Silver Dollar Blog - GSA sold 3 million Morgan Carson City Dollars

Jan 06, 2012

1972-1974 GSA sold 3 million Morgan Carson City Dollars by mail order!

You might already know this, but when the first Morgan Dollar came out the public was not all that thrilled about idea. Because of this millions of these Morgan Dollars sat uncirculated. In 1962-1963 some scarce New Orleans Morgan Dollars were released which stimulated collector and the interested. The Silver Dollars went fast! To start with the Treasury held 180 million in 1960 and by 1964 they were down to 28 million. That is when the treasury stepped back and said "slow down" an audit was done to figure out exactly what they had. Nearly three million uncirculated Carson Million Silver Dollars were found and set aside.

Now how do you equally distribute all the Carson City Morgan Dollars? The commission recommended to President Nixon the idea of a mail order bid. Congress provided the funds to the GSA (General Services Administration). Posters were printed and taken to approximately 40,000 post offices and 60,000 banks in a huge advertising campaign. The Carson City Morgan Dollar was on display at coin shows, banks even took turns showcasing the actual Carson City Morgan Dollar. The advertising didn’t stop there short documentaries were made for TV.

In 1971 the GSA took the Carson City Morgan dollar from Washington D.C. to West Point NY. It took 7 heavily guarded semi trucks to transport all the silver.  Once the Silver Dollars were safe at West Point the inspection, weighing, counting and packaging was about to begin. Each Silver Dollar was inspected by hand. At first the idea was to use a machine to inspect the coins which would speed up the process, but in the end decided against it due to the fact the machine might scratch the coins. So the daunting task of inspecting every single coin with white gloves began.

Photo Source: Library of Congress



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