What is the largest hoard of currently held Morgan Dollar bags?
291fifth
Posts: 24,463 ✭✭✭✭✭
Does anyone know of a large hoard of these bags? I'm guessing there are still some very large hoards out there.
All glory is fleeting.
0
Comments
<< <i>What makes you think that other than pure speculation? >>
The number of these bags released in 1962-3 was huge. Individuals of the hoarder mentality would have loved them. Can you imagine having a room in your basement filled to the ceiling with Morgan Dollar bags?
<< <i>
<< <i>What makes you think that other than pure speculation? >>
The number of these bags released in 1962-3 was huge. Individuals of the hoarder mentality would have loved them. Can you imagine having a room in your basement filled to the ceiling with Morgan Dollar bags? >>
Oh, I could very easily imagine that
did not trust paper money. They wanted real value such
as silver dollars. They were not collectors in the true
sense, as much as hoarders of real assets.
Camelot
<< <i>Can you imagine having a room in your basement filled to the ceiling with Morgan Dollar bags? >>
I imagine this everyday but then realize, its only my imagination!
<< <i>Many of the old dollar hoards where held by folks who did not trust paper money. >>
My brother-in-Laws father was like that and buried bags of Morgans under his house!
The name is LEE!
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<< <i>Must ba quit a large group behind the ads on TV recently selling them for $19.99 each with a limit of five per order. Find it funny that they are saying they are .90 heavy silver but fail to mention what silver melt is at. >>
yeah no kidding. Most likely extremely worn Morgans whose melt value may be even less than $10 since they've been worn so bad that their overall weight is less. I've been squirreling away 90% silver myself lately, but preferring to find 1960-1964 coins because some of the well worn older stuff seems almost paper thin and most from after 1960 still have their actual weight. I buy about $25-30($2-3 face) worth of silver quarters/halves/dimes each pay period and the local coin dealer allows me to cherry pick nicer silver out of the junk silver bag he has.
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<< <i>I'm just curious with some of you guys older than me(I'm 37), how long did Morgans/Peace dollars circulate after they were discontinued? I know some were used in casinos for awhile, but did any of you folks see them in everyday trade and transactions in the 1960s? >>
In the late 50's/early 60's, I used to cash my check on Fridays @ my local bank and take the entire amount (always around $200) in silver dollars. My father-in-law was collecting silver dollars at that time, so I'd take them to him to look thru on Saturday. Later, when my wife went grocery shopping, etc, the stores always were displeased when she paid with silver dollars. So, I usually turned them back in to the bank. I did try to save some of the CC's, but often couldn't afford to hold them back because there were bills to be paid. The silver dollars really didn't disappear until Nixon devalued the dollar and lifted the $1.35oz. silver support price. I think that was around 1971 or so??
<< <i>I'm just curious with some of you guys older than me(I'm 37), how long did Morgans/Peace dollars circulate after they were discontinued? I know some were used in casinos for awhile, but did any of you folks see them in everyday trade and transactions in the 1960s? >>
In the Chicago area, silver dollars could be obtained at the banks, but were virtually never used in circulation. They saw some use as gift items.
<< <i>
<< <i>What makes you think that other than pure speculation? >>
The number of these bags released in 1962-3 was huge. Individuals of the hoarder mentality would have loved them. Can you imagine having a room in your basement filled to the ceiling with Morgan Dollar bags? >>
A WET DREAM!!!!!!!!
TC71
<< <i>Must ba quit a large group behind the ads on TV recently selling them for $19.99 each with a limit of five per order. Find it funny that they are saying they are .90 heavy silver but fail to mention what silver melt is at. >>
Those are the same buttholes that are saying that Silver is gonna ROCKET back to $50 an ounce, yeah right..........
TC71
I've known my share of hoarders and it would not surprise me if there were still a few hoards with 25-100 bags out there. Likely with very wealthy owners who really don't need the money.
How many of us have $5,000 or more of excess coins/bullion that is not part of our core collection or holdings but that we just have not gotten around to digging out of safe deposit box to sell??
The Mint found thousands of bags of non circulated dollars in
the origonal canvas bags. They decision was made to sell the bags
at face value to the general public. The reason was that the
Government was getting ready to discontinue the silver backed currency.
Lines formed around the Philadelphia Mint, as folks swarmed in to buy 1000
dollar bags of silver dollars. Folks were paying people big money to
stand in line for them. They would get a bag, take it to a nearby hotel room and
quickly go thru the contents of the bag. They pulled out toned coins, rare dates, DCAMs,
and extremely high grade dollars. They would then replace the selected dollars with
average dollars and then turned the bags in to a bank for the cash to go buy another bag.
