Collectors Guide to Morgan Silver Dollars - Littleton Coin Company

LITTLETON’S$4.95COLLECTORS GUIDE TOMORGAN SILVER DOLLARSCollector Guide fromLittleton Coin CompanyBack in the days of the Old West, theclatter of a Morgan on the salooncounter meant a cowboy was spendinghis pay. And the click of a revolvermeant stagecoach passengers hadto turn over their dollars to outlaws thelikes of Black Bart and the Dalton gang.

Dear Collector,Silver and Morgan Dollars! Words that workmagic on collectors and anyone who hasever held these big shiny silver coins intheir hands. And Morgan silver dollars tellthe story of mountain men, pioneers andprospectors who opened up the West, andthe families who settled the open prairies.Nicknamed “King of America’s Coins”These big, heavy 90% silver coins werestruck using ore gleaned from rich westernmines – like the Comstock Lode, whichDavid M. Sundman,yielded $36 million annually at its peak!LCC PresidentLarge, handsome, and weighing over 3/4 ofan ounce, it’s easy to see why these historicsilver dollars have earned the nickname “King of America’sCoins”! The magnificent Morgan dollar was struck for 27 years,from 1878 through 1904, and one final time in 1921.As we move further into the 21st century, more peoplecollect Morgan silver dollars than at any other time. Yet, unlikethe beginning of the 20th century, there are no more largehoards. These huge caches were dispersed decades ago, andmillions of Morgans disappeared into private collections wherethey could remain for years. That makes locating Morgans witheye appeal more difficult today.Have a plan for your collectionIt’s always good to have a plan and focus for what you want tocollect. Although there is a variety of ways, building a completedate and mint mark collection is considered by many to be theultimate achievement. The anticipation of waiting to fill thenext space in your album becomes proud satisfaction when youlocate that coin.Of course, one of the greatest thrills of collecting is huntingfor coins, like the first-year 1878 Morgans in Uncirculatedcondition. Although there are rare dates like the 1895 or1893-S, there are also the popular, tougher semi-key dates likethe 1879-S, 1886-S and 1893-O, to mention a few.Whatever your level of interest or experience, I hope you’llfind this collectors club booklet on Morgan dollars a useful,interesting, and educational guide to the series.Sincerely,David M. SundmanPresident2

Collecting is a way to make time stand still, or at least to bring the pastalong with us. If nothing were saved, we would have no knowledge of thepast except for what we read. And bygone days would slip into obscurity.But with collectibles, the past comes alive. Coins are especiallyfascinating, for they were (and are) the means of daily commercialexchange. When you hold a 50 or 200 or 2000-year-old coin in your hand,you can’t help but imagine who might have used it or where that coin mighthave been in its lifetime!Table of ContentsThe Legend of the Comstock Lode& Birth of the Morgan Dollars ..................41878 – The First Year of Issue ........................6History of the Philadelphia andNew Orleans Mints ..................................8The Only Year Denver Minted Morgans ......12The San Francisco Mint................................14The Carson City Mint ..................................16The “Silver Kings” Get Richer ......................181880s – Innovations and Hardships ............20The Morgan Silver Dollar Hoards ................22The History of Littleton Coin Company ......25What Can Littleton Coin Do for Me? ..........26Caring for Your Coins ..................................273

The Legend of theComstock Lode and Birthof the Morgan DollarThe romance of the Comstock will never die. The story is an epic. It was the laststand of the California pioneers where they rose to the height of their brilliantand adventurous careers; and a robust and optimistic people throughoutNevada, many of whom were also pioneers, shared in making unforgettablehistory. Life was never the same for many of them in the after years, but nothingcould take from them their golden memories of the Comstock Lode.-- The History of the Comstock LodeIn 1859, Patrick McLaughlin and Peter O’Rileywere prospecting in Six Mile Canyon nearCarson City, soon to be the capital of theNevada territory. Digging a ditch to collectwater, they found a rich black soil thatyielded a layer of glittering ore. McLaughlinand O’Riley were experienced miners andinstantly recognized gold. They eagerly beganto wash away the heavy black soil.In a few short hours, Henry Comstockcame riding by on a borrowed pony. He wasa colorful character and had a gift for gab.Without a shred of evidence, Comstockconvinced McLaughlin and O’Riley that hehad a claim on the very spot in which theyhad found gold. After a long argument, thetwo agreed to take Comstock in as a partnerto avoid any trouble.Comstock talked so much of “his” minethat soon, hundreds of prospectors wereswarming over Six Mile Canyon, washingaway the black soil from the gold in the Comstock Mine.Queen of the Silver StrikesJ. F. Stone, a veteran of the California gold rush, was intrigued by theComstock vein of gold in the Nevada territory. Curious about the heavyblack soil being thrown aside by the ton, Stone sent a sample to beassayed in California.Henry Comstock’s onlycontribution to the discoveryof the Comstock Lode was hisability to argue at length!The soil turned out to be incredibly rich in silver, yielding $4,700 a ton.So enormous was this claim that over the next two decades, the ComstockLode produced more than $300 million in precious metals – and that wasin 19th-century dollars! Today, the Comstock Lode of Nevada is stillknown as the Queen of the Silver Strikes.4

