What does circulated mean as a grade ? AG-G-VG-F ??? Whover pays for this comment sure would lose money for the intent of getting a grade. I would guess that 98% of coins submitted are known to be circulated, but to what extent ?.
Eh, at least it is showing its genuine, which is what I mainly value a slab for. I am guessing this is mass slabbed documentation of some "hoard" meant to prop up the sales price of all of the coins. The submitter got a special deal from NGC to just genuine slab them.
likely the submitter sent a large hoard of coins and requested that they be slabbed as circulated or uncirculated as grades, rather than genuine
I suppose that makes some sense, but than it brings to mind another question. I thought the Carson City hoard was only applicable to the GSA coins released by Nixon in the 70's. Are all CC coins designated as from the hoard ? Dave C.
No the GSA hoard is only the coins that were in the care of the General Services Administration. Most don't realize that not all of the coins in that hoard were CC dollars and not all were Morgans. The OPs coin is NOT from the GSA Hoard, but rather from a "Carson City Hoard". That could mean just about anything, but it's NOT a GSA Morgan.
Yeah, the GSA was supposedly from "unpicked" coins left over in GSA vaults, but mysteriously were mostly CC's. Weren't there SL dollars in there as well? It sure looked like someone who knew about coin collecting was paying attention to what silver dollars were leaving the treasury in the 50's and 60's.
There was a couple bags of seated libertys not many but a few thousand mostly 1859-o and 60-o there were many Morgan dollars that were released in the early 60s at random the ccs the government held back many after finding the popularity and sold them off later the 1903-o was considered extremely rare until many were found in government vaults others like 1884-s 1889-cc 1893-s and others were not found at all in GSA vaults and all were released into circulation which is why their so rare in high grade today
Long story short: The US govt. decided to help prop up silver miners in the late 1800s by minting millions of silver dollars that nobody wanted or needed at the time. Since the banks didn't want them.. nearly the entire mintages of 82, 83 and 84 CCs were sent east to Phil and Washington and placed into storage and pretty much forgotten about until 1950's. (Along with many many other years and mint marks.) Up until 1964 anybody could go to the bank and exchange paper dollars for Morgan Silver dollars. Then in the 70s the GSA sold off the rest of them to collectors at a premium. Great book on Morgans: http://www.amazon.com/Guide-Book-Mo...qid=1389061647&sr=8-1&keywords=morgan+dollars
In one of the coin mags that I read, Harry X. Boosell, would search out cc mints and sell them by mail order, it is how he got started dealing. The same article mentioned another dealer who would carve an x into lower grade ones.
I'm sure I know a guy that him and his father each bought a bag of 1000 from the government at face value in the 60s one was a bag of 03-0 the other was something more common
Several bags of 1859-O and 60-O dollars were distributed at face value during the great rush on the Treasury in the early 1960's. In the GSA sales in the early 70's there was a single 1864 Seated Liberty dollar in G-VG. That was the ONLY SL GSA dollar. It was sold as part of the "Mixed Circulated" dollars for $3. About two years ago it sold, still in the GSA pliofilm, in the five figure range. In 1964 the distribution of the remaining Treasury silver dollar was stopped after an inventory determined that "A significant portion of the remaining coins have a high numismatic premium." How high? Well at that time Unc CC dollars were in the $3 - $5 range.
In 1964 the distribution of the remaining Treasury silver dollar was stopped after an inventory determined that "A significant portion of the remaining coins have a high numismatic premium." How high? Well at that time Unc CC dollars were in the $3 - $5 range.[/quote] I obtained an 1885 CC GSA I would guess in a MS condition. Now worth a little more than $ 3 - $ 5 range.
Maybe they were released earlier, or melted then. I distinctly remember comments on the Treasury stockpiles stating they were so old there were bags of SL dollars in there, as well as Trade and Morgans. I can try to find the reference.
