The History of Carson City Morgan Dollars & the GSA Hoard

Posted by Derek Sawchenko on

    In 1964, The United States of America ran out of silver dollars that were minted between 1878 and 1935. Most of the coins were from the Carson City Mint. Due to its decreasing supply, the government ceased the exchange of silver certificates for silver dollars. Silver dollar coins were then held by the government. Congress set up the General Services Administration, also known as the GSA, to distribute the hoard of silver dollar coins to the public in 1970. The coins were divided and organized by mint and condition. Over two million coins received an “uncirculated” rating. Others were deemed poor quality “uncirculated” and “circulated” ratings. Some were even cast aside as not sellable.
    In 1972, the GSA began to sell the first batch of silver dollar coins. Carson City Mint Morgan Silver Dollar coins minted during the following dates were sold: 1882, 1883, and 1884. There was a $30 bid minimum for coins and limits were placed on the amount per household. Only 7000, 000 coins were sold. In February to April of 1973, only sold 10% of coins, which was lower than the sale in 1972. In June to July of 1973, 453,000 coins were sold. In February 1974, the rest of the Carson City Mint Coins were sold. In April to June of 1974, 420,000 coins were sold after-market with bids of $15, $30, and $60. Today, Carson City Mint Silver Dollar coins are at the forefront of the numismatic world with Morgan Silver Dollar collectors looking to add at them to their collections. 

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