Collecting Carson City Morgan Dollars

For collectors of classic American coins, any issue struck at the famous Carson City Mint in Nevada has a special allure that is related to the romance associated with the discovery of large silver deposits near Carson City known as the Comstock Lode, where gold was also found. And for those who appreciate the importance of this history, no Carson City coins are more popular than Morgan silver dollars produced there from 1878 to 1893 that bear the famous “CC” mintmark. Continue reading to learn more about collecting Carson City Morgan Dollars.

These are some of the reasons why in 2021 when the U.S. Mint issued a set of five 2021 Morgan and one Peace silver dollar to mark the centennial of the release of the last Morgan dollar and first Peace dollar one hundred years earlier, they included coins with a special privy mark for the Carson City Mint even though no silver dollars were struck there in 1921. And the  2021-CC coins are the most sought and highly valued of the 2021 Morgan dollars again because of the connection to the history of the original mint.

After silver and gold was discovered in 1859 in Nevada, it was initially shipped to the San Francisco Mint to by rail to use it to produce coins, but that was expensive and dangerous in the days of the Wild West when bandits roamed the area.

Some officials like U.S. Mint Director James Pollock wanted to expand the San Francisco Mint rather than create a new one in Nevada, but the Congress decided to go ahead with creating a new mint in Carson City that began operations in 1870. By the time production of the Morgan dollar began in 1878 at multiple mints, including the one there, the new mint was fully operational and had struck Seated Liberty and Trade dollars, gold coins and coins of many other denominations.

A total of about 14 million Carson City dollars were produced, which is only around 5% of the total output of Morgan dollars – by far the smallest output of any of the branch mints that produced silver dollars.

Carson City Silver Dollars mintages

One of the many interesting aspects to Carson City silver dollars is that their mintages do not always reflect their actual scarcity. For example,  1881-CC and 1885-CC have very low original mintages of 296,000 and 228,000 respectively, but they were stored in bags of mint state coins for years, which is why they are readily available today at least in theory depending on market conditions.

In addition, even some dates that are quite plentiful are in such high demand today, especially for higher grades and coins with proof-like and deep mirror proof-like surfaces, that prices have continued to increase for years. An example of this would be the popular 1878-CC coin, the first CC dollar.

The past year has seen very substantial increases across the board for these coins, including the most common three coins – 1882-CC, 1883-CC and 1884-CC that are easily attainable through MS66. And coins like 1885-CC are in such high demand, that it has become much harder to source than in the past.

The reason CC dollars are so available is many of them were never even released into circulation and were stored for years in $1,000 canvas bags at the Treasury that contained gorgeous mint state coins. In fact, some CC Morgans are scarcer in circulated grades than in mint states. And those circulated Carson City Morgan dollars were likely used in casinos and in commerce in Nevada and other western states in the 19 ^th century unlike other parts of the country where the coins barely circulated at the time.

GSA sale

And as most collectors know, in the 1960s massive quantities of Morgan dollar bags were found in Treasury vaults that were dispersed at face value at banks, but the government held back the bags that contained about 3 million mostly mint Carson City state dollars so that they could be sold at auctions run by the General Services Administration from 1972 to 1980. They did this because they understood the special allure of these coins for collectors.

Those coins were sold mostly in black hard plastic cases that say “GSA” on them that were then placed in boxes that included certificates of authenticity signed by President Richard Nixon, while others were in cellophane that went inside a blue envelope and are known as  soft packs. Coins in either of these packaging options are today more desirable than CC dollars that were not part of the CC sale, or that were removed from their GSA packaging.

Based on what we know today about these coins, we can divide the 13 Morgan dollars struck in Carson City between those that remain affordable and plentiful in mint state and those that are the real key date coins.

There are also two versions of 1880-CC Morgan Dollar – the earlier flat breast reverse known as the reverse of 1879, and the rest with the rounded breast type known as the reverse of 1880. Most coins of this date are of the second type. 22% of the original mintage for this date was included in those GSA sales.

There is also an overdate coin – the 1900-O/CC, making a total of 15 coins for the Carson City silver dollar completionist collector.

