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Sale 78
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Lot 1285
1879-CC. MS-60 with semi reflective fields. In the GSA black holder. The CC mint mark is very clear and not capped. Rare in this format. Although the 1880-CC, 1881-CC and 1885-CC all have lower mintages, the 1879-CC is the rarest CC-mint Morgan Dollar struck from 1878 to 1885. This fact notwithstanding, market offerings for examples that grade up to and including MS64 are anything but rare due to long-held Treasury distributions in the 1970s. Only 4,100 were in the GSA sale, a mere 0.54% of the originial mintage.
The GSA story: In the mid 1960's, the government was winding down the exchange of silver certificates for silver dollars. After the program was terminated in 1964, the government had a large supply of original mint sealed bags of silver dollars. The hoard was dubbed the GSA (Government Services Administration) Hoard; they were named this because this was the branch of the government that was in charge of the dispersal of these coins. The hoard included over 3 million coins, most of which were minted in Carson City Nevada. Until the discovery of this hoard, CC dollars were thought to be relatively scarce in high grade. The hoard consisted of mostly CC dollars but approximately 125,000 coins were discovered to be from other mints. These coins ranged in condition from heavily circulated to uncirculated. The uncirculated non CC GSA coins come in a plastic holder that labels them as "United States Silver Dollars" instead of the standard "Carson City Silver Dollar" and can also be found in the soft packs as well. The GSA hoard contained up to 84% of the entire mintage of some CC dollars. 1879-CC was not one of these common dates.
Estimated Value $6,500 - 7,000.
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| Realized $7,344 |
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