The Most Sought After Silver Dollar

Last week, we alerted you to 20-date MS64 Morgan Silver Dollar sets. The immense response to the offer confirmed that the Morgan Dollar is perhaps the most popular of all U.S. coins. They have a rich and fascinating backstory where the coins exist due to an intriguing combination of silver discoveries in the West and political maneuvering. Despite their rarity and rich history, Morgan Dollars remain extremely affordable and accessible to the average collector.

CARSON CITY

Carson City issues are the most historic and sought-after of all Morgan Dollars. 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-1880s. A small number of coins were released from 1889-1893, but the facility was closed soon after. Today, all Carson City coins featuring the distinctive CC mintmark are considered highly desirable by collectors, regardless of their date and grade.

It comes as no surprise that many of you asked if Carson City Morgans were available. Luckily, we were already pursuing a small collection of 7-coin Carson City Morgan Dollar sets in MS64. Much like the 20-date sets offered last week, these sets offer you a wide assortment of highly desirable dates at an extremely low price point.

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 historic specimens at an outstanding price level.

HISTORICAL BACKGROUND

Although the silver dollar was a mainstay of American commerce in the late 1800s, it was deemed unnecessary for much of the 18th and 19th centuries. The silver dollar was first struck in 1794 but was soon on hiatus in 1804. However, the denomination returned, but mintages remained paltry throughout the 1840s.

Although production levels increased in the 1850s and 1860s, the increase was minimal compared to smaller silver coins. Demand was fiercest for half dimes, dimes and quarters, but the larger silver denominations were not needed to the same degree. In fact, the silver dollar was placed on hold again in 1873—but would soon return thanks to the powerful mining lobby.

By the mid-1870s, a tremendous amount of silver was being extracted from the earth in Nevada. The market for silver 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 the miners’ 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.

There were two immediate after-effects of the Bland-Allison act. U.S. Mint engraver George T. Morgan was tasked with designing a new silver dollar. Morgan, simply reconfigured his new motif of the half dollar for the new silver dollar. Second, the Carson City Mint began converting large amounts of silver bullion into coinage. Coins of all denominations from the era are extremely scarce due to anemic production levels from the Nevada facility before 1878.

In the 1880s, 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 the area. Finally, in 1885, coinage production temporarily ceased in Carson City. It resumed again from 1889-1893, after which the Mint was closed altogether.

THE CURRENT OFFERING

We’re pleased to offer you Carson City Morgan Dollar sets from the peak of the Nevada silver boom. Each set contains seven coins dated between 1878 (the first year of the Morgan dollar) and 1885 (the year the Carson City Mint temporarily halted production due to oversupply). All coins are graded MS64 by PCGS or NGC; they are Select 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 MS64, a Carson City $20 is a pushing six figure price. Similarly, CC-mint dimes, quarters and half dollars are all wildly valuable in Uncirculated; they are all worth thousands of dollars, if not dramatically more. The Carson City silver dollars, meanwhile, remain surprisingly affordable. At well under $1,000 per coin, they represent outstanding value.

CONCLUSION

The Carson City silver dollar may have been unpopular in the 1880s, but it is now 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 MS64 sets for substantially less. In a nutshell, these Uncirculated Carson City silver dollars provide you with an incredible amount of history and beauty for the money.

(7) MS64 Carson City Morgan Dollar Seven Coin Set - $3,850 per set* Including free shipping, handling, and insurance. 
Select Choice Uncirculated set guarantees one first date and one last date of production year.

Call us at 800-831-0007 or send us an email to take advantage of these historical coins!

*Prices are subject to change due to market fluctuation and product availability. Offer expires September 23, 2016.