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All Posts Tagged With: "Silver Dollars"

US Coins: Those Magical CC Morgans

By Jim Fehr – The Winning Edge

Coins disappearing as collectors and investors buy rarities
Hello, all. This article has be updated with new PCGS and NGC census and pricing information as of September 2010. Hope you enjoy.

There are over one hundred and fifty new purchases in this issue of The Edge, so take a close look at this listing. There should be plenty to choose from whether you’re buying rare dates for your set or just starting out.

The market is good – stable prices and strong demand for rarities along with an expanding collector base. In fact, an 1804 Class 1 Draped Bust Dollar just traded for $3.7 million at the Central States Numismatic Society coin convention in Rosemont, IL. It was a record breaking price for this particular 1804 dollar. It last traded for $475,000 in 1993!

The Carson City Dollars

Politically, the pro-silver factions in this country have always been very strong. The Bland Allison Act and Sherman Act in the late 1800’s required the U.S. Government to purchase large quantities of silver and coin it into silver dollars that, at the time, were not being used in circulation. Therefore, Morgan silver dollars flooded into the treasury vaults. In 1918 the Pittman Act was enacted in part, to sell off the excesses holdings of silver in the treasury vaults, not more than 350 million silver dollar pieces were to be melted. But pro-silver factions helped convolute the Pittman Act.

Due to their influence, one provision of the Pittman Act required the U.S. government to buy domestically one silver ounce for each silver dollar ounce the Pittman Act required be melted and sold. The silver was sold to England at $1 per ounce. In other words, as the government was buying up all the silver dollars in circulation and melting them, along with what was stored in the treasury vaults, they were also forced to replace the melted dollars with domestically bought silver bullion – which they then coined into the new 1921 Morgan silver dollars.

Yet, because of the domestic silver purchase provision in the Pittman Act, many of the silver dollars were never melted and in this way the government unintentionally kept a hoard of about 155 million silver dollars for over 40 years. Since silver dollars during the early 1900’s were used frequently only in Montana, Idaho, Nevada, Colorado, and Wyoming, circulating Morgans dried up quickly.

Fast forward to Kennedy. From 1960 to 1964, the government suddenly released over 152 million silver dollars, at face value. The government was the last to learn that many of these coins were worth more than face value because they were prized by collectors. Three years later in 1967, silver prices were up enough to make any silver dollar worth over face value in bullion alone. Afraid to let go of any more too cheaply, the government held back 2.8 million of the lower mintage Carson City dollars.

Sen. Key Pittman – Nevada

On the last day of 1970, President Nixon signed into law the Bank Holding Company Act Amendments. The act authorized the General Services Administration to sell the 2.8 million Carson City dollars in any suitable manner, and thereby created the modern market for Carson City silver dollars. The treasury chose to market the CC dollars via several mail bid sales. There were five sales from 1972 to 1974, then two more in 1980. Minimum bid on 1882-CC, 1883-CC, and 1884-CC was $40-$42; minimum bid was $180 for 1880-CC, 1881-CC, and 1885-CC. (more…)

Bowers and Merena’s Boston Coin Rarities Auction Exceeds $9.3 Million in Sales

Bowers and Merena Auctions realized an impressive $9.3 million at its Boston Rarities Sale on Aug. 7. The sale, conducted in two sessions with 1,750 lots, featured the rare condition census #4 1794 Flowing Hair Silver Dollar, certified MS-64 by NGC, that sold for $1.2 million.

The prominent attraction at the Boston Rarities Sale was lot 1005, the historic and extremely rare Virgil Brand-F.C.C. Boyd-Cardinal Specimen of the 1794 Flowing Hair Silver Dollar. Bidding opened at $750,000 and escalated due to intense competition between floor bidders then ended with the winning bid placed by a telephone bidder. The piece sold for a remarkable $1,207,500 – the highest price ever paid at auction for a 1794 Silver Dollar.

“We are extremely pleased about the results of the Boston Rarities Sale which saw spirited bidding in all areas of U.S. coinage,” said Greg Roberts, CEO of Bowers and Merena Auctions. “We had tremendous bidder interest with an outpour of praise about our catalog and offering, long lines that formed outside the lot viewing room, and most importantly, active participation in the auction room. The market as a whole is very ‘quality conscious’ these day, and Bowers and Merena was proud to offer an impressive array of coins that enticed fierce competition between bidders.”

Along with the 1794 Silver Dollar, the Boston Rarities Sale included several prominent collections including the Ostheimer Specimen of the 1870-S Seated Liberty Silver Dollar, Platinum Star PCGS Registry Set of Two-Cent Pieces and Fontaine Collection. The Ostheimer Specimen of the 1870-S Seated Liberty Silver Dollar, the fourth-finest of only nine coins in existence, realized $632,500. With record prices for many of the pieces, The Platinum Star PCGS Registry Set of Two-Cent Pieces featured coin was an 1873 Two-Cent Piece, closed 3, proof-67 red in a PCGS secure holder that realized $52,900.

