Posted on 1/13/2020

The numismatic treasure trove boasts several beautifully toned Morgans.

Numismatic Guaranty Corporation® (NGC®) recently graded a hoard of 13,000 Morgan Silver Dollars from the New Orleans Mint. Sealed in 13 US Treasury bags, the coins had not seen the light of day for decades. Now allowed to shine, 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 an attractive custom label design.

1882-O $1 graded NGC MS 65★ from the Great Southern Treasury Hoard

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The discovery of a hoard is always a major numismatic event. When coins have been untouched and unseen for decades, the excitement is palpable. Who knows what great coins will be uncovered?

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.

At the time of the New York Bank Hoard’s discovery, Garrett noted that it was one of the most exciting chapters of his numismatic career. With the Great Southern Treasury Hoard, another exciting chapter is written.

“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.”

1882-O $1 graded NGC MS 63★from the Great Southern Treasury Hoard

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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.

1902-O $1 graded NGC MS 66 from the Great Southern Treasury Hoard

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“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 US 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.

Garrett concluded, “Now that these coins have been set free and certified by NGC, thousands of collectors can enjoy them in all their glory. I am honored to have helped make that happen.”

Coins pedigreed to the Great Southern Treasury Hoard can be found in the free NGC Census at NGCcoin.com/Census. These coins can be purchased from GovMint.com.

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