Carson City Mint Suspends Coin Production in 1885, Marking a Tumultuous Time

The 1885-CC Morgan Dollar, a rare silver coin from the Carson City Mint, has a rich history. Despite its initial mintage of 228,000 coins, only a limited number are believed to have entered circulation. Today, most surviving coins are graded in Mint State condition, and they are highly sought after by collectors. The GSA sales in the 1970s and 1980s released a significant number of these dollars back into the market, increasing their availability. Their value varies depending on grade, with top-quality examples commanding higher prices due to their scarcity and desirability.

The Carson City Mint: A Brief History

November 6, 1885, marked a significant turning point in the annals of the Carson City Mint when it suspended coin production, due to the waning output of mines in the Virginia Range. This decision by the Treasury Department came despite the mint's primary role of striking silver dollars, a measure intended to appease Western mining interests.

The Carson City Mint had been primarily responsible for striking silver dollars, with a total output of 13,862,041 coins, a figure dwarfed by the Denver Mint's production of 21,695,000 coins in a single year, 1921. However, the Carson City Mint's legacy as a silver dollar-producing mint remained, despite this comparative shortfall.

In a surprising twist, the Treasury Department reversed its decision in 1889, resuming coinage at the Carson City Mint. 1890 witnessed the mint's most prolific year for striking Morgan dollars, a testament to its renewed vigor. However, this resurgence was short-lived, as the mint produced its final gold and silver coins in 1893.

1885-CC Morgan Dollar: A Numismatic Enigma

Despite being struck for circulation, the vast majority of 1885-CC Morgan dollars never reached commercial channels. It is believed that most, if not all, of the coins produced were transferred to the San Francisco Mint or other Treasury facilities for long-term storage.

Numismatic expert Rusty Goe estimates that approximately 155,000 to 168,000 of the 228,000 coins minted survive today, with the vast majority in Mint State condition. A small number of coins were released in the 1950s, but the 1885-CC remained elusive before the GSA Sales.

The General Services Administration (GSA) Hoard, a substantial cache of stored coins, disbursed 148,285 1885-CC Morgan dollars between October 1973 and the summer of 1980. These GSA coins are generally brilliant or minimally toned, and some exhibit exceptional quality. While Gems up to MS66 are readily available, the rarity of the coin increases dramatically at MS67 and above.

Grading and Market Value

The three major grading services, CAC, NGC, and PCGS, have collectively graded 58,479 1885-CC Morgan dollars as of this writing, with PCGS having a slight edge over NGC in terms of the number of coins graded. CAC has certified approximately 2,200 NGC and PCGS coins, but as of March 29, 2024, has independently certified only 44 coins. This certified population represents 25% of the total mintage and nearly 35% of Goe's high estimate for the surviving population.

In typical grades of MS63 to 64, the 1885-CC routinely sells for $800 to $1,000. The price escalates significantly for coins graded as Superb Gems.

The PCGS top pop MS68+ census has remained at one coin since at least August 2013. The NGC top pop MS68 grade has been stable for over a year. CAC has approved just two coins at MS68 from the other grading services and, as of March 29, 2024, has graded two coins at MS67.

For PCGS, the MS67 population has increased from 39 in November 2007 to 143 as of March 29, 2024. As a result, prices for coins at this level have declined.

Notable Auction Sales

PCGS MS68+ CAC: As MS68 #6271763. “The Arno Collection,” Heritage Auctions, January 9, 2009, Lot 4973 – $46,000. JACK LEE on insert; Illinois Collection. Lightly toned.

NGC MS68 #1997277-001: Heritage Auctions, January 9, 2009, Lot 4972 – $18,400.

NGC MS67+* #6676251-001: Stack’s Bowers, August 16, 2023, Lot 5083 – $11,400. Dark rainbow toning on the obverse.

NGC MS67+ #6328993-001: Heritage Auctions, October 6, 2022, Lot 3107 – $9,600. Rim toning.

NGC MS67+ #6099557-011: Stack’s Bowers, November 23, 2021, Lot 3086 – $10,200; Stack’s Bowers, August 25, 2022, Lot 7082 – $16,800. Brown rim toning on both sides.

PCGS MS67+ #43567062: Stack’s Bowers, April 5, 2022, Lot 3054 – $25,200. Brilliant.

PCGS MS67+ #42549742: Heritage Auctions, November 11, 2021, Lot 3614 – $19,200. All over green, orange, and gold obverse toning.

NGC MS67+ CAC #5894702-009: As PCGS MS67 CAC #25048424. Heritage Auctions, April 2013, Lot 4370 – $11,162.50; “The Joseph D. Osborne Collection,” Heritage Auctions, January 10, 2020, Lot 4783 – $13,200. As NGC MS67+ CAC #5894702-009. Stack’s Bowers, November 13, 2020, Lot 9148 – $9,000. Multi-shade gold and copper toning on the obverse. Lighter gold toning on the reverse. Crossed over and upgraded half a point.

NGC MS67+ #3182855-085: Heritage Auctions, January 9, 2020, Lot 4258 – $16,800.

NGC MS67DPL #5865440-005: Stack’s Bowers, August 17, 2021, Lot 4137 – $25,200. Dark toning along the periphery. Cameo frost.

PCGS MS67 CAC #38991981: Stack’s Bowers, March 26, 2024, Lot 4185 – $8,700.

NGC MS67* #3755984-005: Stack’s Bowers, November 2014, Lot 5268 – $22,325. Toned obverse. GSA holder.

PCGS MS67DMPL #11476190: “A Gift of Undserved Favor Collection,” Heritage Auctions, August 1, 2008, Lot 2211 – $51,750. A Gift of Undeserved Favor on insert. Stunning coin with cameo contrast- although frost is weak on some stars on the left side.

VAM Varieties

VAM-2 Dash below the Second 8 and Minor Doubling at the Bottom of 5

NGC MS67 #43252135-009: Heritage Auctions, September 14, 2023, Lot 3052 – $9,000. GSA Holder. Heritage noted VAM-2 (not on holder).

NGC MS67 #4882926-001: Heritage Auctions, January 10, 2020, Lot 5047 – $9,600. GSA Holder. Heritage noted VAM-2 (not on holder).

VAM-3 Tilted CC Mintmark. Die Line to the Left of Liberty’s Eye

PCGS MS67PL #36393655: Heritage Auctions, April 2019, Lot 3777; Heritage Auctions, October 6, 2022, Lot 3109 – $15,600. Heritage noted VAM-3 (not on holder).

PCGS MS67 #6557649: Heritage Auctions, August 20, 2021, Lot 3937 – $10,200. Brilliant. Heritage noted VAM-3 (not on holder).

PCGS MS67 CAC #21195060: Heritage Auctions, January 2006, Lot 3293 – $13,800;