United States 1884 Silver Carson City Morgan Dollar Choice Unc
We Last Sold This Item For: | $475.00 |
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Last Sold On: | 27/4/2023 |
# Sold In Past 12 Months: | 0 |
Recent Sales in this Category
United States 1884 Silver Carson City Morgan Dollar Choice Unc
Obverse: Portrait of Liberty facing left, legend around
Reverse: The heraldic eagle is centered holding a bunch of arrows and branch surrounded by and olive leaves; mintmark and denomination below
Diameter: 38.1mm | Weight: 26.73g | Purity: 90.00%
Mintage: 1,136,000
This is an attractive representation of the incredible GSA hoard of US silver dollars.
The Background to the GSA Hoard
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Until 1964, people in the U.S. could redeem Silver Certificate paper money for the old silver dollars made at the nation’s mints between 1878 and 1935.
The Treasury's supply of silver dollars allocated for redemption dwindled until only about 3 million coins remained. Most of the coins held by Treasury has been strukc by the Carson City Mint in Nevada, which ceased manufacturing coins in June 1893.
The Treasury Secretary exercised an option, and from 1964 onwards, any people that redeemed Silver Certificates receive only bullion in exchange.
The Treasury froze the stock of old silver dollars until the government could make a decision about what to do with them. The silver dollars were physically transferred to the West Point Silver Bullion Depository in New York for safekeeping.
In 1970, Congress authorized the General Services Administration (GSA) to sell the hoard of silver dollars to the public.
Officials devised a mail bid system, with minimum prices for each dollar established, and limits placed on the quantity any bidder could buy. The proceeds of the sale (in excess of expenses) went into the US national treasury.
The reverse of this coin is in incredible quality, it has superb fields right the way around.
This coin remains in the original GSA capsule it was issued in.
SKU: 211164
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