Collecting Carson City Silver Dollars By Mike Thorne
August 26, 2007
Carson City, Nev. The name conjures
up visions of the Old West, gunfighters, playing
cards in a saloon, with piles of silver dollars in the
pot. And not just any silver dollars: These would undoubtedly
be coins newly minted in either Carson City itself or
San Francisco.
In my mind's eye, I see stacks of shiny
cartwheels worth just a dollar apiece to their owners
at the end of the 19th century but worth much more to
their possessors a century later.
Amazingly, for all that's been written
about CC Morgans, a complete collection of them (not
counting minting varieties of some of the dates) consists
of just 13 different date/mintmark combinations.
By the time the Morgan dollar came along in
1878, the Carson City Mint was in full operational mode. It
had begun minting coins in 1870. With Nevada then and now
a relatively sparsely populated state, you might wonder why
it deserved a mint at all. The answer lies in a spectacular
discovery of silver that came to be known as the Comstock
Lode, named after Henry Comstock. Comstock didn't actually
find the gold and silver. He simply appropriated the find
from two hapless miners named Pat McLaughlin and Peter O'Reilly.
The discovery occurred in 1859 about 15 miles
from Carson City, or, as it was known to the locals, simply
Carson. Named for famed trapper, scout, Indian agent, and
soldier Kit Carson, Carson had been founded in 1858 by New
Yorker Abram (or Abraham) Curry.
Silver and gold mined near Carson from the
Comstock Lode was initially shipped by rail over the Sierra
Nevada mountains to the San Francisco Mint. This was both
costly and dangerous, as bandits sometimes stole the ore.
Although there was opposition -- Mint Director
James Pollock, for example, felt that it would make more sense
to enlarge the San Francisco Mint --- the decision was made
to build a mint in Nevada. Toward this end, Curry sold some
land in Carson City to the government. Not surprisingly, Curry
was the mint's first superintendent.
For all that its products are revered today,
the Carson City Mint was unpopular during its lifetime. In
fact, according to Q. David Bowers, writing in Silver Dollars
& Trade Dollars of the United States: A Complete Encyclopedia,
the local railroads set up tariffs that made it cheaper to
take bullion from the nearby mines all the way to San Francisco
to be turned into coins than to deliver it to the Carson City
Mint.
Still, with all the contemporary opposition
to it, the Carson City Mint turned out gold and silver coins
that continue to fire the imaginations of today's collectors.
Probably none of these coins are more interesting and widely
dispersed than the Carson City Morgan dollars.
The Carson City Morgans can be quickly divided
into two groups: the ones minted between 1878 and 1885 and
the ones struck between 1889 and 1893. The key date of the
first group, particularly in grades above Very Fine, is the
1879-CC. In the second group, the 1889-CC is the prize by
far.
Relative to their contemporaries produced
at the other mints, the Carson City products have low mintages.
However, because of some hoards created through storage, some
of the dates are much more available in uncirculated grades
than you would expect from their low mintages. This is particularly
true for the 1882, 1883, and 1884-CCs, all of which had mintages
of just a little over 1 million coins apiece. As it turns
out, few were released into circulation, and more than half
of each date was still available in uncirculated condition
at the time of the General Services Administration sales of
unreleased Carson City silver dollars.
But let's begin at the beginning, with the
1878-CC. This date has the second highest mintage of the 13
CC Morgans -- 2,212,000. The 1890-CC has a slightly higher
mintage (2,309,041). According to Bowers, "1878-CC dollars
were released in quantity at the time of striking, unlike
most later issues from this mint." Of these, 60,993,
or 2.76 percent of the original mintage, were discovered in
the GSA holdings.
With its relatively high mintage, the 1878-CC
is one of the most affordable CC Morgans in all grades. According
to Numismatic News' "Coin Market," the date starts
at around $100 in lower circulated grades (e.g., Very Good-Extremely
Fine) and is worth just $2,300 in Mint State-65. Bowers pronounces
MS-64 as the optimal collecting grade in his Guide Book of
Morgan Silver Dollars. It's worth $615 in this grade, according
to "Coin Market."
As indicated above, the 1879-CC is the key
to the first group of CC Morgans. In fact, according to Bowers,
"Among basic date and mintmark issues, the 1879-CC is
the first key or rare variety in the Morgan dollar series
and is the second rarest (after 1889-CC) of all Carson City
Morgans."
