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thatcoinguy's Blog

12 Mar 2022

GSA Dollars: Part Two

| thatcoinguy

After taking inventory and splitting the dollars into categories based on condition, the first mail order period commenced on Nevada’s (the home state of Carson City) birthday, October 31st, 1972. There were eight different mail bid sales, with different dates, conditions, and time periods. The following is the list of sales in chronological order, and with details on what was sold during the sale.


The first sale, “The Great Silver Sale” had 1.7 million different coins up for auction with 1882-CC, 1883-CC, and 1884-CC dollars in the lots. The bid for this first sale was $30. Only 700,000 of the original 1.7 million “CC” coins offered were sold. This sale started on October 31st, 1972.


“The Great Silver Sale-Extension” was the GSA’s second attempt at selling some of the coins. They tried in vain to sell the million “CC” coins left between February 14th, 1973 to April 30th, 1973. They only sold 10%, or 100,000, of the remaining dollars from 1882-CC, 1883-CC, and 1884-CC. (Note: Some Carson City specialists consider this sale and the sale before it one sale, resulting in a total of six. However, this sale commenced in a different time period, so they are two different sales in regards to this exhibit.)


The third time, the GSA tried to spice the sale up with a catchy name “The Coins Jesse James Never Got”. The date range got wider, with Carson City coins being sold from 1878 to 1885, in addition to 1890 and 1891. This sale sold 453,000 coins, with bids ranging from $3, to $30. This third sale went from June 1st, 1973, to July 31st, 1973.


The fourth, “30-Day Surplus Dollar Sale” sure had a lot of surplus to sell. This sale between October 1st, 1973 and October 31st of the same year, offered 1880-CC, 1881-CC, and 1885-CC GSA dollars. The GSA raised the bid for these lower mintage coins, with $60. 213,000 coins were sold.


The fifth sale was the second best one for the GSA, with all the coins selling out in the second shortest time period of any sale. Despite having no name for this sale, all 3,609 of the key date 1879-CC dollars offered in February 1974 were snatched up in lieu of their (now very cheap) asking price of $300.


The sixth sale and last sale (of the 1970s) was “The Last of a Legacy” sale. The GSA wanted to sell all of the remaining 1.4 million silver dollars in one last sale. And from April 1st, 1974 to June 30th, 1974, the GSA watched as slow sales progressed, resulting in less than 420,000 coins being sold during this sale. The GSA was left with 1 million coins at the closing of the sixth sale.


The seventh sale, “90% Silver, 100% History” (which this exhibit is named after) was the best seller for the GSA, and this was because of the rapidly rising silver prices. The seventh sale commenced from February 8th, 1980, to April 8th of 1980. The GSA fell victim to the rising silver prices, and all 925,000 dollars offered were sold within a two week period because of the low price of the dollars to the fast moving price of silver at the time.


The last 55,000 GSA dollars were sold in July of 1980. The little remaining 1880-CC, 1881-CC, and 1885-CC dollars were sold quickly, which emptied the last of the bags from the vault.


Sorry I haven’t posted in a while. I’m getting reading for the GNA show in April, and that’s taking up a lot of my time.

Comments

Mal_ANA_YN

Level 5

If someone could go back in time. Wow. It sounds like bitcoin today except bitcoin is on steriods.

Mike

Level 7

Thanks for your hard work. You made this topic interesting. Great work!

Doug S.

Level 4

Thanks for the info, very interesting! Regards Doug

CheerioCoins

Level 5

Nice follow-up blog! Thanks for sharing the information.

Kepi

Level 6

Nice blog! Lots of good information! Hope you enjoy the GNA show! ; )

I. R. Bama

Level 5

Thanks for the info!

Long Beard

Level 5

Some well researched and written material. While I'm not a fan of the Morgan dollar, I am of the Peace. These were also released through the GSA and thus far I've only found them in NGC soft holders rather than the hard case of the Morgan. Coincidentally, NGC will grade them retaining the original holder. Of course the value increase as such.

thatcoinguy

Level 5

Peace dollars ONLY come in soft cases.

slybluenote

Level 5

Great blog and research. Unlike Longstrider, I wasn’t “in country” during this time period. As a matter of fact, I was doing my first tour of Europe in the small town of Bamberg. Thanks for sharing your information!

Longstrider

Level 6

Great blog. I was around during all this. I wish I took advantage of it. Thanks again.

AC coin$

Level 6

Great information regarding the sales of such CC coins. Nice blog.

$tarCollector

Level 4

Great blog, my friend. Much information that I did not know about. Just came back from the NMS, so I get not posting because of other things. Coin shows are great so do what you need to be prepared.

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