GreatCollections has been selling a fresh hoard of 26 1900-O/CC Morgan silver dollars in the past few
months with the majority grading Mint State 62 to MS-64. One of the
finest dollars in the group, a blast white untoned example, graded
MS-65 by Professional Coin Grading Service with a green Certified
Acceptance Corp. sticker indicating quality within the grade, brought
$2,135 on Oct. 8. For comparison, a nice “normal” certified MS-65
1900-O Morgan dollar sells for around $125 and PCGS has graded more
than 7,000 of these.
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When a hoard of new coins like this is discovered, the finder has a
few options when marketing the coins. Third-party certification is
necessary to maximize value, and once the coins are certified they are
added to population reports, making the hobby aware of their presence.
Selling the group at once and advertising the presence of a fresh
group of coins can attract buyers and draw attention to a variety that
may not be at the forefront of a collector’s mind.
Alternately, slowly releasing examples in the marketplace could have
diminishing returns if more are discovered. Generally, those fortunate
enough to discover a small hoard of a popular variety that trades at a
substantial premium are likely to want to cash in rather than wait.
Astute collectors find that buying a ‘problem
coin’ can be a bit of a balancing act, but the rewards can be great.
Also in our Nov. 6 issue, Michael Fahey offers some tips on
grading Mint State Barber half dollars.
Since PCGS has certified 885 1900-O/CC Morgan dollars in MS-65,
along with 42 in MS-65+ and 127 in MS-66, the addition of another
handful doesn’t have a meaningful impact on the overall rarity. Likely
there are more hoards like this, hiding in rolls of 1900-O dollars,
just waiting to be found.
The 1900-O/CC Morgan dollar has been increasing in popularity in
recent decades because it’s easily visible and charmingly odd. More
than one reverse die was used in 1900 with a New Orleans Mint mark
punched over a Carson City Mint mark, and examples are not rare. The
Carson City Mint stopped striking dollars in 1893, so the variety is
curious and sometimes marketed as the “Final Carson City Dollar” (even
though it was struck at the New Orleans Mint.)
Marketing was a central topic at the U.S. Mint’s Numismatic Forum on
Oct. 17 in Washington, D.C., titled “Numismatics: The Road Ahead.” The
Mint stressed the opportunities and limitations inherent in its $6
million annual marketing budget. Gary Adkins, president of the
American Numismatic Association, gave a rather somber assessment of
the hobby’s possible future and the potential threat of new currencies
that could replace coins over time, stressing that education, outreach
and marketing is key to bringing new people in the hobby.
November sees some of the last major auctions of the year before the
juggernaut that is the Florida United Numismatists show takes place in
Tampa, Jan. 4 to 7. Heritage hosts the ninth Eric P. Newman Collection
auction Nov. 1 to 3 and a Signature U.S. Coin auction Nov. 2 to 4,
both in Dallas, and Stack’s Bowers Galleries will be presenting the
official auctions at the Whitman Baltimore Expo, Nov. 9 to 12.