It was one of the rare times when the general public had a no lose deal from the Government.
The only problem I had was that I did not have 1000 dollars. On a second lieutenants pay I
did not have two nickels to rub together at that time. In any event, it was a wonderful time for
collectors. One could just salivate at the thought of some wondrous and magnificent dollars
coming out of those canvas bags.
Camelot
<< <i>I remember around the mid 60s, when I was in the service.
The Mint found thousands of bags of non circulated dollars in
the origonal canvas bags. They decision was made to sell the bags
at face value to the general public. The reason was that the
Government was getting ready to discontinue the silver backed currency.
Lines formed around the Philadelphia Mint, as folks swarmed in to buy 1000
dollar bags of silver dollars. Folks were paying people big money to
stand in line for them. They would get a bag, take it to a nearby hotel room and
quickly go thru the contents of the bag. They pulled out toned coins, rare dates, DCAMs,
and extremely high grade dollars. They would then replace the selected dollars with
average dollars and then turned the bags in to a bank for the cash to go buy another bag.
It was one of the rare times when the general public had a no lose deal from the Government.
The only problem I had was that I did not have 1000 dollars. On a second lieutenants pay I
did not have two nickels to rub together at that time. In any event, it was a wonderful time for
collectors. One could just salivate at the thought of some wondrous and magnificent dollars
coming out of those canvas bags. >>
Wow! Sounds like a very cool time to be a collector. Thanks for sharing the story, Bear.
<< <i>I remember around the mid 60s, when I was in the service.
The Mint found thousands of bags of non circulated dollars in
the origonal canvas bags. They decision was made to sell the bags
at face value to the general public. The reason was that the
Government was getting ready to discontinue the silver backed currency.
Lines formed around the Philadelphia Mint, as folks swarmed in to buy 1000
dollar bags of silver dollars. Folks were paying people big money to
stand in line for them. They would get a bag, take it to a nearby hotel room and
quickly go thru the contents of the bag. They pulled out toned coins, rare dates, DCAMs,
and extremely high grade dollars. They would then replace the selected dollars with
average dollars and then turned the bags in to a bank for the cash to go buy another bag.
It was one of the rare times when the general public had a no lose deal from the Government.
The only problem I had was that I did not have 1000 dollars. On a second lieutenants pay I
did not have two nickels to rub together at that time. In any event, it was a wonderful time for
collectors. One could just salivate at the thought of some wondrous and magnificent dollars
coming out of those canvas bags. >>
.................
I bet there were alot of already established collectors that were PO'd because their already existing collection lost a ton in value
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<< <i>I know of one person in Park City, UT that has 15 bags. >>
They probably have a hernia too.
Camelot
In those days, I gave my wife 25 silver dollars a week for her grocery run. By 1972 I had to give her 40 Ike's for a week's groceries.
In 1961 there was a hepatitis scare at work and gamma goblin shots were given at $2. There were a hundred people in line. I walked down the line asking them for their $2 and giving them two silver dollars. Almost everyone cooperated. I asked the nurse later, how many had been given her and it was only about twenty.
<< <i>most hoards that still exist are probably similar to that big one that surfaced in California/Nevada about 2-3 years ago. >>
I believe that Ron Gillio was the purchaser of that hoard, much of which may still be un-dispersed.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
However, unless the hoard is from the 70s
the bags are probably not original . We will
only know after the fact, cause them folks who have,
keep real mum, so they keep.
Camelot
I was only on the receiving end of silver dollars once about 1956. (As I said before, I used to pick them up at banks and spend them).
In 1955 the local national guard (Bangor, Maine) wanted to make a point on how much they contributed to the local economy and paid everybody with silver dollars. Most of them were unc 1890's with some unc 1889's. Everybody thought they had rare coins and hung on to them. About a year later, realty set in and they began appearing in some quantity at the A&P supermarket where I worked. I was disappointed in how dull they looked and fiigured they had grown dull in the intervenning year. Later, I read that is normal for 1890's to be dull. It was about this time I started saving Morgan dollars by date and mint, but only if I found them in BU condition.
Silver Dollars began disappearing when the Treasury had its sales in 1962-3. You could still get them from small local banks for a couple of years, but by 1965 or 1966, the word was out that the silver in a silver dollar was worth more than a buck. They were pretty much gone by then, although you could still find 90% dimes, quarters and halves for a few more years. By 1966-7, they were all being weeded out of circulation, even though you could still find a few in the 70's.
I knew it would happen.