Mystery From The 1913 Mint Director Report. Page 8

Well, since, as you said, the SF mint made less than 61.3 million Morgan dollars in 1880-1882, it is obvious that the count was off (not likely), they were not just SF mint coins, or they were not just 1880-1882 dated coins.

The San Francisco Mint had vaults that served as depositories for a good portion of the country's silver (and gold until Ft. Knox opened).

Per my quick calculations just the SF mint made about 56 million Morgan silver dollars from 1878-1883. They made another 26.5 million Trade dollars from '73-78. Carson City mint made 6 million Morgan and 3 million Trade dollars in those same date ranges. The Philadelphia and New Orleans mints made many, many millions more. Tens of millions more were minted from 1883-1904.

Trade dollars and Morgan dollars were never popular coins and they were made because Congress dictated that they be made to placate their cronies in the silver business. That is why so many were stored in vaults for years and decades - no one really wanted them back then.


OR

Perhaps there were a LOT more washers in the unopened bags.

According to the 1883 Mint directors report (page 10) there were 30,841,960 Silver dollars on hand at the SF Mint. Additionally 1,662,447 Silver dollars had been distributed at the SF at the SF mint. It does not say but is implied that this total are the amount of Silver dollar made under the 1878 act.

As a comparison the amount held at Philadelphia were 4,354,571 Silver dollars; at CC were 1,914,522 silver dollars, and at New Orleans were 6,193,537 Silver Dollars.

It is also stated that the demand in the Pacific states and territories is slight.

I thought that interesting as it has been stated over and over that Silver dollars circulated in the West and were not much in demand in the East. Yet is it seems that the mintage of Silver dollars at the Philadelphia mint were distributed almost as soon as they are minted. There is an implication in the Mint Directors Report that production was shifted to Philadelphia because the demand was greater in the East. Though it is admitted that a great many were held against certificates held by the treaury. Just shy of 40 million standard silver dollars being in circulation by the third quarter of 1883.