The History Behind Carson City Morgan Silver Dollars in GSA Holders
Morgan silver dollars minted at the Carson City Mint from 1878 – 1885 and again from 1890 – 1893 are some of the most highly sought after numismatic coins in the industry. This is in part due to the limited number of silver dollars minted by the Carson City Mint and the relatively poor condition of most Carson City silver dollars, as they were commonly used in Las Vegas slot machines.
Because these coins are difficult to find in high end condition, Carson City
silver dollars in Government Services Administration (GSA) holders are of particular interest, as these coins are encapsulated in hard plastic containers and are guaranteed by the U.S. Mint to be in uncirculated condition.
In addition to the hard plastic case, coins auctioned off by the U.S. Mint in the early 1970’s include a box and certificate of authenticity with a serial number.
Why the GSA Holders just for Carson City Silver Dollars?
Carson City silver dollars in GSA holders were not necessarily a planned event. In fact, most of these coins were thought to have been melted or lost, and were only discovered following the end of the U.S. Mint’s redemption of silver certificates for silver dollars, which ceased in 1964.
Following the end of this program, the Federal Reserve came across a large hoard of silver dollars which were previously unknown to exist. The hoard was estimated at 3,000,000 coins and consisted of approximately 84% of Carson City silver dollars. Make sure to check out our other post specifically on Coin Hoards Increase the Value of Morgan Silver Dollars
The percentage of Carson City silver dollars found in the hoard relative to the total number of Carson City coins minted varied from .17% to 84.6%.
The fewest number of Carson City silver dollars found in the hoard was from 1890, totaling 3,950 coins. While more Carson City silver dollars were produced in 1890 than any other year, the mere 3,950 1890 Carson City silver dollars discovered makes these coins relatively valuable and in high demand when encapsulated in GSA holders.
On the other end of the spectrum, Carson City silver dollars from 1884, which were thought to be relatively rare prior to the hoard discovery, were found in the largest number, totaling 962,000 coins. This accounts for nearly 85% of the total number of 1884 Carson City silver dollars produced!
Needless to say, existing owners of 1884 Carson City silver dollars must have been devastated to find that nearly one million of these coins flooded the market in the early 1970’s, making these the most common and least valuable of the CC silver dollars.
As frequent buyers of Carson City silver dollars, Atlanta Gold & Coin Buyers has the knowledge and experience to properly value these coins. At the moment, we have Carson City silver dollars minted from 1882 – 1884 in stock.
There were fewer 1882 coins found in the hoard than from 1883 and 1884, so as you would expect, these coins are bought and sold at a slightly higher premium than Carson City silver dollars minted in 1883 and 1884.
If you are in or around the Atlanta-Metro area and looking for more information on these Carson City coins, check out Atlanta Gold & Coin Buyers.
Give us a call today at 404-236-9744 to schedule an appointment. We look forward to hearing from you!