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TRADE 2-Unopened GSA CC Morgan Dollars for..............
cmanbb
Posts: 1,059 ✭✭✭✭✭
Just like the post says:
LAST 2 TO TRADE!!!!
Trade 2-Unopened GSA CC Morgan Dollars for
1-2011 American Eagle 25th Anniversary Silver Coin Sets.
Mint sealed/unopened as received from mint. (2 sets in one box, or 2 single sets in single boxes)
PM If interested
A little history I found on the net about these GSA CC Morgan Dollars.
In March of 1964 the Treasury, after having discovered many bags of scarce CC dollars, stopped redeeming silver certificates with silver dollars, offering bars or granules in their place. After June 24, 1968 the redemption of silver certificates in silver ceased altogether, though the notes remain legal tender to this day.
The Treasury then inventoried its remaining stock of dollar coins, and found approximately 3,000 bags containing 3 million coins. Many of the remaining coins were Carson City mint dollars, which even then carried a premium. These coins were turned over to The General Services Administration (GSA) for sorting , marketing and disposal at a profit to the government. The GSA sorted the coins into several categories, the most populous of which was the “Uncirculated CC” and in a series of sales lasting from to 1973 to 1980; the dollar hoard was dispersed via auction and fixed prices.
President Richard M. Nixon signed a bill on December 31, 1970 authorizing the sale of the Treasury’s holdings of silver dollars and on December 6, 1971; official custody of the coins was finally transferred to the U.S. Bullion Depository at West Point, NY where the GSA accepted trusteeship. After nearly a year of counting, sorting, and packaging of the coins by the GSA staff, the details of the first mail-bid sale were finally released on October 31, 1972.
A series of five sales of the Carson City Silver Dollars were held with the final sale closing on June 30, 1974. Despite a massive advertising campaign on the part of the GSA, the silver dollar sales were definitely met with lukewarm interest and poor results. Anticipating much greater demand than actually realized, the GSA had stipulated that each customer could purchase only one example of each date represented in the sale. While dates such as the 1879-CC, 1890-CC, and 1891-CC quickly sold out, most others went begging.
Five sales were conducted in 1973 and 1974, but sales were poor, and the results unspectacular. There was much complaining among the coin buying public, many stating that the United States Government should not be in the “coin business”, especially considering that the government had spent little more than a dollar to mint and store each coin. After these sales, more than a million coins were still left unsold.
This remaining hoard, mostly Morgan Dollars minted at Carson City (CC) sat until 1979-1980, where, amidst an extraordinarily volatile precious metals market, the remaining coins were sold under chaotic conditions. The GSA, having published minimum bids in November 1979, announced on January 2, 1980, that those minimum bids were no longer valid, and that prospective bidders would have to “call in” to a toll free number to get current minimum bids.
Then, on February 21, 13 days after the bidding process officially began, the maximum number of coins per bidder was changed from 500 to 35. Many bidders, under these confusing conditions, ended up with no coins at all. Complaints again flooded in to Congress, but the damage had already been done, and the last silver dollars held by the United States Treasury were gone. Sealed in rigid plastic holders and boxed with a message from then President Richard M. Nixon, these silver dollars account for most of the mint state CC Morgans known today.
edited to say LAST 2 TO TRADE
LAST 2 TO TRADE!!!!
Trade 2-Unopened GSA CC Morgan Dollars for
1-2011 American Eagle 25th Anniversary Silver Coin Sets.
Mint sealed/unopened as received from mint. (2 sets in one box, or 2 single sets in single boxes)
PM If interested
A little history I found on the net about these GSA CC Morgan Dollars.
In March of 1964 the Treasury, after having discovered many bags of scarce CC dollars, stopped redeeming silver certificates with silver dollars, offering bars or granules in their place. After June 24, 1968 the redemption of silver certificates in silver ceased altogether, though the notes remain legal tender to this day.
The Treasury then inventoried its remaining stock of dollar coins, and found approximately 3,000 bags containing 3 million coins. Many of the remaining coins were Carson City mint dollars, which even then carried a premium. These coins were turned over to The General Services Administration (GSA) for sorting , marketing and disposal at a profit to the government. The GSA sorted the coins into several categories, the most populous of which was the “Uncirculated CC” and in a series of sales lasting from to 1973 to 1980; the dollar hoard was dispersed via auction and fixed prices.
President Richard M. Nixon signed a bill on December 31, 1970 authorizing the sale of the Treasury’s holdings of silver dollars and on December 6, 1971; official custody of the coins was finally transferred to the U.S. Bullion Depository at West Point, NY where the GSA accepted trusteeship. After nearly a year of counting, sorting, and packaging of the coins by the GSA staff, the details of the first mail-bid sale were finally released on October 31, 1972.
A series of five sales of the Carson City Silver Dollars were held with the final sale closing on June 30, 1974. Despite a massive advertising campaign on the part of the GSA, the silver dollar sales were definitely met with lukewarm interest and poor results. Anticipating much greater demand than actually realized, the GSA had stipulated that each customer could purchase only one example of each date represented in the sale. While dates such as the 1879-CC, 1890-CC, and 1891-CC quickly sold out, most others went begging.
Five sales were conducted in 1973 and 1974, but sales were poor, and the results unspectacular. There was much complaining among the coin buying public, many stating that the United States Government should not be in the “coin business”, especially considering that the government had spent little more than a dollar to mint and store each coin. After these sales, more than a million coins were still left unsold.
This remaining hoard, mostly Morgan Dollars minted at Carson City (CC) sat until 1979-1980, where, amidst an extraordinarily volatile precious metals market, the remaining coins were sold under chaotic conditions. The GSA, having published minimum bids in November 1979, announced on January 2, 1980, that those minimum bids were no longer valid, and that prospective bidders would have to “call in” to a toll free number to get current minimum bids.
Then, on February 21, 13 days after the bidding process officially began, the maximum number of coins per bidder was changed from 500 to 35. Many bidders, under these confusing conditions, ended up with no coins at all. Complaints again flooded in to Congress, but the damage had already been done, and the last silver dollars held by the United States Treasury were gone. Sealed in rigid plastic holders and boxed with a message from then President Richard M. Nixon, these silver dollars account for most of the mint state CC Morgans known today.
edited to say LAST 2 TO TRADE
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Comments
Successful Trades: Swampboy,
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
have no markings on the boxes. The more rare dates were sold individually and the boxes are
stamped with the date or have the cert number on the outside of the box.
bob
<< <i>How sure are you that these are GSA CC morgans? Could there be other coins inside or ?? >>
Bought these from a very reliable/knowledgeable individual.
Plus I have bought about 50 of these since early 80's
While there is no way of knowing what date is inside, I know they are CC Morgans.
edited for grammar
<< <i>Someone may correct me but I believe these to be 1882, 3 or 4's. These were sold in bulk and
have no markings on the boxes. The more rare dates were sold individually and the boxes are
stamped with the date or have the cert number on the outside of the box.
bob
As they are the only years that came in white boxes. The others (keys) were in yellow.