The Great Southern Treasury Hoard of 13,000 Morgan Dollars

#MorganDollars #CoinCollecting #NGC
In October, CoinWeek travelled to NGC headquarters in Sarasota, Florida, to get a first look at the Great Southern Treasury Hoard of 13,000 New Orleans Mint Morgan dollars.
Coin dealer Jeff Garrett was instrumental in bringing this numismatic bonanza to the market, negotiating a deal with a family of hard money advocates to trade thirteen Mint sealed bags of Morgan dollars for approximately $1 million in gold bullion.
The family purchased the coins in the mid-1960s for an estimated cost of $1.30 per coin. That investment returned an estimated $76.92 per coin in 2019.
For coin collectors, the opportunity to acquire an original New Orleans Mint Morgan dollar straight from a U.S. Mint bag is one seldom encountered as it has been decades since the Treasury's hoard of silver dollars has been distributed into the market.
In this video, we talk to NGC President Rick Montgomery and Jeff about the hoard and what insights that hoards like this offer collectors.
Watch the grading process unfold and get a first look at the NGC pop report for each of the dates in this find.

[@MrMonkeySwag96]

Imagine if that hoard had semi-key dates like 1895-O and 1893-O, now that’ll be a story!

[@brainwashingdetergent4128]

I have a 1895 O graded MS61 whats it worth?

[@USMCButtons]

@@brainwashingdetergent4128 Around $15,000 dollars. www.usacoinbook.com/coins/3269/dollars/morgan/1895-O/

[@fifteenbyfive]

@@brainwashingdetergent4128 May 2020 an average of $16,880 is what it's actually selling for. If I had a 61 that was super-choicey for its grade I'd be selling for $20,000. MS62 is now pulling just under $24,500

[@danvandewalle6827]

Brain detergent washer .. U sure it's MS61? If so, I'll pay u 10k cash and pick it up if your on east coast

[@adamjkel7]

The downside to hoard discoveries like this? it delivers a crushing blow to the market. E.g., if all Morgan collectors had a 1882-O graded NGC or PCGS MS65, it would be a common date. Like when all the 1903-O dollars were released back in 1962. The 1903-O was once considered far rarer than the 1893-S and 1895, fewer than 10 were known to exist. Just like all the old U.S. gold coins that Heritage Auctions purchased from the banks over in Europe.. all those rare dates? No longer rare, not even somewhat scarce, becoming more and more common. Collectors, keep your eyes and ears open!

[@keepitreal2044]

Excellent content and review of this topic. The coins in the video have a fantastic quality look. Nice video thanks.

[@GDSavingThePast]

Incredible hoard. Enjoyed watching this, thanks for sharing GD

[@chaseingsilver]

Paid 16,000 and now worth 1 million!, and people say silver is a bad investment 🤔

[@samsmobilepressurewashing8422]

Probably more like 2 million

[@MrDALE-jy8tu]

What people?

[@rdoyle4401]

Absolutely stunning coins! Could I buy one of these?

[@danvandewalle6827]

U could buy several thousand of them without doubt if u have cash lol.

[@margaretstoner4701]

Well now my friend...I would love to have your JOB! Well DONE! THOSE MORGAN'S WERE BEAUTIFUL! THANK YOU FOR SHARING ❤

[@Bucketheadland1]

Just beautiful.. Great video..Thank you!!

[@barrysutton4589]

Would love to get a few of those graded coins from the original bags

[@MrMonkeySwag96]

This is just a gimmick. Technically most Morgan dollars originated from a hoard. Most mint state Morgans came from the Treasury hoard or Continental Bank hoard. This New Orleans hoard is nothing special. Retailers are going to charge premiums for this gimmick. I suggest getting these Morgans from the secondary market after the hype dies down.

[@Ontario100]

Beautiful coins. What a rare find!

[@MrMonkeySwag96]

Not really a rare find. So many hoards were discovered in the past two decades, all with generic common dates. I don’t even see any prooflikes in this video.....

[@tonizumpano7454]

Beautiful coins.

[@MarkedMoneyTech]

Interesting information. Thanks for sharing your insight!

[@fiatdestroyer9716]

Wow, truly beautiful!

[@autobahnmensch]

would love to see a picture of the bags! why not show that?

[@thecopperminer6175]

Some absolutely beautifully toned Morgan's!

[@boogielandry7597]

Wow those are beautiful Morgan’s for how many there was is the collection

[@joebrannon1013]

That was a nice investment. Would like to own some of those.

[@jwt4810]

No 1884-O 1885-O 1900-O or 1904-O interesting. 13000 coins missing some of the most common dates. Nice find though.

[@MrMonkeySwag96]

Imagine if this hoard had semi-key dates like 1895-O and 1893-O. Now that would really disrupt the market!

[@martialhealth4062]

Fantastic! Nice luster.

[@healthynewshub7655]

Beautiful!!!!

[@joshsnakes688]

Wow they are nice looking

[@commendablecoin5201]

That's a nice hoard!