What became of the partners?Despite the immense yield of the ComstockLode, none of the original partners got rich– they all sold out too soon!Patrick McLaughlin sold his share for$3,500 and soon was broke. He died a fewyears later while wandering from place toplace, working at odd jobs.Henry Comstock, who consideredhimself a shrewd bargainer, sold his portionof the claim for $11,500. This is a betterprice than McLaughlin received, but ifComstock had waited until the main silvervein was reached, his interests would havebeen worth $80 million. Comstockcommitted suicide while prospecting inMontana in 1870.Peter O’Riley held his share until hewas offered $50,000, but he began dealingin mining stocks and lost everything. Underthe influence of “spirits,” O’Riley started todig a tunnel into a nearby peak, believinghe was on the trail of a richer strike thanthe Comstock. The spirits drove him crazy withAs shafts were dug into thehillside, tracks were laid for themining cars. Although therewere riches to be had, miningwas no easy job. The hourswere long, the work dirty,and the conditions harsh.visions of gold and silver caverns. He spent his last days in a California asylum.The Comstock Lode and other mines caused Nevada’s population togrow ten-fold by 1880. Silver deposits played a very important role in thestate’s, as well as the nation’s, history. Prior to its discovery, silver wasused sparingly for coinage, but afterward a flood of silver coins and dollarswas struck. In fact, this abundance of silver and the fabulous ComstockLode helped give birth to the Morgan silver dollar!A photo from the KeystoneView Company of a typicalmining camp from theComstock Lode era. Manymining camps grew intogood-sized towns that werelater deserted when theLode ran dry.5

1878 – The FirstYear of IssueThe Morgan silver dollar was first minted in 1878, after a lapse of fiveyears in the production of circulating silver dollars. The coin had a roughstart, which would give the first-year-of-issue Morgan dollars an extrameasure of interest and historical significance.The trouble began five years beforethe first Morgans were minted. TheMint Act of February 1873 ended theproduction of the Liberty Seated silverdollars in favor of Trade and gold dollars.Silver dollars made up less than onepercent of circulating silver, so the publicwas not much affected by this change.Silver mine owners out West,however, were outraged. They lobbiedand pressured their congressmen. Afterfive years of heated debate, Congressfinally authorized the production of anew silver dollar in 1878.The beautiful new coins became knownamong collectors as Morgan dollars, inhonor of their designer, George T. Morgan,English-born assistant engraver at thePhiladelphia Mint.Morgan made several studies ofGreek profiles at the PhiladelphiaAcademy of Fine Arts, but was searchingfor an American girl to represent Liberty.Thomas Eakins, a renowned landscapepainter and friend of Morgan’s, suggestedAnna Willess Williams, a fellow artstudent and schoolteacher.George T. Morgan, anEnglish-born engraver for theU.S. Mint, was chosen to designthe new silver dollar.Williams was reluctant at first to pose for Morgan. In those days, “nice”girls did not model for artists! She insisted on strict secrecy, fearing shewould lose her job if the truth were known. Williams sat for Morgan fivetimes, and he would later declare she had a nearly perfect profile.Some years later, a newspaper reporter discovered the identity ofMorgan’s Liberty and over protests, printed the story. Williams, as shefeared, lost her teaching position. Fortunately, she found another teachingjob and remained in Philadelphia until her death in 1926, just five yearsafter the last Morgan silver dollar was minted.6

