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Simple English definitions for legal terms
trade dollar
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A quick definition of trade dollar:
A trade dollar is a type of coin that was made in the United States from 1873 to 1878. It was made of silver and was used for trading with other countries, especially in eastern Asia. It was also used as legal tender in the U.S. until 1876, but then it was worth less than one dollar. After 1878, trade dollars were only made in proof sets and then stopped being made altogether in 1885.
A more thorough explanation:
A trade dollar is a type of United States dollar coin made of silver. It was issued from 1873 to 1878 for use in foreign trade, especially in eastern Asia. The purpose of the trade dollar was to compete with other countries' silver coins that were already in use in Asia.
Trade dollars were legal tender within the U.S. until 1876 when the coin's silver content fell to less than one dollar. After that, they were only used for trade purposes and not as regular currency.
For example, if an American merchant wanted to buy goods from China, they could use trade dollars instead of regular U.S. dollars. This made it easier for them to conduct business in Asia.
From 1878 to 1885, trade dollars were minted only in proof sets, which were special coins made for collectors. After 1885, they were discontinued altogether.
In summary, trade dollars were a type of silver coin used for foreign trade in the 19th century. They were legal tender in the U.S. for a short time and then used only for trade purposes. Today, they are valuable collectibles for coin enthusiasts.