Rare 19th century U.S. gold coinage also performed well at the Boston Rarities Sale. Many of these offerings were pedigreed to the Horseshoe Collection. Highlights of this collection include lot 1543 and lot 1828. Lot 1543, an elusive proof-only 1863 Quarter Eagle in NGC/CAC Proof-63 Cameo, changed hands for $54,625. Lot 1828, a very rare 1858-O Liberty Double Eagle with a unique MS-61 PL grade from NGC went to the winning bidder for $57,500.

The Fontaine Collection, which had opening bids totaling $82,000, brought more than three times that amount with final prices realized of more than $265,000. All 25 coins in this collection were PCGS certified in first-generation holders and CAC approved. The star of the collection was lot 1430, the Eliasberg Specimen of the 1850 Gold Dollar, sold for $54,625 in PCGS/CAC MS-67. (more…)

Heritage June Long Beach Auction realizes more than $9.88 million

Rare Morgan dollars, gold lead the way with strong prices and competitive bidding

[CoinLink News] – More than 4,250 bidders lined up to take part in the offerings of Heritage’s June 3-6 Long Beach Signature® U.S. Coin Auction, sending a remarkable 1866 $1 Motto PR67 Cameo NGC, CAC to the top of the pile with a $69,000 final price in an auction that saw solid bidding across the board, the continuance of gold as the hottest sector of the market, and a total of more than $9.88 million. All prices include 15% Buyer’s Premium.

“Even without the presence of six and seven figure coins we still saw totals approaching the $10 million mark and a more than 95% sell-through rate by lot totals,” said Greg Rohan, President of Heritage Auctions. “The enthusiasm in the current numismatic marketplace is there at all levels, and it helped make this a strong overall event.”

An important 1944-D Lincoln Cent Error struck on a Steel Planchet, AU55 NGC, 2.8 gm., coming to auction from The Brenda John Collection, caught the attention of collectors of both error rarities and Lincoln cents, and subsequently roared to a $60,375 final price, while an astounding 1891-O Morgan Dollar MS65 Deep Mirror Prooflike, from the PCGS Tour – one of only two MS65 Deep Mirror Prooflike examples known to PCGS, with none finer – was much in demand with collectors before finally coming to a stop at $57,500.

A stunning 1892-O $1 MS65 Deep Mirror Prooflike PCGS, also from the PCGS Tour, continued the stream of superb Morgan Dollars in the auction, as this example proved one of the most popular in the whole of the Long Beach auction with a price realized of $57,500.

“For the knowledgeable Morgan dollar collector, the simple existence of this Deep Mirror Prooflike Gem is astounding,” said Rohan. “The 1892-O is one of the rarest of the Morgan dollars in prooflike condition. The price realized proves how much collectors value that rarity.”

The top gold highlight of the auction was an important 1796 $10 AU53 NGC, Breen-6832, Taraszka-6, BD-1, R.4, which realized $57,500. There is no accurate census of 1796 eagles that survive, although it is fair to say that the majority are in grades below AU, making this coin a special specimen indeed. (more…)

The Top Five Morgan Silver Dollars

By: US Coin Values Advisor

Why waste everyone’s time? Let’s skip the appetizers and get to the meaty stuff right now: The Morgan silver dollars poised to increase the most in value in the years ahead are the 1895, 1892-CC, 1894, 1878-CC, and the 1883-CC. Pretty bold prediction, eh? At this point, the reader now has three options: (1) Stop reading and act upon this information, (2) Stop reading and get on with life, or (3) Continue on, evaluate the analytical approach to identify the “Top Five” Morgan dollars, and then implement a variation of (1) or (2) above. If you’ve gotten this far, we encourage you to continue on with option (3).1895 Morgan Dollars

First, a little background info on the Morgan silver dollar…

The Morgan silver dollar is today one of the most popular of all collector coins. First minted in 1878 following the passage of the Bland-Alison Act, the new dollar was named after its designer, George T. Morgan. Political pressure by powerful silver mining companies, in a gambit to stabilize the price of their commodity at artificially high levels, created the impetus driving the legislative action. Bland-Alison led to the overproduction of silver dollars, resulting in millions of these unused “cartwheels” languishing in bank and Treasury vaults. Indeed, few coins have ever been released under more dubious circumstances than Morgan silver dollars. Minting continued until 1904, and then again for one more year in 1921, when the series finally came to a close.

For decades thereafter, Morgan dollars were largely snubbed by hobbyists. Many dates, including those in mint state condition, could be obtained for as little as $1.00. This situation shifted dramatically in 1962, when the US government began selling original 1000-piece silver dollar Treasury bags to the public at face value. Stories of rare dollar finds circulated widely, touching off a veritable Morgan mania. Within a matter of months, all but a small fraction of the federally owned coins were transferred from government vaults to private hands, consequently expanding the Morgan dollar collector base far beyond anything seen previously.

Since then, Morgan silver dollars have proudly perched themselves atop the catbird seat of the numismatic world. Their physical size, availability, beauty, and historical significance have consistently attracted herds of new buyers. Numerous boom-turned-bust cycles have come and gone, sometimes driven by pure speculative motives, but from a long-term perspective, most Morgan dollar prices have trended somewhat positive.
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