1891-CC $1 - CC Coin of the Week 10-12-2009

The act of March 3, 1891, The Trade Dollar Recoinage Act, directed the secretary of the Treasury, "as soon as possible, to coin into standard silver dollars the Trade Dollars". At that time the Trade Dollars were valued at less than a dollar.

In 1891, the coinage of Morgan dollars from silver taken from melted down Trade dollars and mined silver for all mints totaled 23,562,085
dollars. It is impossible to tell which dollars were minted from the melted Trade dollars.

Carson City mint produced 1,618,000 dollars in 1891. Although 24 obverse and 23 reverse dies were sent to Carson City mint, only a handful of varieties have been produced. One, VAM-3, the so-called Spitting Eagle, has a die gouge at the eagle's beak, resembling saliva. VAM-3 is the most common of all the 1891-CC varieties. Do not pay premium for it.

At present, the prices for 1891-CC dollar are as follows,

G-4 at $95, VF-40 at $200, MS-62 at $490, MS-64 at $1,150,
MS-66 at $14,500. Optimal collecting grade is MS-64.

Estimated population: MS-65 or better 1,400 - 2,200
MS-63: 20,000 - 40,000
MS-60 to MS-62: 40,000 - 70,000
G-4 to AU-58: 90,000 - 170,000

This date is exceedingly scarce in DMPL condition and cameos are extremely rare.

In 1975 Redfield hoard surfaced and prices for many silver dollars including 1891-CC were in a limbo, since no one knew how many Redfield pieces existed of what date. Secrecy and rumors added to the confusion. For example, in 1976 1891-CC MS-65 was selling for $80. In 1979 Carson City Associates, Inc., of Closter, New Jersey had a price projection for CH. BU/MS-65 of only $200 for 1980 and $750 for 1990.

"Silver Dollar Fortune Telling" was a publication of Carson City Associates. What happened to this company? Internet search shows that they went into Beanie Baby trading cards. What about the Carson City name?

LaVere Redfield estate included a significant quantity of uncirculated 1891-CC dollars and GSA mail auction offered 5,687 specimens at a minimum bid of $30 each. For these reasons, 1891-CC
dollar was a dark horse as far as the price performance was concerned. No longer is there a quantity overhanging the market,
therefore this date has an excellent chance for real stardom in the next few years in MS-64 and better.

John Armonas

Great post, John. I think you are right up there with Belay Off as one of the best posts in this topic. You did forget to mention that Trade Dollars were melted down and minted into Morgan Dollars, much to the chagrin and over the objections of Jim Sneddon.

Here is my specimen, I love this one. This is the Spitting Eagle variety. The reverse is white. When I purchased this, the dealer had 5 1891-CC dollars for sale, all MS64 and all toned and I liked this one best. All 5 were the Spitting eagle variety. I have seen many more Spitting Eagles than not.

Very interesting post! This is the first I've heard about Carson City
Associates. That entire era, especially with regard to the role the GSA played, is fascinating.

I was particularly struck (pun intended) with the price differences back then vs today. As many times as I've read about the huge upswing in CC popularity over the last quarter century, it's always a shock to see what some of today's most revered CC dates could have been acquired for back then.

I have the CC-Spitting Eagle in Ms 64, your recommended optimal collecting grade, although it's in a PCGS holder. My 1891 CC Morgan "Non-Spitting" Eagle is in the original GSA holder and is graded by NGC MS 63.

I am not a Carson City Morgan Dollar specialist as many of you are, but I cannot help being impressed with this coin's magnificent design and overall presence when held in my hand. Perhaps this is why the Carson City minted Morgan Silver Dollar is one of the most collected coin types in the world.

Great post John!

Belay Off

We need to start a 64 spitter club. This is a great coin of the week series of posts. I also have a PCGS 64 spitter (not attributed on the slab). It is a great variety that some say is more common than the non spitters in 91. Thanks for all the information.

Thank you for the kind words.

Spitting Eagle and Tail Bar are the two most widely available
varieties in CC dollars. Plus, one can see them with an naked eye.
I am not a collector of varieties, but those two is fun to have.

John Armonas