Coin Hoards Can Raise Morgan Silver Dollar Values

Coin collectors are often drawn to stories about hidden coin hoards. Typically, someone put coins aside for decades without mentioning them to others. Silver dollars frequently appear in these discoveries. Morgan dollars, in particular, have been part of several of the best-known coin hoards.

Once a hoard is found, the way its coins are handled can strongly affect values for comparable pieces. Rather than discussing issues that decrease the value of Morgan Silver Dollars, this article examines particular hoards that contributed to higher values for certain Morgan Silver Dollars.

Morgan Silver Dollar Quick Facts

• Created by George T. Morgan while he served as an Assistant Engraver at the U.S. Mint, before becoming Chief Engraver
• Produced annually by the United States Mint from 1878 through 1904, then produced again in 1921
• Morgan Dollars came from five separate U.S. Mint branches: Philadelphia, New Orleans, Carson City, Denver, and San Francisco
• The mint marks were: Philadelphia (none), New Orleans (O), Denver (D), San Francisco (S), and Carson City (CC)
• First struck to consume silver from the Comstock lode, America’s largest silver discovery in history
• It circulated extensively only across the American West
• The public disliked it because of its large size and heavy weight, as well as criticism of parts of its design
• Known as the “Cartwheel” because of its considerable size and weight
• Called the “Buzzard dollar” because observers felt the reverse bird resembled a buzzard more than an eagle
• Anna Williams, a Philadelphia schoolteacher, served as the model for Lady Liberty
• Morgan dollars feature a “reeded edge”, or small parallel lines running around the coin’s circumference
• The Morgan dollar was among the seven U.S. coin designs created by George T. Morgan
• George Morgan’s “M” initial is visible on both the coin’s obverse, or front, and reverse
• Morgan dollars contain 90% silver and 10% copper, with a weight of 26.73 grams
• More than a quarter million earlier Morgan dollars were melted to produce the 1921 Morgan dollars
• Following 1921, the Peace Dollar replaced the Morgan dollar

Well-Known Coin Hoards

Coin hoards do not provide an automatic or easy route to wealth. Anyone acquiring one needs to use smart investment strategies when selling coin collections. Still, some hoards were managed carefully and did increase the coins’ values. The following examples describe several celebrated hoards and their effect on Morgan silver dollar values.

The Fitzgerald Collection

Lincoln Fitzgerald had early ties to illegal gambling before ultimately establishing a legal casino of his own. Fitzgerald’s Casino in Reno drew visitors from around the world while Fitzgerald prospered. Throughout that period, however, he was also putting coins aside. In 2003, long after the casino owner died, more than 100,000 Peace and Morgan dollars were discovered in bags within the building.

Many numismatists enjoy pursuing coins with provenance from a collection such as Fitzgerald’s. Although the group contained 120 distinct date, mintmark, and VAM combinations, most variations were represented by only one to five examples. That limited representation makes assembling a Morgan dollar set from the Fitzgerald Collection a difficult pursuit that appeals to many collectors.

The Bass Coin Hoard

Harry W. Bass was skilled at earning money, but he also developed an interest in studying it as well as possessing it. His interest in numismatics began when he helped a friend obtain low-mintage quarters from 1955. Bass acquired the coins readily at face value, then simply continued with his life.

At the time of original publication, the article described the following: Ten years later, however, the friend came back and explained that the coins had reached ten times their face value. Bass found that development compelling, and it marked the beginning of his life as a coin collector.

Although Bass concentrated mainly on gold coins, he assembled several different collections. One was a silver coin group containing high-quality Morgan dollars. His roles with the American Numismatic Society and his business relationships made the public more aware of his hoard. His finest and most distinctive coins entered the permanent collection of the Harry W. Bass, Jr. Foundation; other pieces went to auction in May 2000, where progressively stronger bids raised their values.

The Great Montana Hoard

The Bass group is more precisely described as a collection, while the Montana discovery captured the fuller meaning of “hoard.” Consider George Bouvier, an ordinary Deer Lodge, Montana, shopkeeper, gradually accumulating a hoard of 8,000 silver dollars. Distrusting banks, he concealed coins in his home’s walls, in coffeepots, and beneath his shop’s floorboards. As his death approached, Bouvier eventually told a friend about the hoard.

