From Q. David Bower's book, the official RED BOOK on Morgan Dollars... Prior to 1962, the 1903-O Morgan was a key date coin. Releases were small in the early 20th century, and it seemed that no more than a dozen or so were saved by interested numismatics. Years later, in the 1930's when collecting became more popular, it was realized that the 1903-O dollars were rare and Mint State samples were almost impossible to find. The explanation was simple: They have been melted under the 1918 Pittman Act. And, probably the majority were. Years passed and to give you an idea of what a 1903-O Morgan was going for in 1962, the Guide Book had them at $400 in EF condition and $1,500 in Uncirculated condition! Remember...these are 1962 prices/dollars! Then in November of 1962, bags of long-stored 1903-O dollars (as well as other "key" dates) were brought out from a vault within the Philadelphia Mint that had been sealed since 1929. At first one, or perhaps a few 1903-O silver dollars were found as part of the holiday payout of coins, then more...then a deluge! Best part, they looked like they were just minted and were beautiful MS coins that have never seen circulation. Now, Coin World reported this in their December 14th, 1962 issue and prices of Uncirculated 1903-O Morgans that were $1,500 in November fell like a rock to $13 to $15. But this is the part that made me laugh... One enterprising, or perhaps unscrupulous would be the better word, person bought a bunch of these 1903-O Morgans and hopped on a jet plane for London. Referring to the Guide Book, he sold many of these 1903-O Morgans to unsuspecting English coin dealers at "bargain" dollars. Instead of $1,500, I suspect he sold them "at a slight discount". Meanwhile, news didn't travel as fast as it does today and many English coin dealers soon found out that their "bargain" 1903-O Morgan dollars very soon became a "wipeout loss". I could picture the conversation, "Honey, I am catching the next flight to London. If anybody calls, tell them I'm in ____." I don't need any luggage, just this carry-on!"
Good story, Ed. I just today received my copy of the Red Book of Morgan Silver Dollars. Took two plus weeks to get here and I've only just started reading it, but it and your story brings back memories of my first years of awareness of Morgan silver dollars. Even in the mid and late 50s Morgans could be found from time to time in circulation or at the bank (on request) and I had a few in my then-paltry collection. However, something invariably came along that I absolutely had to have and the Morgans came out of my collection and back into circulation. I often wonder what were the dates and mints of those coins I so freely spent on baseball cards (which themselves now would be worth a small fortune) or whatever.
The QDB Morgan Redbook is a great book. I recently picked up the VAM book. As many know, it is primarily for variety pickers, but there is much info on the history of Morgans and Peace dollars worth the price of the book alone. They have great write-ups about the Redfield Hoard, Contintental-Illinois hoard, and the GSA sale. I highly recommend it, even if you are not a "VAM enthusiast". BTW, I picked mine off Ebay for only $40 plus $7 postage (delivered in 2 days to boot!), so check there before you shell out $80 at a bookstore or coin dealer!
