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A hoard of 16,000 Morgan dollars stored in canvas bags in a New York City bank vault since their purchase in 1964 from the Treasury Department stockpile will be placed on the market after all are graded and slabbed by Numismatic Guaranty Corp.
The Morgan Silver Dollar, issued from 1878-1904 and once again in 1921, has long been considered the King of Coins. Its hefty size, classic beauty and colorful history has made it a. The Morgan Silver Dollar – ignored in circulation, but lauded in investment markets is one of the most famous and sought-after American coins in existence. More than 500 million Morgan Dollars were minted from 1878 to 1921, with the majority produced in 1921. Read more about Morgan Silver Dollar coins here. Certified Morgan Silver Dollars We offer both generic MS63-65 common date dollars as well as many KEY DATE coins in high grades. If you do not see the coin you are looking for please call us at 800-735-1311 for current inventory. Common Date Certified Morgan Dollars Dates Our Choice. Forged from Nevada’s Comstock Lode silver, Morgan Silver Dollars jingled in the pockets of prospectors, pioneers, gunslingers, gamblers, and gangsters. Truly an American classic, each massive 90% pure silver vintage Morgan has witnessed a lifetime of American history, trial, and triumph since 1878. Morgan Silver Dollars. Sort by: Relevance. Relevance Name, A to Z Name, Z to A Price, low to high Price, high to low View. Viewcomfy viewlist viewheadline; Filter There are 95 products. 1878-CC Morgan Silver Dollar.
Jeff Garrett, founder and president of Mid-American Rare Coin Galleries in Lexington, Kentucky, will be offering the coins in the hoard.
He values the hoard of dollars at between $1 million and $1.5 million.
Garrett said the estimated value of the hoard will be determined by the certified grade each coin receives. Garrett is working on commission, on behalf of heirs who more than a decade ago inherited the silver dollars from their parents.
Garrett said the son and daughter of the man who originally purchased the coins more than 50 years ago no longer wanted to continue paying the $800 annual rental fee for the roughly 3-foot by 3-foot by 4-foot safe-deposit box that houses the silver dollars.
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Garrett said the heirs do not want to be identified but just want to dispose of the hoard.
Garrett said the heirs’ father worked in the financial district in lower Manhattan, and the coins were stored in a bank vault on Wall Street.
The coins in the hoard were contained in 16 canvas bags of 1,000 coins each, with each bag comprising coins of a specific date and Mint production facility. Garrett said the hoard has no bags containing mixed dates.
The bags were wire sealed with string and lead clamps and also bore tags from Brooklyn dealer Edward’s Associate, a numismatic firm specializing in silver dollars.
“The family purchased them from this broker when the Treasury distributed the bags in 1964,” Garrett said. “That’s when the box was opened at the bank. The coins have been there since.”
Some of the bags were imprinted with the designation for U.S. Mint and Treasury Department and others with the designation for the Federal Reserve Bank of San Francisco.
The coins were struck at the Philadelphia, San Francisco and New Orleans Mints. None of the coins are from the Carson City Mint, Garrett said.
Once graded, the hoard coins will affect the NGC certified populations for the dates and Mint marks represented in the bags.
The hoard contains 1878-S, 1880-S, 1881-S, 1883, 1884, 1884-O, 1885, 1886, 1887, 1888 and 1889 Morgan dollars. Garrett said several hundred of the coins exhibit toning from their storage in the canvas bags.
Coin handling
Garrett said he, his son Ben, and Mark Salzberg, chairman of Certified Collectibles Group (NGC’s parent company), spent May 28, 29 and part of May 30 handling each of the 16,000 coins.
The bags were removed carefully from the safe-deposit box to minimize creation of more marks than they may originally have. Garrett said the coins were removed slowly from each bag, with the best pieces set aside, placed into 2-inch by 2-inch coin flips. The remaining coins were individually placed into coin tubes, to be shipped by Brink’s from the New York bank to Florida, for grading and encapsulation at NGC’s facility in Sarasota.
Government hoard
The 16,000 silver dollars stored in the Wall Street bank vault were among the more than 200 million Morgan dollars sitting in Treasury vaults when the government decided in the early 1960s to allow an exchange of other currency for silver dollars, at face value.
Interested parties could line up to acquire up to 50,000 silver dollars from the Treasury Department’s main building, in Washington, D.C., where the coins were stored in vaults. Some enterprising individuals made some early money by selling their places in the line of those waiting to purchase the coins.