The more common group that includes 1878-CC Morgan Dollar, 1880-CC Morgan Dollar, 1881-CC Morgan Dollar, 1882-CC Morgan Dollar, 1833-CC Morgan Dollar, 1884-CC Morgan Dollar and 1885-CC Morgan Dollar. Those are the coins that newer collectors should focus on before trying to obtain the scarcer dates, which include 1879-CC,  1890-CC, 1891-CC, 1892-CC and 1893-CC. Of those the real key date coins are the 1879-CC Morgan Dollar, 1889-CC Morgan Dollar and  1893-CC, which are exceptionally rare and expensive in the highest grades and expensive in any grade. The GSA sales did not include any of the last two dates, and amazingly just one example of 1879-CC exists in one of those black GSA holders.

If you manage to complete either a full set, or just a set of the more common issues, you might consider trying to acquire proof-like examples of CC dollars, which are gorgeous and hard to find.

Because the demand for these coins is unlikely to ever diminish other than perhaps temporarily due to market cycles, you really can’t go wrong with any CC dollar in any grade. And if you can afford the better dates and higher grades, those are coins you will enjoy owning that have great potential to keep increasing in value. 

FAQ

Why are Carson City Morgan Dollars so popular among collectors?

Carson City Morgan Dollars are highly popular among collectors for several reasons. Firstly, they are associated with the historic Carson City Mint in Nevada, which adds a romantic and historical allure to these coins. This mint was established after the discovery of large silver deposits in the area known as the Comstock Lode. The unique "CC" mintmark on these coins further enhances their appeal and collectibility.

What are the key factors that determine the value of Carson City Morgan Dollars?

The value of Carson City Morgan Dollars is determined by various factors. These include the mintage numbers, with lower mintages often indicating higher rarity and thus higher value. The condition or grade of the coin also plays a crucial role, as well-preserved examples command higher prices. Key dates, specific mintmarks, and the presence of proof-like surfaces are additional factors that contribute to their value.

What is the significance of the GSA sale in relation to Carson City Morgan Dollars?

The GSA (General Services Administration) sale in the 1970s is significant in the history of Carson City Morgan Dollars. During this sale, a substantial number of these coins were offered to collectors, many of which were in mint state condition. The coins were packaged in special holders with certificates of authenticity signed by President Richard Nixon, adding prestige and desirability to these already sought-after coins.

What is a Carson City Morgan Dollar?

A Carson City Morgan Dollar is a silver dollar coin minted at the Carson City Mint in Nevada between 1878 and 1893. These coins bear the "CC" mintmark, indicating their origin.

Why are Carson City Morgan Dollars so popular among collectors?

Carson City Morgan Dollars are popular due to their historical significance, association with the Wild West, and limited mintages. The coins evoke a sense of nostalgia and are highly sought after by collectors.

How many Carson City Morgan Dollars were minted?

Approximately 14 million Carson City Morgan Dollars were minted, which is a small fraction of the total production of Morgan Dollars across all mint locations.

Which Carson City Morgan Dollars are considered key dates?

The key dates among Carson City Morgan Dollars include the 1879-CC, 1889-CC, and 1893-CC. These coins are rare and command high prices, especially in higher grades.

What is the significance of the GSA (General Services Administration) sale for Carson City Morgan Dollars?

The GSA sale, conducted from 1972 to 1980, offered a large quantity of Carson City Morgan Dollars to collectors. Many of these coins were in mint state condition and were sold in special holders with certificates of authenticity, making them highly desirable among collectors.

Are Carson City Morgan Dollars valuable?

Yes, Carson City Morgan Dollars can be quite valuable, especially in higher grades and for key dates. Their value is influenced by factors such as mintage numbers, condition, and collector demand.

What is the difference between a regular Morgan Dollar and a Carson City Morgan Dollar?

The main difference is the mint of origin. Carson City Morgan Dollars were minted at the Carson City Mint in Nevada and bear the "CC" mintmark, while regular Morgan Dollars were minted at other locations such as Philadelphia, San Francisco, and New Orleans.

How can I identify a Carson City Morgan Dollar?

Carson City Morgan Dollars can be identified by the "CC" mintmark, which is located on the reverse (back) of the coin, above the denomination.

Where can I buy Carson City Morgan Dollars?

Carson City Morgan Dollars can be purchased from reputable coin dealers, online auctions, coin shows, and through private sales. It's important to ensure the authenticity and quality of the coins when making a purchase.