On. Jan. 13, Numismatic Guaranty Corporation® (NGC®) announced that they had recently graded a hoard of 13,000 Morgan Silver Dollars from the New Orleans Mint. Sealed in 13 U.S. Treasury bags, the coins had not seen the light of day for decades. This impressive hoard included some beautifully toned Morgans that earned NGC’s trademarked Star Designation (★) for exceptional eye appeal.
NGC recognized the special provenance of these coins with a pedigree of Great Southern Treasury Hoard and a custom label design.
The Great Southern Treasury Hoard included five different issues of Morgan Silver Dollars: the 1881-O, the 1882-O, the 1888-O, the 1901-O and the 1902-O. Notable highlights include 13 1882-O Morgan Silver Dollars that graded NGC MS-65★, an 1888-O Morgan Silver Dollar that graded NGC MS-66 and a 1902-O Morgan that graded NGC MS-66.
The hoard was submitted to NGC by Jeff Garrett of Mid-American Rare Coin Galleries. The family who owned the hoard sought Garrett for guidance based on his handling of the New York Bank Hoard, a cache of 16,000 Morgan Dollars that was also certified by NGC.
“Most uncirculated silver dollars entered the marketplace decades ago and even one unopened bag is cause for excitement,” said Garrett. “To discover 13 unopened bags is truly incredible, especially when they contain coins that feature beautiful, original toning.”
Laying against the canvas bag or another coin enabled the toned coins from the Great Southern Treasury Hoard to develop their beautiful color. Their attractive toning and the cartwheel luster that Morgan Silver Dollars are known for are highly sought after by collectors.
Likewise, the coins that achieved a grade of NGC MS-65 or higher (indicating a well-struck coin) are particularly significant because the New Orleans Mint has a reputation for producing coins with weak strikes and less-than-brilliant luster. Thus, well-struck, lustrous New Orleans coins are prized in the numismatic world today.
“It was an amazing experience to see thousands of Morgan Dollars that are entirely original and never before seen by numismatists,” said Mark Salzberg, NGC Chairman and Grading Finalizer. “Hoards like this are very rare today. I felt like I went back in time to when I first became a professional numismatist.”
Other well-known hoards of Morgan Silver Dollars are the GSA Hoard, which was a stockpile of several million silver dollars that had been held in the vaults of the U.S. Treasury Department, and the Redfield Hoard, which is the name given to the accumulation of approximately 400,000 silver dollars by collector LaVere Redfield. Coins pedigreed to the GSA and Redfield Hoards are highly desired by many collectors.