The trade dollar was a United States dollar coin minted to compete with other large silver coins that were already popular in East Asia. The idea first came about in the 1860s, when the price of silver began to decline due to increased mining efforts in the western United States. The Coinage Act of 1873 made trade dollars legal tender up to five dollars. The coins were first struck in 1873, and most of the production was sent to China. Eventually, bullion producers began converting large amounts of silver into trade dollars, causing the coins to make their way into American commercial channels. This frustrated payees, as the coins were traded for less than one dollar each. In response to their wide distribution in US commerce, the coins were officially demonetized in 1876, but continued to circulate. Production of business strikes ended in 1878, though the mintage of proof coins continued until 1883. The trade dollar was remonetized when the Coinage Act of 1965 was signed into law.
Read more: https://en.wikipedia.org/wiki/Trade_dollar_%28United_States_coin%29
_______________________________ Today's selected anniversaries:
1405:
Marking the start of Ming China's treasure voyages, an expeditionary fleet led by Zheng He (depicted) set sail for foreign regions of the South China Sea and the Indian Ocean. https://en.wikipedia.org/wiki/Ming_treasure_voyages
1792:
The Belfast Harp Festival, an early event in the Gaelic revival, began at the Assembly Rooms. https://en.wikipedia.org/wiki/Belfast_Harp_Festival
1960:
To Kill a Mockingbird, a novel by Harper Lee featuring themes of racial injustice and the loss of innocence in the Deep South of America, was published. https://en.wikipedia.org/wiki/To_Kill_a_Mockingbird
1991:
Shortly after taking off from Jeddah, Saudi Arabia, Nigeria Airways Flight 2120 caught fire and crashed, killing all 261 people on board. https://en.wikipedia.org/wiki/Nigeria_Airways_Flight_2120
_____________________________ Wiktionary's word of the day:
suited and booted: 1. (originally South Asia) Dressed smartly, especially in business or formal wear. 2. (figuratively) Dressed, equipped, or otherwise well prepared for a certain situation. https://en.wiktionary.org/wiki/suited_and_booted
___________________________ Wikiquote quote of the day:
Mockingbirds don't do one thing but make music for us to enjoy. They don't eat up people's gardens, don't nest in corncribs, they don't do one thing but sing their hearts out for us. That's why it's a sin to kill a mockingbird. --Harper Lee https://en.wikiquote.org/wiki/Harper_Lee