GSA Morgan Silver Dollars: Where Are They ?

OK, so I'm re-reading the RED BOOK FOR MORGAN DOLLARS (Bowers) and he mentions that the 1884-CC Morgan has about 962,000 available for release in the early-1970's, with a few maybe dribbling out by 1980 as the GSA took advantage of the price rise in silver to probably get alot more than they did 7-8 years earlier.

Bowers mentions that the population census (the book copyright date was 2012) was about 55,000 for both PCGS & NGC combined...which might be HIGH since there could be re-submissions. But 55,000 is the max or thereabouts. So only about 6% of the coins have been graded which seems low since many would presumably grade in Mint State or close to it. In other words, it pays to get them graded (once the TPGs came into existence and assuming you knew about grading).

Now....I did a rough estimate from the PCGS and NGC population census online and it looks like as of today..... 67,000 NGC and 63,000 PCGS for a total of about 130,000 or just under 14% of that Treasury/GSA hoard.

This got me to thinking.....assuming that the cost of getting these coins graded is worth the expense on the part of the original buyer or a dealer he/she sells it to....why haven't more made it to the TPGs ?

I guess you can say that the pace is picking up.....we went from 55,000 in 2012 to over 130,000 just over 8 years later. Might this trend continue ?

I ask that because even if the buyers in the early-1970's or 1980 were teenagers, by now they'd be in their 50's at least, maybe 60's. And if they were adults, could easily be 70's or 80's. You would think they'd want to sell them or if they passed on their estate would look to ditch them to a dealer who would probably think sending to a TPG is worth the $$$ -- right ?

Maybe I'm overthinking this or maybe the next 10-20 years will prove me right....but I wonder if we can expect either INCREASED direct submissions to the TPGs by folks who realize they bought these GSA Morgans 40 or 50 years ago....or the dealers they sell them to...with both groups more likely to sell once graded.

And then I wonder if we know we'll have more of these coming to market with or without TPG grades if this might either depress prices...or just prevent them from lifting....or has the market already EFFICIENTLY priced the entire supply and expects them to come out bit-by-bit over the coming years and decades ?

These GSA Morgans were in what I would call "strong hands" over the decades by folks not interested in selling but now as they age or pass on they or their estates or heirs are what I would call "weak hands" and are sellers and not buyers/holders. I suspect many original buyers were non-collectors who bought them as gifts or saw the ads and wanted 1 or 2 of the Morgans.

Thoughts ? Some of you were probably teens or young adults who bought during that 1st wave in the 1970's. For those of you who actively collect GSA Morgans especially in the OGP, interested in what you've learned over the years.

 

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Mom bought me one in the '70s. I still have it and keep your grubby hands to yourself!

 

Have you bought other Morgans or GSA Morgans over the years or is that the only one you have ?

 

Your thought process on these is interesting. I was one of those teenagers that bought 5 hard packs (they sent 1882cc's & 1883cc's) from an ad in the Smithsonian or Scientific American in the mid 70's. I could only afford to collect what came through my pockets (1c,5c, silver), so even though the price was minuscule by today's prices, it was extremely hard to part with what little I had saved.
In my case I had them squirreled away until the mid 90's when, as a newly divorced father, I needed $ to pay some bills. My limited ability or knowledge about where to sell them led me to a pawn shop where I got +-$225 for 4 of them. (Ouch!) I just couldn't part with the better looking Prooflike one. I still have it, (1882cc) even though it no longer has the box or COA, after it survived a house fire in 2014(?), which left the plastic holder unscathed.

 

I don't think the basic collector is interested in TPG's. If they know their coin is original and like the looks of it there is no reason to have it graded. I would not have it graded. Additionally, I'm guessing that there are a good number that went to non-collectors as novelties. These people may not even know where the coin is.

 

The vast majority are solid 62 and 63s.... correct? I wonder if most people feel the need to get those graded.

It would definitely be worth the price of submission if you have a sparkling gem or PL.

I have 1, an 84CC that I think is a 63. Maybe with a shot at PL. My dad bought during the original release.

I always thought it would be fun to have a GSA collection. I am contemplating getting a 82cc, which is relatively affordable.

 

My siblings and I this year inherited 10 1884-CC GSA's, each in the original cardboard holder and COA, all pristine. Kept in a SDB since the day my father bought them from the GSA. Photos below. They range from MS-62 to 64 with most being 63. As part of probate I had my LCS and PM dealer give me an appraisal for what he would give me for them and he quoted $190 each which I thought was fair. I don't think there's any reason to send these in for grading, whether we sibs keep them or sell them. So, to the original question; Here are 10 ungraded ones that will remain ungraded and off the market for the foreseeable future.

 

Dug mine out....

 

Here is yet 1 more that will never see a TPG. It is VAM 5, EDS, Still in it's GSA slab with original box and COA. It is NOT toned, it's the light playing off the plastic case. It would never go higher than MS 63 in my view, so there would be no point in sending it in.

 

Here's my 1883-CC. Richard Nixon even personally engraved the OGP for us! Beat that!

 

I have an 1892 and 1893 CC GSA .
I just don’t have any pictures .

 

I believe the main reason (like others have mentioned) is that many of these aren't worth grading. These are the low UNC (MS 60-64) grades where the certification costs don't increase the value enough to justify the expense ($180-$200 raw vs low $200s for slabbed).

 

82 CC, 83 CC and two 84 CC's, none graded, one of the 84's and the 83 were given to me as a tip for some work i did for a friend of my Dad's, got the 82 CC from my cousin, it was purchased by her husband back in the 70's, the other 84CC was gifted to me by a niece of the Man who tipped me the two mentioned above, it was in a box with my name on it after he passed away.

 

Maybe for individuals unfamiliar with the TPGs...but for dealers who may eventually buy these, if you have a few dozen (hundred ?) you can probably get the cost down to $20 or less, right ?

Just having them graded in the OGP (or a slab) increases the value even if they all grade out as you think they will (MS62-63).

And if you find any MS64's or higher...jackpot !

 

Can't beat it, but can match it, LOL

 

Exactly!

 

Everywhere

Several reasons:

1. Most would grade in the 60-63 range. There isn’t a sufficient premium graded as such to make them worthwhile to send in. GSA Morgans hold their value on their own pretty well.

2. GSA holders are seen as collectible, and lots of people don’t want to make the holder less pristine.

3. Lots of coins have been cracked out of the GSA holders

4. Most GSAs are owned by collectors, most of whom don’t send in coins or have no ambition to send in coins for grading

 

An other big factor is the GSA packaging say basically says "real Morgan Silver Dollar" so unlike unpackaged coins there is no need for the extra piece of mind.

 

Except for the fact that there are known examples of fake coins in fake GSA holders.

 

But don't those say "Un-Real Morgan Dollar"?

And I did a quick look, there's another ~2,000 that were graded by ANACS.