When it rains GSA's, it pours GSA's.........
gsaguy
Posts: 2,425 ✭
I got a call tonight from a buddy that was pricing a deal and needed my help. It was a huge collection of sealed mint and proof sets but also included a large number of sealed GSA's. From the best I can tell, it's something close to 60 unopened GSA's.
The 22 year old grandson of the original collector inherited the coins and wanted to sell the entire lot. Fortunately, he had opened only a few.
Now, most of these are actually sealed with a mailing label and most will have the date stamped on the outer box. But I love to buy these when I can find them. There are a handfull of unopened, unmarked pieces as well.
They'll all head my way tomorrow and if I decide to sell any of the unopened-unmarked GSA's, I'll offer them first to forum members.
Neat deal isn't it? It just amazes me that hoards like this still surface from time to time.
GSAGUY
The 22 year old grandson of the original collector inherited the coins and wanted to sell the entire lot. Fortunately, he had opened only a few.
Now, most of these are actually sealed with a mailing label and most will have the date stamped on the outer box. But I love to buy these when I can find them. There are a handfull of unopened, unmarked pieces as well.
They'll all head my way tomorrow and if I decide to sell any of the unopened-unmarked GSA's, I'll offer them first to forum members.
Neat deal isn't it? It just amazes me that hoards like this still surface from time to time.
GSAGUY
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Are you keeping those or what would be the going price for one of those boxes.
Also,What dates are on the dated boxes. `82,83,84? Whats a `85 unopened going for.
Man, wish I was there with you to scope em all out.
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
OK, I know what the GSA sale was all about but why are these coins so special? Versus say a non GSA CC $? For the record I own no Morgans so I am lost on this series.
I can't be the only know who does not know?!!
Sweeeeeeeett!!! funny how these kind of things keep popping up. i'm of the mind that the next 5-15 years is going to bring some eye-opening coins/collections on the open market. it makes sense, especially with the GSA's. a collector in his 80's would have been a teenager in the late 1930's, just coming to a point where he's earning money and can support his habit!!
keep us posted and don't be too surprised when more show up. after all, you be the GSA guy!!
al h.
They are totally cool CCs. The GSA part is important as the GSA I think would holder mainly the better
examples so you know your getting a great coin if its in a GSA holder.
I am envious but extremely happy for you! What a cool thing to be included on.
What are the premiums for unopened GSAs anyway? I know I would love to get one if I could afford it.
Again, cool!
Ron
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
One of the reasons I've always liked GSA coins is that they about the only untampered-with Morgans left on the market. They've not been dipped, whizzed, thumbed, AT'd or otherwise monkeyed with by today's coin doctors.
And to find them in the unopened boxes is really neat. Think about it. No one has seen the coin since the GSA sealed it. I like that sort of stuff.
With the few hoards of these that I've run across, the scenario has almost always been the same. The collector that bought them had a lot more money than true interest in coins. Or, his interest in coins was in another series. Having bought a pile of the coins in the sales of the 1970's, he opened a couple, looked at them, and then put the rest away without even thinking about opening them.
Fortunately, they're still that way today. And I agree Keets. The GSA coins were so widely distributed that I believe we'll consider to see 'fresh' coins trickle back onto the market for years. Or at least I hope so.
GSAGUY
Maybe you'll find that fully toned obverse morgan that you posted about this weekend
Can you imagine finding one like that so close to posting about it? Are you precognizant?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
you make a good historical point. it's not unreasonable to believe that some of these GSA's went from the mint directly to a federal vault where they sat undisturbed for 80 years, were sorted and packaged to be sold in the 70's and early 80's and then sat wherever until the present day. in a manner of speaking, they're almost like a 120 year old Modern issue!!! very high "cool" factor.
al h.
Do you recommend keeping them in the GSA holder or reslabbing with NGC/PCGS?
NGC recently started certifying them in the original GSA holder. i assume they seal them somehow to prevent tampering.
al h.
I'm not gsaguy, but I will take a stab at your question.....
The slabbing is up to you and if you want to sell it or need a slab (registry, etc). For all I know, currently, NGC will grade your gsa CC without cracking the slab, but PCGS will crack it out and put it in their own holder.
If I am fortunate enough to get one (if he has extras and they are offered here and I am lucky/quick enough to get one) then I will leave it alone for awhile I think. I want one to hold onto more than one to sell....I REALLY like the idea of an almost virginal CC dollar.