The American Eagle on the reverse of the coin wasalso the subject of some controversy. On all previousU.S. coins, eagles had an uneven number of tailfeathers, but Morgan’s eagle had eight. There waswidespread agreement that an uneven number oftail feathers was the proper representation of thebird. Under public pressure, the U.S. Mintdecided to change the eagle’s tail from eight toseven tail feathers.Since Philadelphia was the only mint thathad struck Morgans, mint personnel gathered upall the unused 8-feather dies and simply re-struckthem with the new 7-feather design. As a result,a small number of 1878 Morgan dollars havesuperimposed reverse designs and are knownas the 7 over 8 tail feathers variety.Eventually, newly engraved dies withthe 7-feather design were used at thePhiladelphia Mint. As a result, three varietiesof the 1878 Morgan silver dollar were produced:8-feather, 7/8-feather and the first 7-feathercoins – all without a mint mark.Later in 1878, the 7-feather coins were struck atAnna Willess Williams, aPhiladelphia schoolteacherand fellow art student,was Morgan’s model.This image of her comesfrom an 1892 copy ofLadies Home Journal.both of the western mints – Carson City, Nevada, and San Francisco, California– making five distinct varieties of Morgans during its very first year of issue!Although much controversy and debate surrounded these coins – theMorgan silver dollar went on to become one of the most popular silvercollector coins of all time!Shown above are the five first-year varieties of Morgan silver dollars. Left to right:the 8-feather, the 7 over 8-feather, and the 7-feather, all minted in Philadelphia;the 7-feather CC from Carson City and the 7-feather S from San Francisco.7

A History ofThe Philadelphia MintThe history of the United States Mint in Philadelphia stretches back tothe time when George Washington was president and our nation’s capitalwas Philadelphia. The establishment of the U.S. Mint was provided for inthe Act of April 2, 1792. The first coins struck at the original mint inPhiladelphia were minted, according to popular belief, from silverhousehold plates personally delivered by President Washington himself!The Philadelphia Mint was the first public building erected by authorityof Congress. The Mint remained in Philadelphia after the federal governmentwas relocated to Washington, D.C., although debates continued for thenext 28 years between advocates whobelieved the Mint belonged in thenational capital and opponents whoinsisted it stay in Philadelphia. OnMarch 10, 1828, Congress authorizedthe Mint’s continuation in Philadelphiauntil otherwise provided by law, whichfinally laid the issue to rest.A watchdog named Nero waspurchased for $3 and, together with awatchman, provided security for the firstMint. Construction on a new facility beganin 1829, and the larger Mint operated for70 years. As coinage production increased,the U.S. Mint expanded twice more inthe city of Philadelphia.The “Plain” MorgansThe second Philadelphia Mint beganoperations in 1833 and continued until1901. It was at this Mint that the beautifulMorgan silver dollars were first struck andhere that the bulk of the PhiladelphiaMorgans were minted.Unlike the branches with theirdistinguishing mint marks, thePhiladelphia Mint, because it was thefirst in the nation, struck coins withouta “P” mint mark. These coins are oftenreferred to as “plains.”Morgans minted at the mainU.S. Mint in Philadelphia aredistinguished by their lack of amint mark and are sometimesreferred to as “plains.” Thesecond Philadelphia Mint(shown above) was a statelybuilding that producedMorgan silver dollars from1878 until it closed in 1901.Philadelphia-minted Morgansdated 1902-1921 were struckat the city’s 3rd Mint.“Plain” Morganno mint mark8

The New Orleans MintThe U.S. branch Mint in New Orleans has a history as colorful andinteresting as the city itself. Established as the commercial and financialcenter of the entire South, New Orleans wanted some monetaryindependence from the northern banks and the Philadelphia Mint.Heated debates raged between northern and southern senators over theneed for a Mint in New Orleans. Southern congressmen stood their groundand a New Orleans branch of the U.S. Mint was authorized in 1835.A stately building occupying an entire block was built next to thefamous French Quarter on the banks of the Mississippi River. Coinageoperations began in 1838 and then were suspended for much of 1839when a yellow fever epidemic caused the Mint to close.The Mint with Three MastersBy 1860, relations between North and South had become very tense. InJanuary of the next year, Louisiana became the second state to secedefrom the Union. Within a week, the state of Louisiana took over theThe New Orleans Mint was a sprawling, E-shaped building located near thewaterfront. It overlooked the bustling docks that made New Orleans animportant center of commerce by the early 1800s.New Orleans Mint. Some Mint employees, still loyal to the Union,destroyed a number of dies.Two months later, the Confederacy took over the Mint. This was thethird government in ten weeks that had control over Mint operations! TheConfederate Mint struck coins only until May of 1861, then was closed assoldiers raided it for war material.After the Civil War, the New Orleans Mint stood unused until 1876when it opened as an assay office. By 1879, the demands for coinagecaused the U.S. Mint to resume regular operations at the branch Mintin New Orleans.9

