1877-S TRADE T$1 MS65

GEM MINT STATE. CAC.
Grading Service: PCGS
SKU: 122773
Cert Number: 27577136
$12,500.00

Anti-immigrant sentiment ran rampant in the United States, particularly because many first and second generation Americans felt they were being undercut by immigrants willing to work for less. This notion was especially prevalent in San Francisco since so many immigrants, most of them from China, had come to the states for the Gold Rush. By 1877 the gold rush fervor had calmed, the transcontinental railroad was finished, and Chinese immigrants now flooded the job field in the city. These immigrants who often needed to support their families at home or who may have owed their sponsors money, were desperate for work. As a result, they were willing to work for significantly lower wages, longer hours, and harder jobs. Soon Americans felt they were being traded out for immigrants who were willing to accept lower wages for the same job; in reality the economic climate just wasn’t what it once was in 1877 as banks were failing and unemployment rose. Regardless, San Franciscans pointed their fingers at the Chinese. On July 23 and 24 1877 several mobs took it upon themselves to show their distaste for the Chinese. These mobs had originally started out as peaceful talks to discuss a solution to the work force issue and economy but had taken a racist turn for the worst. July 23rd was not nearly as bad as the following day but Chinese businesses and homes had received quite a bit of damage. On the 24th, however, the mob ended up killing four men and burning a good majority of the Wharf and Chinatown down. The day started once again with a “peaceful” labor meeting with city council. Unfortunately, one of the city council members refused to answer a question from the crowd regarding the “Chinese question,” which infuriated several. The crowd soon morphed into a mob, attacked a nearby Chinese man and shouted “On to Chinatown!” To distract from their plan the mob had someone ignite the Wharf with whale oil and it quickly went up in flames. In Chinatown the mob ransacked homes, businesses, and shot several of these places up. Eventually law enforcement and public vigilantes calmed the city down but these actions were only precursors for what was to come five years later with the Chinese Exclusion Act of 1882.

**Source: PCGS Price Guide. Although we try to be as accurate as possible on the listed population, third party pricing and coin information, information constantly changes. We suggest you verify all information.