Ron
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
No, I'm actually pretty regular.
GSAGUY
Heh....I would be freaked out though if there was one in the batch of them after your posting this weekend...I really would.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Yeah, just think about it. The coins sat for decades at the Treasury after having been shipped from the Carson City Mint. Then, before release by the GSA, they were sorted and packaged by a GSA staff that knew very little about numismatics.
Now, they turn up in an unopened box. Basically, NO ONE with any numismatic experience has ever laid eyes on them. To me, that is a very high cool factor. They've not been picked over by the dealers and had every last drop of value squeezed out of them!
Having said all that, I still tell collectors that I believe these coins are best left unopened. I realize collectors want to look at their coins, but these really represent very neat GSA memorabilia and are likely to better retain their value by NOT opening them. Just ask those that bought them from me when I offered them at $250 and have kept them unopened!
Basically, play the odds. And those odds are that the coins within are common dates in common grades. Open them, and you may make a valuable piece of GSA history into commonplace GSA coin.
Oh well, perhaps there goes my 100% obverse toned 1879-CC GSA rainbow.
GSAGUY
<< <i>but PCGS will crack it out and put it in their own holder. >>
They could probably do this with 75% of all the 83 and 84 CC's out there seeing as they were in GSA holders to begin with. I won two toned 83 CC's in the sales. I traded one off to a friend which is still in the GSA holder. I cracked mine out and had it graded. If I had it to do over I would have kept the coin in the holder if for nothing more than the History.
Greg
(Just think of city streets clogged with a hundred thousand horses each generating 15 lbs of manure every day...)
I hope you changed 'em to pissed ON sunni muslims.
Jim
<< <i>Neat deal isn't it? >>
maybe just a wee bit understated.
Congrats......and I like the idea of offering to forum members first.
These kind of stories is what keeps coin collecting fun.
Keeping the coins in the original holders is part of perserving the history. I was glad to see GSA coins being certified without breaking them from the original holders.
This is living proof that it's important to have a wide network of friends and business colleagues. It also proves that if you develop a high level of expertise and are thus known as a specialist in a specific field or area (in your case GSA Dollars), others will seek your advice and participation in unique business opportunities.
I have several GSA CC-Dollars, but one that I really treasure. It's a common date 1883-CC that is a Cameo borderline DMPL/PL MS-64 (shot 65) that I really enjoy owning and admiring.
One of the more interesting things that I've recently done is to examine most of my Morgan collection with a binocular microscope that I originally purchased for another hobby.
It's a VAM collector's dream, and is great for really observing metal flow lines to give one a better understanding of the minting process. It's obviously great for indentification of double mintmarks, 8/7TF's and doubled Morgan features, etc.
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
Your story reminds of one that I've not shared with forum members. I will now.
As many of you know, I recently had a GSA article published in the Greysheet Monthly Summary. Because my contact info was published with the article, I received numerous phone calls and e-mails from collectors and dealers with whom I'd lost contact through the years.
One vest-pocket dealer with whom I'd worked for a number of years (but lost contact with after he had gone through a divorce) contacted me. He was 'back in coins' but because he had moved and I had relocated my oilfield business, we'd lost contact.
Anyway, after catching up on old news he said, "boy, wish that article had come out a month earlier. I recently bought a deal of 40 unopened boxes each with 5 coins inside. I thought of you but didn't know how to reach you." I swallowed hard and then asked if any were still available.
Nope, he'd opened every box.......all 200 coins!
Oh well, you can't get them all.
GSAGUY
Edited to correct my lousy spelling.
Is there any way to tell the difference between the "good" Morgans and the "problem" (ahem, tarnished) coins that were sold *at a discount* by the GSA, without opening the box?
On the unopened, unmarked GSA's, there's obviously no way to make that determination without opening the box.
In the earliest sales, the GSA staff used a rubber stamp to mark each box with the date inside. You may see 1880, or 1884 marked for example. However, I've also encountered many that were marked as 8215.....8015.....etc.
In this instance, the date is represented by the first two numbers. The latter two numbers '15' mean that the coin was in the $15 category. These were the coins that were deemed excessively bagmarked or 'tarnished' and therefore did not meet the GSA's minimum requirements to be classified as uncirculated. Instead of being placed in holders marked as 'uncirculated', these coins were placed in the holders marked only as 'silver dollar'.
While not a 100% guarantee that the coin inside would be beautifully toned, most of these coins do indeed possess some toning.
GSAGUY