14-year old finds silver dollar with 375% premium!
RogerB
Posts: 8,852 ✭✭✭✭✭
Not quite the latest news, but indicative of a once-common occurrence in coin collecting.
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if by once-common occurrence, you mean still common, i'm in agreement.
shipwreck finds, hoards, varieties, gradeflation etc.
good read. got a chuckle at the irony. i like random blurbs like this. used to enjoy random record auction results for misc. items about 1-2 times a quarter from our members.
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Cool story!
Great transactions with oih82w8, JasonGaming, Moose1913.
Interesting historical article....clear demonstration of artificial value and subsequent drop.... Cheers, RickO
Good read!
Thanks for posting
BHNC #203
A perfect example of misunderstanding. Some coins were initially scarce because of the delay time in their release.
Pete
Neat article, thanks for digging it up and posting. I had no idea the 1923 was once considered hard to find. Several other so called "rare dates" suffered the same fate during succeeding Treasury Vault releases.
it's crackers to slip a rozzer the dropsy in snide
I can't tell you, how much I enjoy reading all of your posts Roger.
Love the history and information.
Thank you very much.
You're welcome!
This article also reminded me of the "Very Rare" 1903-O dollar, and a bunch of other time-delay rarities including 1931-S cents.
Is Earl L. P Apfelbaum a predecessor to First Coinvestors?
Thanks~
POST NUBILA PHOEBUS / AFTER CLOUDS, SUN
Love for Music / Collector of Dreck
You hear about the 03-O hoard and a few other dates but I had no idea that the 1923 Peace dollar was once scarce.
Ugg the 1903o, seems rare to me, one of the few I still need in my Morgan set.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
The 1903-O is not the multi-thousand dollar coin it was in the late 1950s - I recall it costing more than an 1895 proof or 1893-S BU.
I like the "history"...Thanks for posting...rln
I really like reading these articles from yesteryear. Thank you for posting @RogerB !
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Interesting to think that 23-S nor 23-D UNC dollars weren't valued at a premium, while the most common, the philly, was.
Now where did I put that time machine of mine? Just need to go back and pick up a few bags each of 23 P,D,S dollars in ~MS66 condition and bring them up to the present.
Thanks for sharing that
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Thanks for posting. Dang I was 3 then.
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You would likely have found many MS-66 and 67 coins in the bags. They were, struck, bagged, and sat.
With a grand total of 72 MS-67 coins graded at PCGS, with 28 CAC examples, your time machine would not produce many MS-67 coins. I would pick many different years to travel to, if you let me borrow it!
Additional handling to disperse the bags of silver dollars to the Federal Reserves and then to the banks would have caused additional hits, scrapes, dings & dents on otherwise pristine wagon wheels.
"Keep your malarkey filter in good operating order" -Walter Breen
The quality of coins produced by US Mints was much higher than most collectors realize. I stand by my comments about finding 66 and 67 coins in a contemporary bag. Now, after being juggled around back and forth to the 1964 silver dollar run, the overall condition would likely be lower.
Here is a nice story about this!
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Very interesting read! Thanks for sharing @RogerB
Interesting article. I was too high in estimating value of 1903-O back then. (But for us embryos, $500 was out of reach.... well, everything was out of reach.)
thats a nice read, thanks for sharing
They just were not made. 1923 was more than triple the mintage of an 80-S Morgan, yet there are thousands of MS67-MS68 coins graded in that date, and they are much older coins.
RE: "They just were not made."
Nope. They were made by the millions.
Consider: A coin right off the dies is essentially perfect. It only degrades in condition as it bumps other coins, rubs against metal chutes, wooden boxes, and gets jiggled as bags are tossed from one place to another. Millions of early Peace dollars sat for years in Mint-of-production vaults - nearly as nice as when they were struck. After WW-II these were shipped to Treasury locations, casinos, banks, FRBs, etc. Through the 50s and early 60s this continued, with each sealed bag getting more and more abuse. Add repackaging, collector/dealer mass searches, and much of what we see today and not of the condition as there were once in.
The San Francisco silver dollars, especially early years, also sat in the mint. However, they did not hit main distribution channels until about 1960 when even small banks found themselves were bags of nearly perfect 1880-S and 1881-S and 1879-S.
What is visible in the TPG numbers are a "present ratio" of the population of common Peace dollars and common Morgan dollars in certain states of preservation.
Go to one of the red time machines (they look like English telephone boxes), and pick up a nice bag of 1923-D dollars from the folks in Denver. You'll be amazed at how nice the coin look.
Another option is to look at the large hoards and shipwreck finds. Examine the condition of these pieces, many of which might have gone from mint to steamship to Davy Jones.