Silver and History at an Attractive Price

By Jon Swyers

Silver demand has been staggering for the better part of 2015. As a result, we’ve been on the lookout for any means of owning silver for immediate delivery.

We’ve found a small quantity of historically significant silver, priced well and ready to deliver to those quick to act… Carson City Morgan Silver Dollars.

A Brief Introduction

The Morgan silver dollar, for a number of reasons, is arguably the most popular of all United States coins. For one, they are big, beautiful coins. Their substantial size and beautiful design make them extremely impressive when viewed in the flesh. While attractive in all grades, they are especially pleasing to the eye in Uncirculated.

Furthermore, they have a rich and fascinating backstory. The coins exist due to an intriguing combination of silver discoveries in the West and political maneuvering. Despite their allure and charm, Morgan dollars remain extremely affordable. They are gorgeous, rare and steeped in history — yet they remain accessible to the average collector.

Perhaps the most historic and sought-after of all Morgan dollars are the Carson City issues. Built at the peak of the Nevada silver boom, the Carson City Mint was designed to convert metal from the massive Comstock Lode into coinage. The facility was only open and functioning for 21 years.

It first opened in 1870, but production became extremely sporadic by the mid-1880’s. A small number of coins were released from 1889-1893, but after that, the facility was closed. Today, all Carson City coins (featuring the distinctive CC mintmark) are considered highly desirable by collectors, regardless of date and grade.

Carson City silver dollars are extremely popular and, typically, get absorbed into the market quickly. That being said, we were able to secure a small number of CC dollar date sets in MS63 and MS64. These consecutive date sets are Uncirculated, virtually untoned, and hail from the apex of the Nevada silver boom. In today’s market it’s difficult to find individual coins in the $2,500-$4,000 range with such deep numismatic importance, let alone in Mint State condition. However, these sets contain multiple historically specimens at an outstanding price level.

Historical Background

Although the silver dollar was a mainstay of American commerce in the late 1800’s, it was deemed unnecessary for much of the 18th and 19th centuries. The silver dollar was first struck in 1794, but it was soon put on hiatus in 1804. The denomination returned in 1836, but mintages remained paltry throughout the 1830’s and 1840’s. Production levels increased in the 1850’s and 1860’s, but they were tiny compared to smaller silver coins. Demand was fiercest for half dimes, dimes and quarters. The larger silver denominations were not needed to the same degree. In fact, the silver dollar was put on hold again in 1873 — but it would return soon thereafter thanks to the powerful mining lobby.

By the mid-1870’s, a tremendous amount of silver was being extracted from the earth in Nevada. The market for silver soon became flooded, and miners scrambled to find new customers for the metal. At the time, industrial and household uses for silver were somewhat limited, so miners turned to the U.S. government.

Thanks to their lobbying efforts, they convinced Congress to pass a bill mandating federal silver purchases. Known as the Bland-Allison Act, the legislature required the U.S. government to purchase between two and four million dollars’ worth of silver each year. President Rutherford B. Hayes rejected the bill, but Congress overrode his veto and it became law.

There were two immediate after-effects of the Bland-Allison act. Firstly, U.S. Mint engraver George T. Morgan was tasked with designing a new silver dollar. Morgan, coincidentally, had already been experimenting with a new motif for the half dollar. He simply tweaked the design and reconfigured it for the silver dollar. Secondly, the Carson City Mint began converting large amounts of silver bullion into coinage. Before 1878, the Nevada facility saw anemic production levels; coins of all denominations from the era are extremely scarce.

In the 1880’s, silver dollars were being struck in Philadelphia, New Orleans, San Francisco and Carson City. The first three cities had thriving populations and were able to make use of the coins, but Carson City was a relatively small town by comparison. While it was convenient to have the silver extracted and converted to coin in Nevada, there was little commercial demand for the coins in that area. The nearest major population center was San Francisco, which already had a Mint. Finally, in 1885, coinage production temporarily ceased in Carson City. It resumed again from 1889-1893, but then the Mint was closed altogether.

The Current Offering

We’re pleased to make available a small group of Carson City Morgan dollars from the peak of the Nevada silver boom. They range from 1878 (the first year of the Morgan dollar) through 1885 (the year the government temporarily halted production due to oversupply). All are graded MS63 or MS64 by PCGS or NGC; they are Choice Uncirculated specimens with little or no toning. These enthralling keepsakes of the Wild West are a pleasure to study, hold and own. Their substantial size, cartwheel luster, sharp strikes and superb level of presentation make them visually stunning.

In MS63, a Carson City $20 double eagle is worth in the tens of thousands. In MS64, a Carson City $20 is pushing six figures. Similarly, CC-mint dimes, quarters and half dollars are all wildly valuable in Uncirculated. They are all worth in the thousands if not dramatically more. The Carson City silver dollars, meanwhile, remain surprisingly affordable. At well under $1,000 per coin, they represent outstanding value.

We are pleased to offer the following:

3-Coin CC Morgan Dollar Set – 1882 CC, 1883 CC, 1884 CC in MS63 or MS64. Coins are PCGS or NGC graded. There are 25 sets available in MS63, 31 sets available in MS64.

7-Coin CC Morgan Dollar Set – 1878 CC, 1880 CC – 1885 CC in MS63 or MS64. Coins are PCGS or NGC graded. There are 10 sets available in MS63, 4 sets available in MS64.

*Please note that pricing and availability are subject to change based on market fluctuation. Offer expires 10/16/15 @ 5 PM EST.

Call one of our Preferred Client Relations representatives at 800-831-0007, or send me an email to add these CC Morgan Dollar Sets to your portfolio.

Conclusion

The Carson City silver dollar may have been unpopular in the 1880’s, but it remains one of the most actively-sought items in all of numismatics. Their direct connection to Western history and the Comstock Lode make them prized collectibles. Despite being such popular and fascinating items, they remain shockingly affordable and accessible to the average collectors. There are endless coins that trade for tens of thousands of dollars that cannot boast such a rich historical backstory. Yet, we can offer multi-coin sets for substantially less. In a nutshell, these Uncirculated Carson City silver dollars are an incredible amount of coin for the money.