Roll of 1903-0 Morgans....from Original GSA bag.

Oney

I spent the past couple of hours with a local coin dealer. We have done business together for a while and the guy is a straight shooter. HE said he wanted to show me a couple of morgan dollars. With them he brings out a white roll of 1903-O Uncirculated Morgan dollars. I wanted to view a couple to cherry pick out a nice one, but he wants to sell the lot. How much do you think this would cost? He gave me his price, I will reveal later. I'm interested in this groups thoughts on its value. If interested, PM me for details on how to get in touch with him......

Bubblehead

Wow!

I'd hate to even hazard a guess...

If he likes you, maybe 5K? I could see him wanting double that, tho.

RVDavis

I have had a couple of similar experiences recently. I went with an MS 60 price offer when I was not allowed to examine every coin. In your specific case, I would be leery of anything over $ 5000.
Rick

Oney

The dealer was asking $7,950. I think he would accept a reasonable offer. All coins are uncirculated. Littleton Coin was offering $350 for AU's at the FUN show. These will be better grades. According to Henry, the dealer, there will be some 63's if not 64's. Others will fall between 60-62.

cary1952

$8000 is way to high. they would have to be all 64's to break even. plus grey sheet MS63's just took a minus sign this week.

Cary

Oney

Again, that is why I asked. I have no idea what they would be worth. But it was an interesting lot.

kieferscoins

GSA bag?

Cameron Kiefer

Oney

When they decided to empty the vaults and distributed out what was left this one of the bags found during the redistribution. Part of the GSA action I think is what he means.

kieferscoins

They sold them individually and not by the bagfull as I understand it.

Cameron Kiefer

CalGold

Why would you want to own that? There's not much demand for those in grades below 64, and good luck selling those in the 60-62 range.

Since the dealer knows the condition of the coins it sounds like this is a searched roll. The basic premise of a roll from an "original GSA bag" seemed to imply that somehow it was an old unsearched bank roll. Or is the dealer just giving you a heads up on what you can expect to find in an original bank roll? And how can you tell an "original bank roll" from one that was put together by a dealer?

CG

Russ

<< <i>They sold them individually and not by the bagfull as I understand it.

Cameron Kiefer >>



Plenty of full bags were sold and/or swapped for currency years before the 1970's GSA sales.

Russ, NCNE

Oney

That is my understanding. I think he was stating this roll was created from a bag that was found in that time period. 1903-O was not in the GSA holders but many bags of different dates were found during that time period stashed away in safes at banks and State Fed's. I can not defend this description because I was not even born by then.

kieferscoins

<< <i>

<< <i>They sold them individually and not by the bagfull as I understand it.

Cameron Kiefer >>



Plenty of full bags were sold and/or swapped for currency years before the 1970's GSA sales.

Russ, NCNE >>



I know that Russ!! They exchanged them for $1 silver certificates...... but it doesn't make it a GSA bag because it was exchanged PRIOR to any GSA sales.

Cameron Kiefer

Russ

<< <i>but it doesn't make it a GSA bag because it was exchanged PRIOR to any GSA sales.

Cameron Kiefer >>



Yeah, gee, the GSA never handled the distribution of anything before the early 1970's.

Russ, NCNE

Oney

I did not mean to start a debate....just I thought the idea of finding a roll of what could be a nice set of morgan dollars these days was an interesting find and one that could interest the right person. I have been able to return product when I got a closer look at it.

kieferscoins

<< <i>

<< <i>but it doesn't make it a GSA bag because it was exchanged PRIOR to any GSA sales.

Cameron Kiefer >>



Yeah, gee, the GSA never handled the distribution of anything before the early 1970's.

Russ, NCNE >>



Exactly. The Treasury exchanged the notes for coins....not the GSA.

Cameron Kiefer

Russ

<< <i>I did not mean to start a debate.... >>



There's no debate, just Cammie sticking his foot in it again.

Russ, NCNE

kieferscoins

<< <i>

<< <i>I did not mean to start a debate.... >>



There's no debate, just Cammie sticking his foot in it again.

Russ, NCNE >>



You are a jerk Russ. Plain and simple. You want to argue a point that you know is just trying to get me going. The GSA did not exchange bills for coins prior to the 70's. It was banks and the Treasury.

Cameron Kiefer

Russ

<< <i>You want to argue a point that you know is just trying to get me going. >>



And that's so hard to do.

Russ, NCNE

BAJJERFAN

Since this was once a key date before the treasury hoard was found, a roll of AU's would be worth more than low grade 60-62 uncircs. The coin is scarce in circ grades like the 85-cc is. If Littleton is offering $350 for AU's then you know they are gonna sell em for more. I think I would pass myself.

CalGold

I don't think there is such a thing as a GSA bag. The bags were Treasury or really branch mint bags that were turned over to the GSA for sale of the coins to the public. The 1903-o's like the CC dollars languished in Treasury vaults for years until the banks ran out of silver dollars in 1962.

But Oney, the real question is whether you have found a true original unsearched bank roll from 1962 or so or whether it is a put together roll consisting of lower MS grade coins culled from a bag that someone acquired duirng the 1960's or from other original rolls from that period.

CG

Edited to add: Most of the 1903-o coins were not sold by the GSA but were released through banks. Only a small quanitiy of left overs were sold by the GSA. All of the CC dollars were sold by the GSA and were not released to the banks.

Conder101

<< <i>Yeah, gee, the GSA never handled the distribution of anything before the early 1970's. >>


Other things yes, coins no. Cameon is right he GSA never distributed dollars in bags, the Treasury did. So it's a roll from the Treasury dollar distributions.

Russ

Ultimately, everything the government sells is "GSA" since their function is guardian of government property.

Russ, NCNE

kieferscoins

<< <i>Ultimately, everything the government sells is "GSA" since their function is guardian of government property.

Russ, NCNE >>



yeah, like thats what you meant all along. You are really streching it.

Cameron Kiefer

Russ

Hey Cammie -

Russ, NCNE

beartracks42

I once read a quote from QDB in an article...can't remember where...But anyway, he said that "one of the decisions he made and regretted the most was turning down the purchase of a bag of 1903-O's in the early 1960's when several bags were found in a vault. He was offered the 1000 coin bag for $17,000, and decided not to buy it.

morgannut2

I believe all the 1903O's hit the market from the Fed Bank in Philly in early 1960's, and it was long before the GSA sales. Check Bower's Morgan paperback for the details.. At any rate, the dealer doesn't have a "GSA Roll" as they never existed.