History Behind Sale Of GSA Hoard Of CC Morgan Dollars

Great read. Thanks for the info.

Thanks, great post. I'm currently trying to build a set of Peace dollars in the GSA soft packs.

Well researched and written. One can only wonder what else lies hidden in their many vaults gathering dust. At some point we may find out as the current dollar coins stack up due to an over production-under release situation.

And many more that would have been in the vaults were melted under the Pittman Act

Interesting. The 82-83-84 coins are now more common than most common date Morgans, and all are high grade. At some point maybe the cc magic will disappear, but I'm not holding my breath.

Pretty much ALL of them were minted for that reason.

The Morgans came about from the Bland Allison Act which was a sop to the silver interests to try and keep silver prices up. The Sherman Silver purchase act in 1890 significantly increased the amount of silver purchased each month because silver prices were still falling. Both of these acts required all the silver purchased to be coined into silver dollars. After the Sherman act was repealed in 1893, because a provision in the act resulted in the wiping out of the nation's gold reserves forcing the government to the brink of worldwide default, it still tok until 1904 to finish coining all the purchased silver into dollars. Then the Pitman Act contained another bailout of the silver interests that required all the silver dollars that were melted down and sold to England, to be replaced with newly mined domestic silver. The result was all the 1921 morgans and the 21 - 28 Peace dollars. The 1934 and 35 Peace dollars were the result of yet another government silver purchase act. I hate to think how many silver dollars we would be sitting on if they hadn't passed an Act in 1936 allowing silver bullion to be used as the backing for silver certificates instead of requiring it to be coined into dollar coins first. That 1934 silver purchase act eventually added over two BILLION oz to the government stockpiles. It would have meant 2.6 billion Peace dollars. So five times as many Peace dollars as Morgans.

Note, mixed dates cc dollars were also offered with no guarantee on date received. As I recall the limit was 5 coins with first come first served. I think the price was $15 each. I used my paper route money and got 3 of them 1883 and 1884. My father got mad because he tried to get some and received a "sorry sold out" notice.

thank you for posting.....that explains the affordability on the 81-84 cc. unfortunately it also stifled prices for thoae who already had unc examples.

here is something to ponder..... why would they continue to produce morgans and then Peace dollars with all that inventory sitting?

i would love to have an 85-cc.