Original Mint Bag of Morgan Dollars.....

ocon4008

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?

coinlieutenant

Dates would help.

AUandAG

Value certainly depends on a lot of parameters, like date and mintmark and condition.

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

coinkat

Are you sure it is Mint sealed and not just a Bank bag?

metalmeister

20 bags? Worth alot!
20 x $1000 x 20 to 50 ???
Depends

ocon4008

<<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.

Sunnywood

Hey, who knows, maybe a bag of 1893 or 1894 Morgans ;-)

JustMe2

Could be the missing 1895's...

RedHerring

A full bag of unc Morgans would be $30K minimum.

machoponcho

Assuming it is a classic Morgan common date and mint, about $35K.

If it is 1921 Morgans or common date Peace Dollars, $25K.

ProofArtworkonCircs

I predict the bags would have mixed circulated Morgans, no 1921 nor Peace. One date uncirculated Morgans is possible. This is based on my 1962-1963 experience.

EDIT: Oops, I forgot the OP said mint sealed.

coindeuce

<< <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.

robkool

Kool... An unsearch bag of circulated Morgans in a sealed bag would sure bring in a nice premium. Probably in the $25-30K range.

ProofArtworkonCircs

<<I predict the bags would have mixed circulated Morgans, no 1921 nor Peace. One date uncirculated Morgans is possible. This is based on my 1962-1963 experience.>>

I withdraw my prediction. I was thinking Treasury bags. The OP said mint sealed. I would expect an uncirculated single date in that case.

JJM

we want PICTURES !!!!!!

AUandAG

20 x 65lbs = 1300 lbs.

Hmmmmm, yes trunks were big but I doubt it.

bob

IrishMikey

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.

coindeuce

<< <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.

AUandAG

<< <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. >>

ProofArtworkonCircs

<<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.>>

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.

Katrina

Where and how the bags were stored would matter to the condition their in also.

Sunnywood

<< <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.

RWB

Many Morgan and Peace dollars were re-bagged at various times. Some, because of rotting bags, some due to audits and transfers from one superintendent to a successor.

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.

johnny9434

good change and a hefty profit in it as well. wtg

kurtdog

In trying to price these, you might think in terms of melt. Right now, they melt at $15K/each. $30K is 2X melt. I'll say, asking that (around $30-35K), for this once-in-a-lifetime shot at unsearched silver dollars that have been sitting around in bags since at least 1964, is being more than fair, perhaps even a little on the generous side. Of course, this guy's word on all that has to be good as gold.

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!).

mumu

Maybe they are bags of 64 peae dollars.

GritsMan

Just thinking about opening a bag like this is enough to make me droooooool!

ocon4008

Thank you all for the input; it was VERY educational.

P.S.: I will keep you posted as developments happen. It would make my month just to see one of those bags.

GoldenEyeNumismatics

A circ bag could very well be worth more. I've heard that the mixed circ bags were where you could find the real treasures......