US Coins

1884-S Morgan dollar in GSA 'soft pack' exceeds expectations

By Steve Roach

Published: Sep 30, 2014, 7 AM

An ungraded 1884-S Morgan dollar in the GSA “soft pack” holder sold for $8,288.02 in an Aug. 24 eBay auction. The seller was taken by surprise by how well the coin fared.

Images courtesy of eBay seller coinexchange267

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: 1884-S Morgan dollar, ungraded, GSA ‘soft pack’ holder

The price: $8,288.02

The story: Collectors are most familiar with the hard plastic black GSA holders, but Morgan (and other) silver dollar types were also sold by the GSA in more flexible “soft pack” holders.

These soft plastic holders contain a silver dollar and a plastic GSA token. A wide range of dates were packaged this way — in both circulated and Mint State condition — and estimates of the number of GSA “soft pack” dollars sold typically are at the 100,000 level. Just a fraction remain today.

The GSA-issued card with this 1884-S Morgan dollar characterizes it as “a memento of a bygone era.”

The dollar, sold ungraded by the seller, Hartsdale, N.Y., coin dealer Coin Exchange, brought $8,288.02 in an Aug. 24 eBay auction.

The seller noted, “We were all taken by surprise with how well this coin did.” It had come into the store with a collection of low-value silver and generic silver dollars. The seller added, “Everyone we spoke with thought it would sell in the $6500-7500 range so it definitely surpassed our expectations.”