting real "silver dollars" after we moved to clad! Feel free to add any you might have, I know Venezuela and Cuba were two other countries that used similar pegs to the dollar.

[EZ_E]

Great post, Jeff! I wish I had something to add but I don't.

 

[Zoins]

Great post. I like the 1947 reverse a lot. Beautiful design!

[TomB]

Great post, Jeff! I wish I had something to add but I don't.

 

That's never stopped you from posting, Victor.

 

[Zoins]

In the same spirit as the phrase "Non-US Silver Dollars", can US Trade Dollars be considered "Non-Mexican Silver Pesos"? According the Wikipedia, US Trade Dollars were made because the US Dollar didn't have enough silver to trade in China so people were using the Mexican Silver Peso instead. Was the US Trade Dollar designed to be "pegged" to the Mexican Silver Peso?

[cpm9ball]

I'm partial to the '47, too, not only for the beautiful design but because it is also the year I was born.

 

Chris

[jtryka]

In the same spirit as the phrase "Non-US Silver Dollars", can US Trade Dollars be considered "Non-Mexican Silver Pesos"? According the Wikipedia, US Trade Dollars were made because the US Dollar didn't have enough silver to trade in China so people were using the Mexican Silver Peso instead. Was the US Trade Dollar designed to be "pegged" to the Mexican Silver Peso?

 

Well, for the dollar it was a little different, since we did not use trade dollars domestically (in fact they were only legal tender for up to $5 here until the coinage act of 1965 or whatever year that was). Remember also that the UK had trade dollars too, but they were not for domestic commerce. The Balboa was the currency used in Panama as well as for trade, similar to the Venezuelan Bolivar and the Cuban peso (in fact the Cuban pesos were also pegged in gold in the early 20th century, and Cuban gold coins were minted in the US!). Of course even Panama didn't always have the peg, I have a 50-centavo from 1904 which contains 25 grams of 0.900 fine silver, or the same as 2 US half dollars, which would have made the Balboa worth almost $2 US!

 

Chris, that is a lovely Balboa, the toning is beautiful! They also minted the same reverse in 1931 and 1934, but the lower denominations had the crest on the reverse, except for the centennial issues of 1953.

[Zoins]

In the same spirit as the phrase "Non-US Silver Dollars", can US Trade Dollars be considered "Non-Mexican Silver Pesos"? According the Wikipedia, US Trade Dollars were made because the US Dollar didn't have enough silver to trade in China so people were using the Mexican Silver Peso instead. Was the US Trade Dollar designed to be "pegged" to the Mexican Silver Peso?

Well, for the dollar it was a little different, since we did not use trade dollars domestically (in fact they were only legal tender for up to $5 here until the coinage act of 1965 or whatever year that was). Remember also that the UK had trade dollars too, but they were not for domestic commerce.

The US Trade Dollar began life in 1873, the Japanese in 1875 and the British in 1895, so it would seem the US Trade Dollar is the first of a number and a trend setter? Could the Mexico Peso have been used by Americans because it was the same weight as another silver coin being used in the area, say from the Spanish Philippines or other Spanish colony? Perhaps all three Trade Dollars are "Non-Mexican/Spanish Silver Pesos"?

 

Sure the Trade Dollars were not for domestic use but IMO that particular trait doesn't make them any less non-Mexican Silver Pesos, just slightly different than the Panama Balboas and other similar coins. Anyway, I don't want to derail your tread anymore. I just thought it was interesting that the US pegged another coin, even if it was for non-domestic use.

[cpm9ball]

Thanks! It's just a teensy bit lighter than shown in my photo, but the golden hue is plainly visible over the entire coin as you move it around in the light. I picked this up in a junk shop a couple years ago. It was in a really ragged, falling apart 2x2, and I was surprised at its condition considering the state of the 2x2. I gave the shopkeeper $2 for it.

 

Chris

[jtryka]

I am not sure of how that history worked out, I do have an 1871 Mexican Peso but it does not say the weight, only the fineness of 0.9027, so slightly finer than coin silver. The peso was a descendent of the 8-reales, which if my eyes don't deceive me is slightly larger than the peso I have from 1871. I also have a peso from 1901 which has 0.7860 oz. of silver, which is more than the 0.7259 oz. in the old 8-reales and slightly larger than the 0.77344 oz. in a silver dollar. This would make sense for the tiny differences between the silver dollar (416 grains standard) and the trade dollar (420 grains standard).

[Zoins]

I gave the shopkeeper $2 for it.

That is a great coin Chris, I love the clean fields. I'd also love to find one for $2! You did great

[jtryka]

Thanks! It's just a teensy bit lighter than shown in my photo, but the golden hue is plainly visible over the entire coin as you move it around in the light. I picked this up in a junk shop a couple years ago. It was in a really ragged, falling apart 2x2, and I was surprised at its condition considering the state of the 2x2. I gave the shopkeeper $2 for it.

 

Chris

 

What an amazing find! I think I paid about 7x your price for mine, of course silver was likely at least double the level when you bought yours.

[Cannon Coins]

You guys have my curiosity stirred. I have a box full of flipped dark side coins from all over the world. My wife scarfed them up at a garage sale about 20 years ago.I do recall there were several of the Balboas. I went ahead and bought a world coin book and started trying to catalog all of them but it got the best of me and I gave up ,tossed them in the box and there they have been ever since.I was doing pretty good till I started running into a lot of coins from countries that I couldn't understand ANY words or numbers on and had to start trying to match images from the book to them. This is one THICK book ! .... I finally just gave up. Now that I have retired and have more time, and a place (here) to get some assistance on identification, I may give it another try. Like I said she got them for a very low cost and there are over 600 coins in the box, so it's going to be a big job for me anyhow.I may be posting some pics to see if any of you recognize what country some of them are from. CC

[Conder101]

Actually in order to compete with the Mexican Peso the Trade dollar was made with slightly MORE silver than the peso.

 

The US dollar on the other hand was originally pegged to the Spanish Milled dollar. On at least two occasion samples of Spanish dollars were gathered from circulation and assayed to make sure that the dollar would contain the same amount of silver.

[Zoins]

Actually in order to compete with the Mexican Peso the Trade dollar was made with slightly MORE silver than the peso.

 

The US dollar on the other hand was originally pegged to the Spanish Milled dollar. On at least two occasion samples of Spanish dollars were gathered from circulation and assayed to make sure that the dollar would contain the same amount of silver.

Thanks for the info Conder. That's very interesting and good to know!