The mintage, for a scarce Morgan, was fairly
substantial at 756,000. In fact, five other CC dates had lower
mintages, but only two of these have higher values than the
1879-CC in MS-65. These are the 1889-CC and the 1893-CC.
Values of the 1879-CC are fairly reasonable
in lower circulated grades (VG-VF), with a range from $115
to $200. After that, the date takes big jumps in value, going
from $630 in EF to $25,000 in MS-65. Bowers suggests that
hundreds of thousands of this date may have been melted under
the 1918 Pittman Act, and there were only 4,123 sold in the
GSA sales.v The major 1879-CC variety is a "large CC
over small CC," which is sometimes called a "capped
CC." Although this variety is actually scarcer than the
normal CC, the normal mintmark coin is more popular and thus
slightly more valuable in all grades.
The total mintage of the 1880-CC was 591,000,
of which the majority have the reverse of the 1879 (rounded
eagle's breast). Most of the other 1880-CCs have the reverse
found on 1878 Morgans (flat eagle's breast).
Bowers points out that virtually all of the
1880-CCs have overdated obverses, with some showing enough
of the underdate to be called 1880/79. According to the latest
edition of A Guide Book of United States Coins (the Red Book),
at any rate, none of these overdates has a value substantially
different from any of the others.
One factor depressing the value of the 1880-CC
is that a substantial percentage of the original mintage (slightly
more than 22 percent) was sold in the GSA sales. With the
reverse of 1878, the 1880-CC ranges in value from $110 in
VG-8 to $3,125 in MS-65. In the same grades, the 1880-CC with
reverse of 1879 lists for $115 to $1,450.
With a mintage of just 296,000, the 1881-CC
has the second lowest mintage of the 13-coin series, bested
only by the 1885-CC (228,000). The values of both dates are
much less than you might expect them to be, however, and the
reason can be summed in three letters -- GSA. Nearly half
of the 1881-CC Morgans minted were sold in the GSA sales,
with slightly more than 65 percent of the 1885-CCs included
in the sales. Given this state of affairs, it's probably amazing
that the two dates are worth as much as they are.
According to "Coin Market," the
value of the 1881-CC ranges from $340 in VG-8 (in reality,
it's probably rare in this grade) to $575 in MS-63. If you
think about it, that's a small change in value for such a
whopping increase in grade. In MS-65, the coin is worth just
$925. The 1885-CC, with the lower mintage, shows the same
pattern, with an increase from $470 in VG-8 to $700 in MS-63;
the MS-65 lists for $1,325.
Actually, I have a certain fondness for the
1881-CC date, as this was the only "good" date that
I got among my GSA purchases. I had read in a coin newspaper
that the bargains were to be had in the mixed CC category.
These were coins that GSA considered too tarnished or baggy
(excessive bagmarks) to be sold as specific dates in the uncirculated
CC grouping. Thus, they were offered at a lower price. I seem
to recall paying $45 apiece for the coins that I received.
According to Morgan & Peace Silver Dollars,
by Van Allen and Mallis, most of the mixed CC category consisted
of 1882, 1883, and 1884 dollars, with much smaller percentages
of the other dates. You can imagine my excitement when I opened
the packages containing my CC dollars and discovered that
one was in a different colored outer cardboard sleeve than
the others -- I recall it being in a white sleeve rather than
a blue one. This was the 1881-CC.
As it turned out, I quickly sold all but two
of the dollars I had gotten from GSA. I made a nice profit
on the bunch, but I still kick myself for not keeping at least
one of each of the different dates.
The two coins that I kept were the 1881-CC
and a particularly nice 1883-CC. Remember that these were
GSA's culls, coins considered too baggy or toned to be sold
normally. Well, I recently got the two certified by Numismatic
Guaranty Corp. The 1881-CC came back MS-64, and the 1883-CC,
which had once gotten an MS-63 grade from ANACS when it was
still affiliated with the American Numismatic Association,
received a grade of MS-66 prooflike!
Now you see why I've kept it all these years
(the GSA sales took place in the early 1970s). Incidentally,
the toning on the coin that kept it out of the "normal"
category is actually quite attractive, and I'm normally not
a big fan of toning.
The three most common CC dates, and the most
affordable, are the 1882, 1883, and 1884. Of course, the reason
they're so common and affordable is that the government had
most of the original mintage of each date in storage, as I
mentioned earlier. The actual percentages of each of the three
dates held by the GSA at the beginning of the great dispersal
are as follows: 1882-CC, 605,029, or 53.4 percent; 1883-CC,
755,518, or 62.75 percent; and 1884-CC, 962,638, or 84.73
percent.
