Lowball Morgans?

Yes spear-dog, some Morgans were never circulated thus making your worn thin Morgan, extra special and worth way more than people relize.

Hope this tid-bit of information was helpful.

Good luck with the auction!

I'll throw the prime example at you: 1884-CC. 1,136,000 of these were minted - pretty low in the Morgan scheme of things, normally that'd be considered a scarce year - but GSA dumped 962,638 of them onto the market. Half of all 1882-CC and 1883-CC mintages appeared in the GSA sales. That's why these three are so relatively cheap (and overvalued at that in my mind) for Carson City Morgans.

Lowballing originated with Morgans, for this reason. In-the-know collectors have known for a long time that for many mintage years, circulated grades are genuine condition rarities. Hence, the fact that 15 issues are still unknown in P01.

Furthermore, they're anybody-can-afford-them cheap by comparison to Gem condition rarities. Once the first person deliberately set out to do a Lowball set and publicized the fact, the dominoes started falling. Peace dollars came next for obvious reasons - there's a whole lot of overlap in the collecting demographic - and I think Ikes followed.