His family learned of it, began searching, and ultimately uncovered more than 17,000 coins.

The story itself creates interest in the Great Montana Hoard. In addition, collectors are attracted by the condition and variety of its coins. Combined with the compelling history attached to them, these Morgan dollars have generally carried greater value.

The Lincoln Highway Hoard

Another group of Morgan silver dollars was discovered in a house in Pennsylvania’s rural Amish country. More than 8,000 Morgan dollars were found there altogether. Because the home stood close to Lincoln Highway, the discovery became known as the Lincoln Highway Hoard. Its arrival in the marketplace generated attention and higher prices for these Morgans.

The Teich Family Collection

While checking into a motel in 1952, Samuel Teich dropped an Indian Head Penny. The motel owner promptly retrieved it and showed the Teich family his personal coin collection. Fascinated, Teich began collecting coins himself. He aimed to acquire the finest example of each type he collected, frequently choosing proof coins or unusual specimens.

He stored the coins in envelopes, where they remained untouched for nearly 50 years.

The Teich family recognized the do’s and don’ts of selling coin collections. When the coins went to auction in 2011, buyers eagerly sought an opportunity to view and perhaps acquire pieces from this distinctive collection.

Battle Creek Hoard

The Battle Creek Hoard consisted of 10,000 Morgan silver dollars in ten bags, each carrying Philadelphia Mint tags dated in the 1880s, together with 1920 Chicago Federal Reserve tags. After the owner died, coin dealers were offered the bags. Many pieces showed exceptional condition, including several rare silver dollars. Many also received the special star designation for exceptional eye appeal.

Binion

Ted Binion, whose father founded Binion’s Horseshoe Casino, had an interest in coins, especially silver dollars. Following a love triangle that ended tragically, Ted Binion was murdered.

At the time of original publication, the article described the following: The coins were eventually located and sold to a numismatic company. Although the group was not known for strong eye appeal, it contained thousands of Morgan dollars. As rarer coins became held in private collections, assembling a set from this hoard became exceptionally difficult, which added to their value.

The Redfield Collection

The Redfield Coin Collection began as a hoard comprising hundreds of thousands of silver dollars. During the Great Depression, LaVere Redfield made a fortune dealing in real estate and securities. He later moved to Reno, and his mistrust of banks led him to purchase bags of silver dollars, which he kept in his truck, cellar, and behind a false wall at home. When the coins were found, the total exceeded 400,000 silver dollars.

Flooding the market Releasing so many high-quality Morgan silver dollars at once could have significantly reduced Morgan dollar prices. To prevent that outcome, Steve Markoff, who bought the entire group, distributed the coins gradually over a period of several years.

Final Thoughts

Across the years, collectors accumulated millions of Morgan silver dollars in hoards; yet millions more were melted in response to the Pittman Act. As a result, hundreds of millions of coins were reduced to silver bullion. The Sherman Silver Purchase Act also played an important role in changing how many silver dollars remained in circulation. The enactment of these bills is historically significant because it relates directly to survival rates, or the quantity of silver dollars that remained. One point is clear: as time passes, additional Morgan silver dollar hoards are likely to come to light.

Where to Buy and Sell Morgan Silver Dollars

At the time this article was originally published, interest in Morgan silver dollars was exceptionally strong. Readers who wished to sell Morgan dollars or purchase silver dollars for a personal collection were told that it had never been a better time. At Atlanta Gold & Coin Buyers, the original article stated that prices were among the most reasonable in the business. It also reported that the company provided careful appraisals and transparent pricing, so customers could understand the reasons behind quoted offers.

When this article was originally published, readers were invited to call with questions about coin hoards, buying or selling silver dollars, as well as other precious-metals topics. The original article said Atlanta Gold & Coin’s precious-metals advisors could help readers build and manage a personal coin collection. It further invited readers to give us a call to begin.