Q. David Bowers
This question has led collectors who have bought some of these coins (as well as those who intend to buy some in the future) to ask questions of their own about their purchases. For example, we heard one collector ask, "Does the fact that a category did not sell out lower the value of those coins that were sold?" While no one knows the answer for sure, it is probably "no." Checking with the [Guide Book] as well as COINage's own Price Averages (CPA) we have seen that the '82s, '83s and '84s which have been offered three times are still holding strong at the minimum price of $30 or better. The reason is probably that even though the government has many 'more of these coins to dispose of, it apparently has no intention of affecting the market adversely by selling them at less than the $30 base figure.
Another collector asks when the Carson City coin he bought will go up in value? Again, it would take a crystal ball to give a date, but the following observations can be made: the law of supply and demand certainly applies here. If a category is sold out, the chances are that the coin will begin rising in value immediately, unless there is a sudden deluge of unexpected sales from private sources. If a category is not sold out, you can pretty well expect the coin to stay at the base price until either all the coins are sold out or the government decides to do something else with them. After all, you can't expect someone to pay you more than base when they can get a similar coin from the government at the base price.
A question that we had was, how long does the G.S.A. plan to continue the sales? When queried about this, a representative of the G.S.A. replied, "Under the congressional order, the G.S.A. is directed to continue the sales until all the coins have been disposed of." How long that may be may depend on the responses of coming sales.
The coins are still probably a good buy for anyone who wants to capture apiece of American history. They come in a decorative presentation case and can be displayed attractively either alone or in one's collection. We've heard very few complaints from the over half million (at least) purchasers and are reminded here of the old maxim in business, "There is nothing that recommends a product more than a satisfied customer."
New 30-day Surplus Dollar Sale Starts October lst:
The G.S.A. has announced a special 30 day auction on three Carson City silver dollar issues never before offered. These coins are all in Unc. condition as determined by the G.S.A. They will all come in special plastic cases containing the words "Carson City" and "Unc." A G.S.A. spokesman noted out that they are a rare chance for the publicto get a part of our American coinage heritage at a substantial savings. The spokesman went on to point out that the base price for the coins is $60 while their price in the Guide Book is much higher.
The coins to be offered are: 1880 (114,982), $80-$425 (price varies because of the large number of "errors"); 1881 (122,698), $85; 1885 (130,807), $70. (Guide Book prices)
The G.S.A. pointed out that the possibility of increased value due to error coins, particularly in the 1880s was very high. The spokesman stated that a screening of a small sample of the 1880s by an independent authority revealed as many as 80% with overdate errors.
To get a descriptive brochure and order form on the sale, write to: Carson City Silver Dollars, Box 1505, Washington, D.C. 20013.
The G.S.A. was hopeful that because of the short duration of this sale, all orders would be filled and coins would be 'sent out before the Christmas mailing rush.
Additional sales were held in February 1974, April through June 1974, and later, ending in July 1980, until the G.S.A. program had accomplished its purpose. The Van-Allen Mallis book, Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars, contains an excellent chapter on the G.S.A. sales and is highly recommended to anyone seeking detailed information. Messrs. Van Allen and Mallis both were advisors to the G.S.A. in the 1970s and had many interesting experiences.
Later Hoards
Coins from the aforementioned Treasury releases, bank holdings, etc., found their way into the hands of hoarders. Three such hoards are especially memorable:
The Redfield Hoard
The LaVere Redfield estate silver dollars constitute the most famous, most publicized of all private hoards of this denomination.' Redfield! Redfield! Redfield! The name was on the lips of every dealer and investor in the late 1970s. Many later writers on the subject of Morgan dollars would often say little about any other holding than Redfield. It got all of the attention.
LaVere Redfield would have made a good character study for Hollywood. He was as colorful a personality as any that ever took part in the Wild West. Born on October 29, 1897, in Ogden, Utah, he later moved to Idaho, where one of his jobs was digging potatoes-surely not the way either to earthly fortune or to numismatic fame. While in Idaho, now a clerk in a department store, at the age of 24 he married co-worker Nell, who was four years his senior.
Details of the next few years of his life are sketchy. Subsequently, the Redfield couple moved to Los Angeles, where LaVere became a securities broker and scored numerous successes by purchasing depressed stocks. By the late 1930s he was firmly established as a millionaire. Some of his profits were plowed into real estate, including 51,000 acres of land in Washoe County, Nevada, where Reno is situated.
LaVere and Nell moved to Reno, where stories of LaVere Redfield's eccentricities spread. He distrusted banks, and kept large amounts of cash in paper money and coins in his house. On at least two occasions he attended real estate auctions with a grocery bag stuffed with cash. Home was a three story stone structure containing 15 rooms, unpretentiously furnished. Later, in popular stories, it became known as a "palace" fit for a king. The LaVere Redfield story, promoted by outsiders, was always bigger than reality.
Over the years Redfield had a running feud with the Internal Revenue Service, which in 1960 was responsible for his conviction for evading income taxes, and a five-year jail sentence (of which he served 18 months on Terminal Island, California before parole).
An old pickup truck furnished transportation around town, including to casinos, where he was fond of playing blackjack in the company of various women. He drank only in moderation, and did not smoke.
LaVere Redfield was generous, and often would give money to unfortunate strangers, asking nothing in return. It is said that he also gave real estate to a number of squatters and tenant farmers on his land. A world traveler, he would secure accommodations on tramp steamers, although he could have afforded the Royal Suite aboard the Queen Elizabeth II. Many hours were spent at the Reno Public Library, where he would watch travel films.