NGC Certifies New York Bank Hoard of Morgan Dollars

by CoinNews.net on July 17, 2018 · 4 comments

Numismatic Guaranty Corporation (NGC) has certified the New York Bank Hoard, a group of 16,000 Morgan Dollars that had been stored in sealed US Treasury bags for more than 50 years. The remarkably well-preserved hoard boasts a number of high grade pieces, including 118 that graded NGC MS 67.

1885 $1 New York Bank Hoard From U.S. Treasury Bag MS 67

1885 $1 New York Bank Hoard From U.S. Treasury Bag MS 67

Each canvas US Treasury bag in the New York Bank Hoard contained 1,000 Uncirculated Morgan Dollars of the same date and mintmark combination.

Eleven different issues were represented: the 1878-S (one bag), the 1880-S (two bags), the 1881-S (one bag), the 1883-O (one bag), the 1884-O (one bag), the 1885 (one bag), the 1885-O (two bags), the 1886 (one bag), the 1887 (four bags), the 1888 (one bag) and the 1889 (one bag).

1884 O $1 New York Bank Hoard From U.S. Treasury Bag MS64

1884 O $1 New York Bank Hoard From U.S. Treasury Bag MS64

The hoard had been stored in a bank vault in New York since 1964, when the coins had been purchased directly from the US Treasury. Completely untouched for decades, they were passed down to their current owner, who sought the guidance of Jeff Garrett, President of Mid-American Rare Coin Galleries and former President of the American Numismatic Association (ANA).

Garrett then contacted Mark Salzberg, NGC Chairman & Grading Finalizer, who met Garrett and his son, Ben Garrett, in New York to examine the treasure. As they carefully opened each bag they were stunned to see coins so pristine that they looked like they had just been minted.

The highlights include:

  • 28 1880-S Morgan Dollars graded NGC MS 67
  • Four 1885 Morgan Dollars graded NGC MS 67
  • Four 1885-O Morgan Dollars graded NGC MS 67
  • 82 1887 Morgan Dollars graded NGC MS 67
  • One 1884-O Morgan Dollar graded NGC MS 66+★

"Every collector dreams about having the opportunity to examine unsearched and fully original bags of vintage coins," said Mark Salzberg, NGC Chairman and Grading Finalizer. "This was an incredible thrill for me."

Garrett described the excitement in a recent article for the NGC Weekly Market Report, where he wrote that "with each bag being opened, our small group was able to witness the reveal of a numismatic time capsule. The overall quality of the coins is amazing."

Morgan Dollars were struck from 1878 to 1904 and then again in 1921. Their history, large size, silver content and mesmerizing cartwheel luster has captivated collectors for generations.

1884 O $1 New York Bank Hoard From U.S. Treasury MS 64 DPL

1884 O $1 New York Bank Hoard From U.S. Treasury MS 64 DPL

There have been several major hoards of Morgan Dollars in the last 50 years. Among the most notable were the coins sold by the US General Services Administration (GSA) from 1972 to 1980, as well as the hoard accumulated by LaVere Redfield, which was dispersed following his death in 1974. Coins pedigreed to the GSA and Redfield hoards are highly desired by many collectors.

The New York Bank Hoard coins were encapsulated with a special NGC certification label. The coins in this hoard will be listed separately in the online NGC Census, which identifies the NGC-certified population for each issue and grade.

"The New York Bank hoard of U.S. Treasury silver dollars was one of the most exciting chapters of my numismatic career," added Garrett. "Now that the hoard has been certified and pedigreed by NGC — and protected by NGC’s secure holder — the coins can be enjoyed by countless other collectors."

The Bank of New York Hoard coins will be available from major retailers in the near future.

For information about NGC and its grading services, visit www.ngccoin.com.

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Allen
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Allen

Hi. Question re: the pic of the 1884-O MS 64*. Why is the reverse shown in the ‘front’ of the capsule? Because of the toning? I would think that the obverse would always be displayed in the front.

Ernie
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Ernie

Good observation. I think you are correct. The toning probably commands a higher price.

Christopher DeSantis
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Christopher DeSantis

Major Retailers huh! like Modercoinmart, Ampex, JM Bullion to sell these like at $600.00 each.Prob wont be able to get my hands on these at a good price!

Seth Riesling
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Seth Riesling

Just remember, the more of these coins that are found that have never been on the market since they were struck depresses the market for them (lowers the value), no matter what the grade is. 16,000 high grade MS Morgan $1 coins is a lot to hit the market at once!
The NGC-authorized dealer gets choice of what side of a coin is displayed in the front of the slab.

-NumisdudeTX