All About GSA Dollars
One of the more popular products in the coin collecting community is the Carson City GSA dollars, or black packs as they are often called. This is a product we believe has everything a coin collectors needs. A rare Carson City coin, packaged in a clear attractive presentation, with an alluring historical tale.
In the early 1960's a rise in the silver market and a perceived shortage of small coinage began a process where our silver coins was worth more as silver than it's face value. This extraordinary event lead to a run on the U.S. Treasury departments holdings of silver dollars which lasted until March of 1964, when the Treasury disallowed the release of any more silver dollars, disbursing silver only in the form of granules.
There in the vaults the remaining 3,000,000 or so silver dollars lay until 1971 when they were turned over to the General Services Administration for sale to the public. The GSA devised a plan to sell these pieces via a mail-bid auction backed up by a major marketing plan. Five separate mail-bid auctions were held from 1972 through 1974 and a final sale in 1980.
Uncirculated Carson City GSA dollars make up the majority of the coins auctioned, but some circulated pieces or Morgan's from other mints were also disbursed and can still be found in their original GSA packaging. Commonly accepted numbers for Carson City GSA dollars are as follows:
However, it is widely known that at least 1-1889-CC dollar was released, and a circulated 1893-CC surfaced at the Silver Dollar show in St. Louis several years ago. Proving once again that Government inventory systems may not be 100% accurate.
Over the decades many of these historical pieces have been "lost" through attrition. Because of their bulkiness, and lack of a sophisticated certification process many of these pieces were cracked out of the original GSA holder and submitted for higher, more valuable grading. It is only recently, with the advent of NGC's banding certification, which allows the coin to certified without losing it's original black pack, that true availability is becoming known.
Naturally, we expect Gem BU coins to much more rare because of the great "crackout" GSA's have experienced over the years. Added to this limited supply is a huge demand for these amazing products. Whether by the sophisticated collector, someone looking for a fantastic gift, or as a presentation piece, these coins are hot!!
Now that you know the background of these great coins, don't forget to visit our GSA's for Sale page and secure your piece of Old West history today.