The following post is pulled from Coin World editor Steve
Roach’s Market Analysis column in the Oct. 13 issue.
For each so-called rule in numismatics, there are exceptions.
For example, “Buy the coin, not the holder” is an oft-repeated
adage. Three recent online auctions proved exceptions to this rule;
for each, a silver dollar’s value was substantially enhanced by its holder.
Here's a profile of one of those three silver dollars:
The coin: 1879-CC Morgan dollar, MS-65, in black GSA
The price: $42,777.90
story: Collectors have long valued the Morgan silver dollars
released in the 1970s by the Government Services Administration from
government vaults, most of which were housed in the large black
GSA sales began in 1972 and some dates
were extremely well-represented in the Treasury’s holdings. For
example, of the 1884-CC Morgan dollar’s original mintage of 1,136,000
pieces, the GSA sold more than 950,000 of them.
issues were much scarcer, such as the 1879-CC dollar. The sale of the
GSA’s 3,600 1879-CC Morgan dollars was by mail bid in February 1974
and these sold for an average of $478.39 each (which market observers
considered a strong price at the time).
Morgan dollar is a tough semi-key to the series, having a relatively
low mintage of 756,000, which, combined with the general popularity of
Carson City Mint issues, creates demand.
In a Sept. 21
GreatCollections.com auction, an 1879-CC Morgan
dollar still in its original black GSA box with an original numbered
certificate brought $42,777.90. It was graded Mint State 65 by Numismatic Guaranty
Corp., which will grade GSA dollars in their original black
plastic GSA holders upon request.
For comparison, an
1879-CC dollar graded NGC MS-65 in a normal NGC slab brought just
under $20,000 at an April 24 Heritage auction.
Read the rest of Steve Roach's 'Buy the Holder' Market Analysis:
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