[@sergioortega5869]

I have very good morgans double die but I want to send to auction what I have to do to take to auction.

[@elvismardegian2443]

I'll take 100 of them

[@mountainviewturning5319]

Great video

[@jamesfarmer3759]

Where are they? I want one

[@anthonystropoli2307]

What Mint State Number is Brilliant Uncirculated?

[@MrMonkeySwag96]

Brilliant Uncirculated refers to any coin grading between 60-70. Some dealers request the heavily bagmarked coins to be slabbed in “brilliant uncirculated” holders rather than given a numerical grade. This is called “soft grading.” I can tell you’re just an amateur......

[@geckster109]

60-64. I believe 65and up gets the Gem BU monicker

[@coinweek]

Typically, the term Brilliant Uncirculated is used when the coin does not meet the minimum requirements specified by the submitter.

[@troyb.4101]

MS60 +

[@jasonbone5121]

@@MrMonkeySwag96 and I can tell you're a prick...

[@cyclonedrums]

So your handling UNC coins without gloves at a grading service? How remarkable.

[@coinweek]

This is the way it is done at all services

[@ocomegashadowstacking5886]

Wow awesome video ever!!! :D

[@garethbates5044]

I need a bag of Morgans.

[@godbluffvdgg]

Duh...Who don't need that!

[@MonetizedHistory]

Whoa, this whole story is crazy. Does something like this depress the Morgan market?

[@savagestacks5911]

Yes.

[@cylentkills]

For the New Orleans mint ones I would have to say yes

[@cylentkills]

It's would be like finding a hoard of 1894 s dimes

[@MrMonkeySwag96]

Everybody in this comment thread doesn’t know shit about Morgans. This hoard won’t depress the market. The market has already been over-saturated from hoards during the 1970s. For example the Continental Bank hoard and Treasury hoards had millions of Morgans. The 13,000 Morgans from the New Orleans hoard is minuscule, it’s a drop in the bucket. Keep in mind, all of the Morgans in the New Orleans hoard are common dates. The hoard would only affect the market if it had key dates like 1893-O and 1895-O.

[@geckster109]

Horrible analogy. We have mintage figures in the millions on thse dollars, but just 24 of the dime.

[@CoinDragon]

Wonder if there were any "Hot Lips" varieties in those 1888-O's!!!

[@bkinouye]

You should put them into circulation.

[@BernardmrJ]

Wow! Those are some pretty impressive coins!

[@stopasking9745]

Beautiful original coins don't put them in a coffin

[@themacz1671]

Seriously 😒hands😒 all 😒over😒 the coins 😒😒

[@samsmobilepressurewashing8422]

Yeah I thought professional people like that wouldn't handle coins like that. Remind me to never have Ngc grade my coins.

[@MrMonkeySwag96]

@@samsmobilepressurewashing8422 both you and the OP are idiots. All NGC and PCGS graders don’t wear gloves. They all handle coins by the edges. They specifically don’t wear gloves because they can drop the coin and damage it, making themselves liable.

[@shanenolan85]

💲

[@whelpdog1]

13 bags. NGC? Not for me. O mint dollars weren't well struck as New Orleans mint had to make a ton so they were quantity not quality, like a typically Well struck Prooflike S mint of this same era......

[@ectogeoszethip136]

SO... MORGANS SHOULD BE CHEAPER NOW?

[@silverlover5817]

Silver 101: Wear cotton gloves when touching coins!!!!!!!!!!!

[@anthonystropoli2307]

I was wondering the same thing. Thank you.

[@55ense5imulation4]

He's holding the coins like a professional would. .. By the rim.

[@MrMonkeySwag96]

@Silver Lover you have no place to tell what Jeff Garrett to do. Jeff Garrett is a former ANA president, NGC consultant, and a major coin dealer. He knows what he’s doing. What are you? You’re just a stacker, not a numismatist. All NGC and PCGS graders don’t wear gloves. They all handle coins by the edges. They specifically don’t wear gloves because they can drop the coin and damage it, making themselves liable. This is Coin Collecting 101........

[@geckster109]

Wrong. I guess you know more than the guy who's been grading coins as a career for 20+ years!

[@silvertrooper6]

If you go on NGC’s website, they don’t wear gloves. When wearing gloves, you increase the chances in fumbling and dropping. Quite a few silver channels on KZbin wear gloves, and I see them dropping frequently.

[@jasonhastings5538]

3/4 of those are over graded!!!

[@troyb.4101]

A huge mistake handling them without gloves, as the oil from your skin can damage the coins!

[@YoloBagels]

It should be ok as long as he doesn't touch the faces of the coins.

[@coinweek]

Every single numismatic professional handles coins bare handed.

[@bruh-lj3be]

Your supposed to wear gloves

[@ricktempleton3415]

I thought the same thing.

[@nick-un9pk]

Professional graders never wear gloves. They know how to handle coins.

[@bluegillphil1427]

wear gloves