The New Orleans Mint ceased production in 1909. The building stillstands on the banks of the Mississippi and is today a museum. Thefascinating history of the New Orleans Mint is told through skillfullycrafted exhibits.The “O” MorgansThe Morgan silver dollars with the New Orleans “O” mint mark are verypopular with collectors. Morgan production at the New Orleans branchbegan as soon as the Mint resumed coin production in 1879, and Morganswere minted there every year until 1904. That year represents the last timethat Morgans were ever struck at this historic U.S. Mint. Until the early1960s, when vast quantities were released by the U.S. Treasury, the1904-O was considered one of the prime rarities in the Morgan dollarseries. Today this last-year coin is affordable and easy to own.New Orleans Morgan coinsshown at actual sizeNew Orleans“O” mint mark10

The Morgan Silver DollarDate: 1878 to 1921Designer: George T. MorganComposition: .900 silver, .100 copperWeight: 26.73 gramsDiameter: 38.1 mmEdge: reededMints: PhiladelphiaDenverSan FranciscoNew OrleansCarson City11

The Only YearDenver Minted MorgansOriginally, the Denver Mint operated as an assay office, and neverstruck any Morgan silver dollars. In 1921, when silver dollar productionwas resumed, the Mint struck Morgans for the first and last time. A smallnumber of specially engraved Morgan silver dollars gave collectors unusualmementos of this remarkable occasion at the Denver Mint.In 1862, the government purchased the Clark-Gruber banking facility for$25,000 with the intention of establishing a branch Mint. However, due tohostilities with Native American tribes, the Denver facility was never ableto function as a branch Mint. Instead, it became an assay office, openingin September 1863. Miners brought in their gold, then it was melted andmade into bars. The bars were stamped with the fineness and theinscription “U.S. BRANCH MINT, DENVER.” In 1877, the building haddeteriorated, so funds were appropriated for a new Mint. Although the newMint building was completed in 1904, it was not until l906 that full coinageproduction began.The Pittman Act of 1918 authorized the U.S. government to melt downas much as $350 million worth of silver dollars. The resulting bullion wassold to Great Britain and shipped to India. This British colony’s currencywas to be backed by the silver bullion from America.To stabilize the price of silver, the Act also stipulated that thegovernment was to buy an equivalent amount of domestic silver to replacethose coins that were melted down. The Act proved advantageous in anumber of ways. The British government got the silver it needed to backIndia’s currency; the U.S. government received revenue from the millions12Denver “D”mint mark

of silver dollars stored in Treasury vaults; and the American silver industrywas revitalized.Silver dollar production was resumed in 1921 at the U.S. Mints. After arespite of 17 years, beautiful Morgan silver dollars were to be struck for onefinal year! The Denver Mint would strike its first silver dollars.Naturally, this was cause for excitement at the Denver facility.Superintendent Thomas Annear was determined to have the event suitablyrecorded for posterity. He arranged for the first 100 Morgan silver dollars tobe engraved with sequential numbers. He would then hand these out assouvenirs of the historic event. The legend to be hand engraved on thecoins read:[1st] DOLLAR RELEASED FROM 1ST 100EVER COINED AT DENVER MINTTHOMAS ANNEAR SUPTHowever, since engraving the 65 letters and digits onto each coin would belabor-intensive and time consuming, it is believed that only a smallquantity was engraved. Only 12 engraved Denver Morgans can beaccounted for. The first coin went to the Colorado State Historical Societyand remains there today. The second has disappeared without a trace.Coins numbered three through twelve mysteriously ended up in thehands of coin dealer Max Mehl and were auctioned off. A recent sightingof one of these fascinating coins occurred in 1989, when an Illinoiscollector picked up the 4th engraved coin in change from a bingo game!The Morgan silver dollar shown hereis one of twelve known that werespecially engraved at the DenverMint. This was the fourth Morganproduced in 1921, and was found by acollector in change from a 1989 bingogame! The very first engraved Morganwent to the Colorado State HistoricalSociety, and is displayed there today.13

