The trade dollar was a United States dollar coin minted to compete with other large silver coins that were already popular in the Orient. 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 caused frustration among those who were given them in payment, as the coins were largely maligned and traded for less than one dollar each. In response to their wide distribution in American 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 the rest of this article: http://en.wikipedia.org/wiki/Trade_dollar_%28United_States_coin%29

_______________________________ Today's selected anniversaries:

1865:

The first ascent of the Matterhorn marked the end of the golden age of alpinism. http://en.wikipedia.org/wiki/First_ascent_of_the_Matterhorn

1950:

In an early battle of the Korean War, North Korean troops began attacking the headquarters of the American 24th Infantry Division in Taejon, South Korea. http://en.wikipedia.org/wiki/Battle_of_Taejon

1957:

Rawya Ateya took her seat in the National Assembly of Egypt to become the first female parliamentarian in the Arab world. http://en.wikipedia.org/wiki/Rawya_Ateya

1960:

English primatologist Jane Goodall arrived in Gombe Stream Chimpanzee Reserve, Tanganyika, to begin her groundbreaking study of the social and family interactions of wild chimpanzees. http://en.wikipedia.org/wiki/Jane_Goodall

1987:

Over 100 mm (3.9 in) of rain fell in a two-and-a-half-hour period in Montreal, causing severe flooding and over CA$220 million in damages. http://en.wikipedia.org/wiki/Montreal_Flood_of_1987

_____________________________ Wiktionary's word of the day:

bastille (n): 1. A castle tower; a reinforced tower, a small fortress. 2. A prison http://en.wiktionary.org/wiki/bastille

___________________________ Wikiquote quote of the day:

Freedom is not an exchange — it is freedom. --André Malraux http://en.wikiquote.org/wiki/Andr%C3%A9_Malraux