Treasury Secretary Douglas C. Dillon halted the exchange March 26, 1964, leaving some 2.9 million silver dollars, mostly Carson City Mint pieces, in 1,000-coin bags remaining at the bottom of the vaults.
Those silver dollars were auctioned in a series of five sales starting in October 1972, after Congress in 1970 authorized their sale by the General Services Administration.
The coins sold from these auctions were known as the GSA hoard. By 1979, that remaining silver dollar supply was exhausted.
Millions of coins
The government stockpile of silver dollars traces its genesis to the Bland-Allison Act of 1878, which authorized the four Mint production facilities to begin striking millions of dollar coins using silver from the Comstock Lode.
Within 15 years, the American people’s preference for the convenience of carrying paper currency was obvious, but Morgan dollars were minted through 1904 when the supply of silver from the Comstock Lode was depleted.
To replenish the government’s silver bullion supply, Congress legislated melting the silver dollars, under the Pittman Act of 1918.
More than 270 million silver dollars were melted under that legislation, an amount totaling nearly the half the combined production from 1878 through 1904.
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The silver dollars melted under the Pittman Act significantly reduced the surviving populations of coins dated 1900 through 1904.
However, the Pittman Act required the government to purchase more silver on the open market to replace the coins melted, resulting in resumption of silver dollar production in 1921, first with the Morgan designs and then the Peace dollar designs.
Between 1958 and 1960, nearly 58 million silver dollars stored in government vaults were released.
In 1963 alone, 31 million silver dollars were released, and another 25 million in just the first three months of 1964, before the distribution was ended.
Morgan and Peace Dollars are the last true silver U.S. Dollars.
Morgan Dollars
These dollars are post-Civil War era coins. These predecessors of the Peace dollar are truly worth collecting.
History of Morgan Dollars
Morgan dollars were first minted in 1878 to 1904. After 1904, because of the Pittman Act of 1918, many Morgan dollars and other silver coins were melted into bullion in order to aid Great Britain at the start of World War I. The Pittman Act authorized the melting of close to 4 million Morgan dollars to sell as bullion to Great Britain. After the fulfillment of the Pittman Act, the Morgan dollar was once again minted in 1921.
Morgan Dollar Complete Set Value
The wide range of years that the Morgan dollar was minted grants a great opportunity for collectors. Because they were minted for thirty-six consecutive years, there are a variety of valuable Morgan Dollars available for collection. Of course, the fineness of Morgans also lends them to be a worthwhile investment as they are mostly made of fine silver.
Morgan Silver Dollars For Sale 1893
Morgan Dollar Design
Named for its designer, George T. Morgan, the Morgan’s design is usually of Lady Liberty on the obverse and the American eagle on the reverse. Morgan’s Lady Liberty portrait was based on the profile of Anna Willess Williams. Williams, a school teacher, was described by Morgan as having had a near perfect profile and was considered excellent inspiration for the Lady Liberty design. It was also very serendipitous that Williams was from the epitome of American cities, Philadelphia. On the other hand, Morgan was a British-born engraver who was originally employed by the British Royal Mint. He later came to design and engrave for the u.s. mint because of a want for new and fresh designs.
Despite the want for new coin designs, the Morgan dollar has a surprisingly steady history of design. The Morgan underwent very few changes in the thirty-seven years that it was minted. The only real change was the change in master dies after the Pittman Act. The Pittman Act left the thought of any new Morgan dollars obsolete, so the original master die was destroyed. A new die had to be made for the production of the 1921 Morgans.
Peace Dollars
Peace dollars are considered the successors to Morgan dollars and the earliest mintage of the Peace dollar was in high relief.
History of Peace Dollars
Peace Dollars were minted from 1921 to 1928, after the legislation of the Pittman Act of 1918. The obsoletion of the Morgan dollar meant that new silver dollars had to be minted. although, this wasn’t the only reason for minting new silver dollars. the peace dollar was mainly minted to commemorate the end of world war i.
Peace Dollar Design
The Peace Dollar design was very important symbolism to Americans in post-World War I United States. There was even a contest held in order to designate an artist for the design. Ultimately, Anthony de Francisci, an Italian-American sculptor, was chosen as the final designer of the Peace Dollar. De Francisci’s original design pictured a broken sword and olive branch on the reverse. However, there was controversy over this design. Many saw the broken sword as symbolic of a loss, not peace. While de Francisci defended his original design, the American public demanded a change and the reverse design was changed to a perched bald eagle.