The San Francisco MintEven an Earthquake Couldn’t Shakethe “Granite Lady”The stately San Francisco Mint,pictured here before the earthquakeof 1906, was known as theGranite Lady. The building wasarchitecturally beautiful andstructurally sound. It was one of thevery few buildings that remainedstanding after the quake took its toll.The California gold rush of 1848caused chaotic conditions as theamount of gold being mined increasedrapidly and in dramatic proportions.Gold was heavy and difficult totransport to the Philadelphia Mint,and encountered many hazardousmoments on its journey. A number ofprivate mints took advantage of thesituation and quickly produced coinsthat circulated in great quantities.In order to take control, the federalgovernment quickly authorized abranch Mint in San Francisco.A small plant was built, andThe aftermath of the quake, one ofthe worst natural disasters inU.S. history, is shown below.operations began in 1854. The tiny Mint was unable to meet the demandsof the West and construction was begun on a new, larger Mint in 1872.Two years later, the new branch Mint was ready. Immediately upon itsopening, the Mint was dubbed the Granite Lady, a tribute to its size andarchitecture. The massive building was one of the most luxurious Mints inthe world, featuring gold and bronze chandeliers and 14 marble fireplaceson the first and second floors. Its massive structure and architecturalstrength were put to the test thirty years later.On April 18, 1906, San Francisco was twisted, broken and burned bythe worst earthquake ever to rock the United States. The Granite Ladysurvived the quake due to its solid construction, but the real threat was theaftermath – fire!14San Francisco“S” mint mark

California Street, looking west towardNob Hill, is shown at right just before theearthquake hit on April 18, 1906.The trolley tracks on Mission Street,below right, heaved and twisted, anddeep cracks in the pavement appeared.Below is a fire engine that was caughtand crushed by a falling wall.The fire that followed did as muchdamage as the quake itself.Much of San Francisco was engulfed in flames. Because of its thickgranite walls and metal window frames, the Mint was thought to beimmune to fire. But the incredible heat began to shatter the windows andmelt the frames. Underneath the Mint’s vaults was an artesian well, butthe shock of the earthquake had broken its pump. Repairing it enough tobe operated by hand, some volunteers filled buckets and threw water onthe interior woodwork, which had ignited when the windows blew in. Onthe roof, men with iron bars, picks and shovels tore off tar paper andthrew it to the ground. The exposed roof beams were then saturated witha fire-retardant liquid.After seven hours, the Mint was blackened and its iron shutters twistedby the heat. But the Granite Lady was safe, still standing in the midst ofthe devastation that was San Francisco. Frank Leach, superintendent ofthe Mint, climbed down from the Mint’s roof where he had been fightingthe fire and noted, “Appears to be nothing left out there. It’s all gone.Most of the city seems to have burned out.”It was a difficult period for the whole city. Many people had losteverything. Most had no access to their savings. Bank safes took weeksto cool enough to allow access to their contents. Since the Mint was oneof the few buildings to survive – and the only financial institution left – itbecame a temporary bank and handled much-needed relief funds forthe city.15

The Carson City Mintand the Great Silver Dollar Sale!Kit Carson was a well-known andmuch-admired frontiersman. He rode onmany expeditions exploring the West.Abraham Curry, founder of Carson City, namedhis settlement for this famous explorer.The “CC” mint mark from the branch Mintin Carson City, Nevada is a favorite ofcollectors. During its years of operation, theCarson City Mint gained a reputation forstriking some of the most finely detailed,high-quality coins in U.S. history. TheMorgan silver dollars that were struck hereare considered to be the finest in the series!Carson City, today the capital ofNevada, was founded by a colorfulcharacter named Abraham Curry during the heyday of the Comstock Lodesilver strike. Curry had purchased a large tract of land along the CarsonRiver, named for the famous frontiersman Kit Carson. Curry proceeded toset up a trading post, sold tent and cabin sites to prospectors, and namedthe settlement Carson City.Abe Curry was a shrewd businessmanwho bargained and fought tirelessly toimprove and develop the city. He finallyconvinced the federal government to builda branch Mint in Carson City to handleNevada’s large silver supply.Congress authorized $150,000 for theproject in 1866. Abe Curry became thegeneral contractor for construction. The Mintended up costing three times the originalamount, but it was a fortress.Carson City was founded byAbraham Curry, a shrewd businessmanwho went on to become the superintendentof the Carson City Mint.Carson City“CC” mint mark16

