Nearly three million Old Wild West 90% Silver Dollar Coins discovered in U.S. Treasury vaults.
All bearing the famous CC mark from United States Mint Branch, Carson City, Nevada. A GREAT Bonanza for silver dollar coin collectors.
A 1964 United States Treasury audit revealed the existence of millions low-mintage uncirculated United States Carson City Mint Morgan Silver Dollar coins languishing in obscurity inside U.S. Treasury vaults for decades. They were finally dispersed by the General Services Administration in a series of eight sales beginning in 1972 and two additional sales in 1980 known as the "GSA HOARD SALES". Sales were limited to citizens of the United States.
In 1971, Congress appropriated funds and formal transfer from the U.S. Treasury to the GSA took place in December of that year, with the physical movement of 77 tons of silver dollar coins, still in their original canvas bags, from the U.S. Treasury Department vaults in Washington, D.C., to the United States Bullion Depository in West Point, New York.
Following the movement in and out of several government depositories in bulk over 90-odd years the sorting task began. The first task for government employees was to sort and stack the coins into 1,000 coin wooden trays. The vast estimated majority, 2,825,219 coins were Morgan type, minted with the unique and famous CC mint mark. The coins were then individually graded by white-gloved inspectors using two groups of silver dollars.
The first group of coins were judged as the extra-ordinary Uncirculated Specimen Category by a criteria set by the GSA numismatic panel. Each coin was packaged inside air-tight, sonic sealed, three-eigth inch, three and three-eight inch wide, three-eight inch high, clear, durable hard plastic, unique government issue coin holder. Silver colored foil lettering inscribed CARSON CITY above the coin along with UNCIRCULATED and SILVER DOLLAR below the coin. The GSA included a historical account of the Comstock Lode silver treasure on the Certificate of Authenticity COA Card issued with every uncirculated silver dollar. The COA Card had a unique light blue eight digit number with a large light blue watermark of the Great Seal of the United States on the background of the card. The first two digits of the COA number represented the last two digits of actual date on the silver dollar. The GSA Uncirculated Specimen Category Set included: silver dollar packaged inside the government coin holder, the COA Card and special designed black presentation box. The black box with a silver color impression of Great Seal of the United States and United States of America on the outside. Light blue colored velvet inside with silver color inscription: "As we approach America's Bicentennial, this historic silver dollar is one of the most valued reminders of our national heritage." RICHARD NIXON
The second group of coins were judged as the Special Mixed Category by a criteria set by the GSA numismatic panel. These coins were either tarnished, nicked with scratches or bag marks. These coins were never placed into circulation by the U.S. Government. Each coin was packaged inside air-tight, sonic sealed, three-eigth inch, three and three-eigth inch wide, three-eigth inch high, clear, durable hard plastic, unique government issue coin holder. Silver colored foil lettering inscribed CARSON CITY above the coin and SILVER DOLLAR below the coin. The GSA did NOT issue the numbered COA Card with the special mixed category silver dollar group. The GSA issued two special information cards explaining the historic account of the Carson City Mint Silver Dollars. The GSA Special Mixed Category Set included: silver dollar packaged inside the government coin holder, the two historic cards and special designed black presentation box. The black box with a silver color impression of Great Seal of the United States and United States of America on the outside. Light blue colored velvet inside with silver color inscription: "As we approach America's Bicentennial, this historic silver dollar is one of the most valued reminders of our national heritage." RICHARD NIXON
These historic coins are a valuable memento of an era in American history when pioneers were challenging the West and the rich Comstock Lode Silver Bonanza, discovered in the mountains near Carson City, Nevada. The 90% fine silver content in each Carson City Mint Morgan Silver Dollar were the only coins with double CC mint mark from the United States Mint Branch, Carson City, Nevada. The only mint ever authorized to use more than one letter in its mint mark. Established in 1870, and although it was in existence for a mere twenty-four years, it produced many coins endured as collectors' items, among them the thirteen piece Morgan Type Silver Dollar series of 1878 - 1893. Their link with an historic period in United States history gives these silver dollars an added appeal. They survived the massive coin melts under provisions of the Pitman Act of 1918 when 270,232,722 silver dollars were melted.
Fewer GSA silver dollars packaged inside the original government coin holder survive. Coin dealers crack open the plastic cases to remove the coins. Coin dealers and investors insist upon defacing the GSA government coin holder with the worthless tape seal from a coin grading company. NGC - Numismatic Guaranty Corporation clearly discloses on their GSA HOARD blue tape seal: NOTICE: NO WARRANTY OR GUARANTEE IS MADE WITH RESPECT TO THIS COIN OR ANY SERVICES SUPPLIED IN CONNECTION WITH THIS COIN. NGC HEREBY DISCLAIMS ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, ANY IMPLIED GUARANTEE OF GRADE OR AUTHENTICITY, AND ANY OTHER IMPLIED WARRANTY OR GUARANTEE. Coin dealers consider the genuine COA Cards and the Black Presentation Boxes worthless trivia. However, GSA Silver Dollars packaged inside the original GSA government coin holder with respective Cards and Black Presentation Box have higher integrity and historic future value to the purist GSA collector.
The actual number of GSA HOARD United States Carson City Mint Morgan Silver Dollar coins sold by the GSA has never been officially published into the public record by the U.S. Government. The total sold may never be known. However, the GSA HOARD estimates are listed by year below.