16,000 Morgan Dollars hoard to hit the market soon
TwoKopeiki
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Didn't see this posted yet, here's the Coin World link: https://www.coinworld.com/news/us-coins/2018/06/silver-dollar-hoard-from-1960s-government-sale.all.html#.Wxrt2mQ0uHs.email
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Interesting.
""Garrett said the son and daughter of the man who originally purchased the coins more than 50 years ago no longer wanted to continue paying the $800 annual rental fee for the roughly 3-foot by 3-foot by 4-foot safe-deposit box that houses the silver dollars."""
My prediction is that telemarketers (phone, television and even print) will be kept busy and will be making money with this deal.
In honor of the memory of Cpl. Michael E. Thompson
Interesting article. Thanks for sharing.
16000 coins for 1 to 1.5m. None are really rare dates or very valuable even in higher grades. Although I'd like to have the bag of 78-s'. Looks like NGC will make out better than anyone...
thanks for sharing this read.
NGC pops are gonna get creamed
of the millions out there I don't think its going to effect the pops all that much, unless there are a bunch of super high grades in the hoard.
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I hope the bags produce some amazing rainbow toners.
Well....the market yearns for "fresh coins" right? Lol Something tells me this is not what that usually means!
I wish I could buy the Canvas Bags!
I am wondering if NGC will give this hoard a name so the telemarketers can hype them up.
If you are going to have anyone pulling dollars out of a hoard, it might as well be the guy who is going to put the final grade on them!
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I'd like to buy a bag of 1895 Philadelphia Mint Unc. dollars.
An authorized PCGS dealer, and a contributor to the Red Book.
Do we really need more common date slabbed Morgans?
NO
Stacks 57th street collection already took care of that.
Me too. I would slab/sell them one at a time over a long period of time and wouldn't announce the existence of the entire bag until all were sold.
I'm sure I have several 95 P's. Unfortunately, they are now in the form of Peace dollars that were minted from the big Morgan melts.
...nice little 300k hit for NGC...now lay the -4.5 tonight for a nice chunk...then hit Cabo with a small briefcase and an appetite
No respect for the home team Cavs. Usually means trouble.
..I have plenty of respect for him at home...I have cashed all playoffs riding Lebron...it's just over...when JR was higher than me at the end of game 1...it was dead...the whole team dead...thats all
Edit to add: and the Cavs moneyline is still getting plenty of respect tonight...at least in the street it is
.when JR was higher than me at the end of game 1...it was dead...the whole team dead...thats all
Wow, $800.00 a year just for storage!!!!
This will definitely affect the value of the common date Morgans (even those dates not discussed) in PCGS and NGC encapsulation. I'd watch for a drop in Grey Sheet value of a couple bucks across the board (all grades) later this year and beyond.
It will be interesting to see the marketing strategy. If done correctly it might help the hobby. If they're sold on cable TV like the drek from the Treasury, not so much.
+1
POST NUBILA PHOEBUS / AFTER CLOUDS, SUN
Love for Music / Collector of Dreck
With 6500000 or so graded NGC and PCGS Morgans, this won't even be a flea on a grizzly bears Butt!
Anyone else see that 1889 that was pictured? It looks like at least a 67 if not a 68. Imagine the other handful of superb gems that will likely come out of this hoard. What I would give to be able to go through those and pull the best out. Makes me wonder if any tough VAM's are hidden in there, there's some good dates for tough VAM's among that hoard.
If they’re all common-dates it won’t even be a blip. I already wonder where the price support for MS-65 common-date Morgans comes from.
I bought a PCGS MS-64 1881-S Morgan Dollar the other day for $45.00 at one of my local dealers. Talk about plummeting pricing on common date Morgans...
If you like morgans , smart money is buying circs now I think. The floor is in at around 20 on those I think.
Wonder if any errors will surface. Wouldn't mind seeing some laminations.
If you were the owners of these would you spend the money to grade all 16K of them?
Me: hell no
Spend some time with a few knowledgeable friends, first picking out the high grade stuff. Then deciding what can be put into tubes and and then special lablel then in groups of 10.
Then maybe have some VAM guys work on commission picking out some of the most sought after variations. Put them all together and see what type of bulk submition offer you could get from our host. And for marketing purposes think of a catchy label. "NY VAULT HOARD" or some such thing.
Then sell them with a the special label on Ian's site.
Bang. Turning 16k into 1.5 mil, easy peasy.
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I suspect they will pay less than 10 bucks per coin for grading. Would I grade them all? No, because I can pull out the 63's and below. The current owners can't!
Cool article. Thanks for sharing it.
I wonder if there are any error coins?
Yeah. I coulda sat on those bags...i mean baby sat those bags for much less
"Inspiration exists, but it has to find you working" Pablo Picasso
More like $4 per coin in that quantity.
How many MS68s will this mini-hoard produce? With a special label make that a 5K coin for sure.
The $4 special will just have BU and no numerical grade. I would suspect a higher amount per coin for a Sheldon grade.
"Keep your malarkey filter in good operating order" -Walter Breen
Wow, "awesome" !!!
I think there is going to be a ton of them on the market in a week or so at Long Beach so what is the big deal. Now if it was a GSA deal I'm in, but a dealer selling them is the same as going to any auction house or coin show. Just me dumb Type2 thinking.
Hoard the keys.
Made me think of the kid digging through the horse poop looking for the pony.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
I'd guess there will be a grade bump for quantity, so...
Everyone is tripping on the sheer number of morgans. I got a contact high! Thanks for the buzz. Peace Roy
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I remember the first coin show I went to----one of the most striking memory was just how many morgan dollars I saw. Being a new collector at the time, I thought any morgan dollar was rare----seeing thousands on display was an eye opener.
Name that hoard! Hmmmm, the WS Hoard? The NYC Hoard? The Last Hoard? The Morgan Hoard of 2018? The Hoard of Hearing? What?
The article said several hundreds of coins have been toned from the canvas bags. There could be some amazing rainbows!!!
I'll take a 78s in 68 DMPL
Neat find appears to be all common dates, maybe this will draw others into Morgan collecting, or into coin collecting in general, good for all of us.
Some time ago, there was a thread here that asked if anyone thought there were still 'hoards' to be found. Well, here is one... and there are likely more....My interest diminished when I read there were no CC's...However, I am sure a few amazing Morgans will come out of this lot... DMPL's and likely some colorful tarnish....This will likely be called the Wall Street Hoard....Classy name to give it status...Cheers, RickO
Coin World author Paul Gilkes should know Treasury Secretary was C. Douglas Dillon, not Douglas C. Dillon.
Lousy timing for a seller. About 6 years late
16,000 additional Morgan dollars (even really nice ones) is just a drop in the ocean of Morgan dollars.