NGC Certifies Extraordinary Hoard of Discovered New Orleans Mint Morgan Dollars

Posted by Derek Sawchenko on

1882 O Rainbow Toned Morgan Dollar Obverse NGC MS65 Star Great Southern Treasury Hoard1882 O Rainbow Toned Morgan Dollar Reverse NGC MS65 Star Great Southern Treasury Hoard

A hoard of 13,000 Morgan Silver Dollars was recently discovered. They were found in 13 US Treasury bags and had not seen the light of day for decades. There were many rainbow toned coins and rare dates graded by NGC. Some were even marked with the special Star Designation (★) for outstanding eye appeal. 

NGC also recognized these special coins with a "Great Southern Treasury Hoard" label.

There is always a lot of excitement when there is a major discovery such as this one. These coins have not been touched or seen in decades. The allure of finding a high grade or a rare coin sparks a lot of enthusiasm for the numismatic community. 

The Great Southern Treasury Hoard included five different issues of Morgan Silver Dollars: the 1881-O, the 1882-O, the 1888-O, the 1901-O and the 1902-O. Notable highlights include 13 1882-O Morgan Silver Dollars that graded NGC MS 65★, an 1888-O Morgan Silver Dollar that graded NGC MS 66 and a 1902-O Morgan that graded NGC MS 66.

This hoard was submitted by Jeff Garrett of Mid-American Rare Coin Galleries. The family that owned the coins talked to Garrett for guidance based on his history in dealing with the New York Ban Hoard, which was a cache of 16,000 Morgan Dollars that was also graded and certified by NGC. 

At the time of the New York Bank Hoard’s discovery, Garrett noted that it was one of the most exciting chapters of his numismatic career. With the Great Southern Treasury Hoard, another exciting chapter is written.

“Most uncirculated silver dollars entered the marketplace decades ago and even one unopened bag is cause for excitement,” said Garrett. “To discover 13 unopened bags is truly incredible, especially when they contain coins that feature beautiful, original toning.”

1882 O Rainbow Toned Morgan Dollar Obverse NGC MS63 Star Great Southern Treasury Hoard1882 O Rainbow Toned Morgan Dollar Reverse NGC MS65 Star Great Southern Treasury Hoard

Laying against the canvas bag or another coin enabled the toned coins from the Great Southern Treasury Hoard to develop their beautiful color. Their attractive toning and the cartwheel luster that Morgan Silver Dollars are known for are highly sought after by collectors.

Likewise, the coins that achieved a grade of NGC MS 65 or higher (indicating a well-struck coin) are particularly significant because the New Orleans Mint has a reputation for producing coins with weak strikes and less-than-brilliant luster. Thus, well-struck, lustrous New Orleans coins are prized in the numismatic world today.

1902 O Morgan Dollar Obverse NGC MS66 Great Southern Treasury Hoard1902 O Morgan Dollar Reverse NGC MS66 Great Southern Treasury Hoard

“It was an amazing experience to see thousands of Morgan Dollars that are entirely original and never before seen by numismatists,” said Mark Salzberg, NGC Chairman and Grading Finalizer. “Hoards like this are very rare today. I felt like I went back in time to when I first became a professional numismatist.”

Other well-known hoards of Morgan Silver Dollars are the GSA Hoard, which was a stockpile of several million silver dollars that had been held in the vaults of the US Treasury Department, and the Redfield Hoard, which is the name given to the accumulation of approximately 400,000 silver dollars by collector LaVere Redfield. Coins pedigreed to the GSA and Redfield Hoards are highly desired by many collectors.

Garrett concluded, “Now that these coins have been set free and certified by NGC, thousands of collectors can enjoy them in all their glory. I am honored to have helped make that happen.”

Coins pedigreed to the Great Southern Treasury Hoard can be found in the free NGC Census at These coins can be purchased from


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