Bryan, very good recapitulation of the GSA Morgans (and
Peace dollars - I also wasn't aware of GSA Peace $$, but then, I've never paid too much attention to 20th century silver dollars).
The numbers certainly explain the relatively low values of 1882, 83, and 84 Carson City GSA Morgans, at least in MS-64 and below. At MS-65, the values start to creep up at bit and at MS-66 and above, there's a sharp jump in value. I suspect the
ebay sales prices of GSA NGC MS-64 and below 82, 83, and 84-CCs will continue to be low for a number of years with maybe only a slight climb until enough have been cracked out of their original GSA/NGC-graded holders to create a shortage. Then, after someone has written an article in
Coin World or Numismatist about the shortage, the value will leap! And PCGS and ANACS GSA Morgans without the GSA holders will be left behind in the dust. In other words, for the moment, GSA-holdered Morgans are "sleepers". It would behoove the wise investor to stock up on GSA CC Morgans. Mark these words...
Fred