When it comes to the GSA hoard, if millions were released from the vaults, why do GSA Morgans hold a premium? I would think it would decrease the price since the survival rates are now even higher. Please explain.
I believe it is the same idea as shipwreck coins. Simply the legendary status give to the whole program. I was a youngster when the GSA hoard was announced and auctioned off and followed it every way I could. A daunting task in the days before an interweb. God bless him, my granddaddy bought me two of those Morgans that I still cherish. But I believe it comes down to the status given by us old guys. We will be gone soon enough and I suppose that those prices will come more in line.
Just like everything else demand exploded at the time of the release. The release of millions of BU silver dollars created with it millions of new collectors.
The GSA hoard contained a few dates rare to collectors at the time. Especially the CC minted dollars. When released prices fell on a few dates due to supply increase from the hoard.
Thousands of GSAs were removed from their holders and graded and re-slabbed before TPGs decided to grade them in the original slab. Now most collectors want them as issued with the grading included.
Not all of them did, some came in blue envelopes holding a coin inside encased in soft plastic. There is literally a wealth of information out there about the GSA coins. Do a Google search on it and you'll likely find more than you care to read. But here's some basic info regarding the numbers. GSA coin quantities The accepted quantities of each date were: • 1878CC - 61,000 • 1879CC - 4,100 • 1880CC - 131,500 • 1881CC - 147,500 • 1882CC - 605,000 • 1883CC - 755,500 • 1884CC - 962,600 • 1885CC - 148,300 • 1890CC - 3,950 • 1891CC - 5,700 one each of the 1889-CC, 1892-CC, and 1893-CC The remainder consisted of approximately 125,000 circulated and uncirculated Dollars from various other mints. And even those numbers are somewhat skewed because many of the coins that were sold as being uncirculated were not uncirculated. And some that were sold as being circulated were actually uncirculated. Ya see, the people who did the separating of the coins for packaging prior to sale, they couldn't tell one from the other because they didn't know anything about coins.
Just to add to Doug's post. On the 84 CC the released Morgan's were 85% of the original mintage so I would imagine the price dropped dramatically after the release.
In 1972 the 84CC was worth $40.00 in Unc. cond. The GSAs for these common date CCs were about $12-$15 at GSA bid, but soon began rising due to collector demand. The prices were low for only a short period after the GSA release.
You were lucky. I was in elementary school when these came out. I begged and begged my mom to buy one for me. I even suggested saving for a birthday or Christmas present. But, she didn't get me one. She did buy me a 1971-S Brown Ike when they were issued (Issue price was $10). Oh why didn't she buy me a GSA Morgan instead? So when you tell your kids no, you'll never know what they'll remember and hold against you 45+ years later
The difference: The boxes were 'supposed' to be uncs. The blue envelopes were supposed to be circs. However, if they had any toning, they went into the envelopes.
Me being the stupid kid that I was.... I took the government packaging and COA and trashed them. They were in the way of me viewing my prize coins..... Now all these years later I believe the government packaging and COA'a are as valuable as the Morgans!
I only have one GSA Morgan in the original presentation case. I think the box and the certificate — signed by no other than Richard Nixon — is a big part of it.
I bought 2 1885-cc G.S.A. MS63 N.G.C. and paid $60 more for the one with the org box and cert. 1260 for the pair. not a bad price. Or was it?
Looking at CDN in 1971 they were $31, during 1972 after the sale started they dropped to $26, in 1973 they hit $20. They had been pretty consistantly in the $26 to $30 range from 1963 to 1971.
I dunno. Others may disagree, but I find the GSA’s generally run more. With all my CCs, I’ve judged the coin and wound up buying the non-GSA, with one exception. And I upgraded that date.
I missed the first sale but I bought maxim second and I’ve owned a few over time now I have I’m looking for a reasonable 80,& 81 I think they will become airloons so day so I’m leaving them to my grand kids I just love them and think they are special and I thank god President Nixon let them out to the public
I have an 1881-CC GSA which is marked $15.00 on the orig. cert. It's a PL but probably only a MS62 or 63 grade. It's going to NGC this month, finally after years of owning it. I paid $600 for it in about 2003 or so.
A coin with a known and widely recognized provenance (e.g. GSA, SS Central America, Saddle Ridge, Newman, Eliasberg, etc.) will almost always be valued more than the same coin with no provenance or a little known provenance. I own a Morgan from the Michigan Collection and a quarter eagle from the Charles Kramer Collection. Those rare provenances haven't added much to the value of the coins. Cal
