This coin was issued for circulation in Asia to compete with dollar-sized coins of other countries. They were legal tender in the United States, but when silver prices declined, Congress repealed the provision and authorized the Treasury to limit coinage to export demand. Many pieces that circulated in the Orient were counterstamped with Oriental characters, known as chopmarks. In 1887, the Treasury redeemed trade dollars that were not mutilated. The law authorizing trade dollars was repealed in February 1887. Modifications to the trade dollar design are distinguished as follows:
• Reverse 1: Berry under eagle’s left (viewer’s right) talon; arrowhead ends over 0. Used on all coins from all mints in 1873 and 1874, and occasionally in 1875 and 1876.
• Reverse 2: Without extra berry under talon; arrowhead ends over 2. Used occasionally at all mints from 1875 through 1876, and on all coins from all mints 1877 through 1885.
• Obverse 1: Ends of scroll point to left; extended hand has only three fingers. Used on coins at all mints 1873 through 1876.
• Obverse 2: Ends of scroll point downward; hand has four fingers. Used in combination with Reverse 2 on varieties of 1876 and 1876-S, and on all coins at all mints from 1877 through 1885.