Original Mint Bag of Morgan Dollars.....
ocon4008
Posts: 1,703
I met a guy last night that bought 20 bags of Morgans in 1964; he says he still has two of them. What would a mint sealed bag of 1000 Morgans be worth today? Were these bags all uncirculated coins or a mix?
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siliconvalleycoins.com
I handled bags back in the 60's. Most were mixed Morgan and Peace. Occasionally we'd see
an unopened bag. I worked in the hard count room of Mom's casino in Carson City (never
saw a bag of CC's).
bob
Experience the World through Numismatics...it's more than you can imagine.
20 x $1000 x 20 to 50 ???
Depends
100% Positive BST transactions
For the record, I have not seen the bags. I was told by the owner that he went to the mint (I am assuming Philadelphia)and bought the bags in 1964. He said he put them in his trunk and drove back to Baltimore with the back end of the car a foot lower than the front end.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
If it is 1921 Morgans or common date Peace Dollars, $25K.
EDIT: Oops, I forgot the OP said mint sealed.
<< <i><<Are you sure it is Mint sealed and not just a Bank bag?>>
For the record, I have not seen the bags. I was told by the owner that he went to the mint (I am assuming Philadelphia)and bought the bags in 1964. He said he put them in his trunk and drove back to Baltimore with the back end of the car a foot lower than the front end. >>
If the owner told you he went to the Mint and bought those bags, he either has a bad memory or he's horse$!*%#ing you. Bags of dollars were available only from branch offices of the Treasury Bureau or commercial banks.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
I withdraw my prediction. I was thinking Treasury bags. The OP said mint sealed. I would expect an uncirculated single date in that case.
Hmmmmm, yes trunks were big but I doubt it.
bob
move the coins around until a date was visible on one coin, and a mintmark was
visible on another (with Mint sealed bags). Don't know if this is just urban myth or not.
<< <i>20 x 65lbs = 1300 lbs.
Hmmmmm, yes trunks were big but I doubt it.
bob >>
20 bags of "new" dollars would have weighed 1207 +/- 2 avoirdupois pounds.
Edited for math dysfunction.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
<< <i>
<< <i>20 x 65lbs = 1300 lbs.
Hmmmmm, yes trunks were big but I doubt it.
bob >>
20 bags of "new" dollars would have weighed 1207 +/- 2 avoirdupois pounds.
I think you forgot the pallet they sat on!
bob
Edited for math dysfunction. >>
The Federal Reserve Bank of Boston was a good source to the general public until mid 1963. (In general the general public did not know that.) We only got one bag of "new" dollars. That had been audited. It consisted of 999 pristine 1878 S and 1 beat up 1923. To make up our money we once had 10 one oollar bills as part of it. I was impressed that the teller counted them edge on. I have never seen that before or since.
We were disappointed with our 1878 S's. We all already had that date and nobody wanted them then.
<< <i>I have heard that dealers would burn a small hole in the bag with a cigarette, then
move the coins around until a date was visible on one coin, and a mintmark was
visible on another (with Mint sealed bags). Don't know if this is just urban myth or not. >>
Yes definitely true ... John Ford wrote about doing this.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
Bags that have a Treasury or FRB lead seal nearly always contain circulated coins returned by commercial banks. At times, the circulation is very slight. Bags with U.S. Mint seals are more likely to be of one date/mint, but I have seen bags labeled with one date and containing a different date or mixed dates.
If you are going to try to buy the bags, I suggest a profit sharing arrangement before either bag is opened. If the seller just wants cash, then some of the other posts will give you some help.
BTW, have you seen either of these? I'm wondering if they're machine-stitched/sewn. That, of course, would be the ideal situation.
PS: Now don't tell us they're rubber-banded (that was a joke!).
P.S.: I will keep you posted as developments happen. It would make my month just to see one of those bags.