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thatcoinguy's Blog

05 Mar 2022

GSA Dollars: Part One

Coins-United States | thatcoinguy

Despite the current uproar over high grade Morgan Dollars, when these historic silver dollars were first minted in 1878, and all the way through the series ending in 1921, the "Bland Dollar" as it was called at the time, did not catch on as a widespread circulating coin. In fact, the only place that these dollars circulated in the time period they were issued was in certain sections of the Midwest. Everywhere else was satisfied with the paper dollar, and didn't want lots of heavy dollar coins weighing down their pockets. Since there was no huge public demand for them, hundreds of millions of coins were stored in thousand-coin bags in the treasury vaults. The dollars were left, and forgotten. But not for long.


Starting in the late 1950s and early 1960s, the "Morgan Dollar" as it was then named, started to catch on as an important part of numismatics, and began to rise to the title of the most collected coin, where it would stay until the turn of the 20th century.


During the period of time when the Morgan Dollar series really started to take off as a collectible, the Treasury held an audit of their vaults. In 1964, the long lost majority of the Carson City minted Morgan Dollars was "unearthed", and rediscovered after a century of rest hidden beneath the large vault doors.

Comments

Mal_ANA_YN

Level 5

Oh to have known then what we know now.

Kepi

Level 6

Looking forward to part 2. Thanks! ; )

Longstrider

Level 6

Not a bad start. I'm waiting for the rest of your series. Thanks.

$tarCollector

Level 4

Yeah, when somebody traded a silver certificate and got a rare Morgan, the rush started. But it really wasn't until the 80s that GSA started selling them. It also made key-date Morgans become way less rare because many of them were discovered.

Longstrider

Level 6

An often overlooked point. Maybe we will learn about it in part two.

AC coin$

Level 6

Good point . I did not know about such quantities of Morgan Dollars hidden in vaults in our Nation .

CheerioCoins

Level 5

Nice information and thanks for sharing your knowledge. Why is there a Part 1 and not a the rest of it?

CheerioCoins

Level 5

Oh, it was just a really short blog…

thatcoinguy

Level 5

🙄 Because there is going to be a part 2.

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