SOLD
200.00USD+ (29.80) buyer's premium + applicable fees & taxes.
This item SOLD at 2018 Sep 19 @ 10:39UTC-7 : PDT/MST
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The silver market in San Francisco: London was the primary market for gold and silver in the 1860’s and 1870’s. The discovery of the Comstock Lode deposits in Nevada 1859 and their consequent exploitation in the 1860’s brought much investment capital from England to Nevada, just as the British would invest over $100 Million in the Cripple Creek District gold mines in the 1890’s.
On the open market, the San Francisco price for silver bullion was less than in London, for about 2% had to be added for transport by sea from California to England. In San Francisco and throughout California and Nevada there dozens of banks, assayers, and others who took in silver bullion, refined it, and paid out ingots and bars. Typically, such refiners would charge from about 2% for large quantities, to 5% or 6% for small amounts. In contrast, the San Francisco Mint levied a charge of 1.5% for metal delivered to it. Thus, over a period of time the mint became the main depository for silver metal.
Dies and collars for Morgan dollars arrived at the San Francisco Mint on the evening of April 16, 1978.
The initial striking of Morgan dollars took place at 3:30 in the afternoon of April 17. In attendance were representatives of the press, former governor F.F. Low mint officers, and others. The first specimen was presented to coiner Cicott, who acted as master of ceremonies for the event. After nearly 1,000 coins were struck, one of the dies broke, the press was was stopped, and further coinage was suspended until the following day.
Hoard coins: It is believed that as of June 30, 1913, the majority of the original mintage of 1878-S (probably five to six million coins out of a total of 9,774,000), and nearly all of the original mintages of 1879-S, 1880-S, 1881-S, and 1882-S were stored at the San Francisco Mint, to be paid out over a period of decades thereafter. Especially large quantities were released in the early 1950’s- so many that 1878-S was one of the most often seen Mint State Morgan dollars for years afterward. Many bags were also distributed later in the 1950’s and especially during the 1962-1964 dispersal. In the Forecaster, September 15, 1971, John Kamin gave his opinion that about 7% of the original mintage of 1878-S was released circa 1962-1964, a figure equal to about 600,000 coins.
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12014 SE Mill Plain Blvd Suite 220B, Vancouver, Washington, 98684, United States
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| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
14.9% |
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