The 1884-CC is worth a bit more than the others
in all circulated grades but drops below the other two in
all uncirculated grades. The reason for this is obvious. Most
1884-CCs that still exist, and that's most of the original
mintage, never entered circulation. In MS-63, the three are
worth $245, $230, and $225, respectively. In MS-65, the values
are $600, $470, and $445, respectively. As you can see, the
uncirculated values are correlated with the numbers of each
date sold in the GSA sales.
After 1885, silver dollars weren't minted
at Carson City until 1889, which turns out to be the big key
to the CC Morgans. In fact, it is one of the keys to the entire
Morgan series. Bowers, writing in the Morgan dollar Red Book,
says, "In comparison to the demand for them, examples
are rare in all grades."
Bowers reports, "Of the 350,000 1889-CC
dollars made, many thousands were paid out in the 19th century,
yielding a supply of circulated pieces for numismatists today."
If you're interested in owning one of these circulated specimens
while there are still some priced below $1,000, I would urge
you to purchase one soon. According to "Coin Market,"
they begin at $625 in VG-8, jump to $900 in F-12, and after
that, it's onward and upward. In MS-63, the coin lists for
$34,000, and if you want one in MS-65, be prepared to shell
out around $315,000!
The 1890-CC has the largest mintage of all
the CC Morgans, although the number produced is only slightly
more than that of the 1878-CC. Unlike the 1878-CC, however,
very few of these were in the GSA hoard. As a consequence,
the 1890-CC is relatively common and inexpensive in circulated
grades but rises in value rapidly in uncirculated grades.
In the "normal" variety, without
a bar extending from an arrow's feather on the reverse, the
value begins close to $100 in VG-8, is only $215 in About
Uncirculated-50, is $1,050 in MS-63, and in MS-65, the 1890-CC
will cost you somewhere around $7,000.
The "tail bar" variety, which Bowers
calls "popular, if not rare," is pricier than other
varieties of the date. It begins at $135 in VG-8, is $900
in AU-50, $4,000 in MS-63, and no value is listed for the
date in MS-65, although in MS-65 deep mirror prooflike it's
listed at $9,800, which is only $50 more than the normal variety
in the same grade.
With an original mintage of 1,618,000, the
1891-CC is not rare, by any means. However, only 5,687 of
these were sold in the GSA sales, so this is another CC dollar
that is relatively common and inexpensive in circulated grades
but less so in uncirculated. Bowers notes that the date is
"not in the 'common' class. Still, enough are around,
especially MS-63 and MS-64, that you can find a choice one."
Like the 1890-CC, the 1891-CC starts at about
$100 in VG-8 and is worth $215 in AU-50. After that, its value
is actually lower than the earlier date, climbing to "just"
$5,450 in MS-65.
Unfortunately for collectors of CC Morgan
dollars, there were no 1892-CCs in the GSA sales. With a mintage
of 1,352,000, this date begins at $135 in VG-8, is worth $670
in AU-50, and lists for $11,000 in MS-65. According to Bowers,
the optimal collecting grade is MS-64, which is worth $4,150,
according to "Coin Market."
The 1893-CC is one of the six CC Morgans that
began life with a mintage of less than 1 million pieces. The
actual figure is 677,000. Again, this is a date that was not
represented in the GSA sales, so values in most grades, particularly
in uncirculated, are appropriately steep.
The 1893-CC begins at $215 in VG-8, climbs
to $2,350 in AU-50, and is a $55,000 coin in MS-65. Bowers
notes that the famous "Redfield hoard (1976) contained
a few thousand, many of which were scraped by a counting machine
used to inventory the pieces."
As you can see from my survey of the CC Morgan
dollars, all of the 13 dates are collectible, particularly
if you're willing to settle for circulated examples in a few
cases (1879-CC, 1889-CC, 1893-CC). Because of the GSA sales
in the 1970s, a number of the dates are downright common in
uncirculated grades (e.g., 1881-CC through 1885-CC). Of course,
because of the popularity of CC Morgans and the continual
demand for them, even the "common" dates are not
necessarily priced accordingly. Still, if you decide to put
together a set of these 13 dates, you're likely to find that
it's a "Lucky 13."