The Mint at Carson Citywas nothing less than afortress, with walls fourfeet thick. The “CC”Morgan silver dollarsare real collectorfavorites because of thehistory of the CarsonCity Mint and theoutstanding quality ofthe coins it produced.Today, the Mintbuilding is a museumthat takes visitors backto the exciting times ofthe Comstock Lode.The concrete foundation extended seven feetbelow the basement floor and the sandstone walls were four feet thick!When the Carson City Mint opened in 1869, general contractor Currywent on to become its first superintendent.During the years it operated, the Carson City Mint struck 13 differentdates of outstanding quality Morgan silver dollars. Its colorful and excitingera ended in 1893, when the Comstock Lode began to give out. Yet, thefrontier Mint was not finished creating interest in the world of numismatics.Seventy years later, in 1963, nearly 3,000 bags of silver dollars – mostof them from the Carson City Mint – were found in the vaults of the mainTreasury building in Washington, D.C. The final tally was over 2.8 million“CC” Morgan silver dollars!Marketing the coins was the responsibility of the General ServicesAdministration. The GSA conducted five separate sales, beginning in 1972,and made the “CC” Morgan silver dollars available to collectors.Today, the Carson City Mint is a museum, opening its doors to half amillion visitors each year. Exhibits change from time to time, but the mostpopular and permanent displayis a reconstruction of a silver mine leading intothe building’s basement. Visitors are transportedback to the excitement of the Comstock Lodeand the years when the first Carson CityMorgan silver dollars were minted!The “CC” Morgan dollars were taken out oftheir sealed Mint bags and checked to make surethey were all Uncirculated. Any that weren’t wereculled out, and the rest placed in thesegovernment holders for the GSA sale.17

1880s – Innovationsand HardshipsMy husband I pity he is wasting his lifeTo obtain a scant living for his children and wife.The Sabbath which once was a day of sweet restIs now spent toiling for bread in the west.After five years hard toiling with hopes that were in vainI have such despair on this desolate plain.– Song by Mrs. A. M. Green, Greely, Colorado, 1887In contrast to theprimitive sod huts of thesettlers in the West, Chicagoin the 1880s was a wonderof modern innovations!20The 1880s were a time of growth and innovation in the “civilized” UnitedStates, which was east of the Mississippi River. The first hydroelectric plantwas supplying unbelievable amounts of raw power, electric lights werebrightening the lives of millions, and the first skyscraper – 10 stories high!– was built in Chicago.Yet, as life in the East got easier, for the settlers in the West, life washard. Conditions were primitive as the homesteaders struggled to carve outa life for themselves.The typical family dwelling was usually a sod hut or a dugout cut into ahillside. It was a hard life for everyone, especially the women. Every daymeant another never-ending succession of chores: making soap and candles,feeding animals, drawing water, and keeping a dirt house clean. Mice,snakes and fleas shared the family home. Cholera, diphtheria and small poxepidemics were frequent. Because of the lack of good medical care, sicknesswas the most dreaded occurrence.Doctors were few, usually ill-trained, and quite often drunkards. The firstlaw passed in the Dakota Territory dealing with doctors was a statute thatread a doctor should be tried for manslaughter if he poisoned a patientwhile intoxicated!

Some homesteaders constructed their houses with sod bricks.They battled nature, illness and loneliness daily. Settlers often livedfar apart from their neighbors and might go formonths without seeing another family.Most of the homesteaderslived a hand-to-mouth existence,competing for the land withrailroad tycoons and cattle baronswho were determined to letnothing stand in their way. Therailroads had snapped up thelargest and best share of publiclands – 181 million acres of land,an area about six times as largeas the state of Pennsylvania.The real rulers of the plains,however, were the cattle ranchers,to the dismay of the homesteaders.Raising their cattle on freegrasslands was so low-cost, thecattlemen realized a very heftyprofit. Cattle roamed freely,grazing wherever they wished.Permanent Expenditurefor Farm of 160 Acres,supposed to be started in 1880New Land, 160 acres, at $5 per acre ..........$800House, 16’ x 22’, complete ..........................$300Stabling, yards and well ..............................$150Farm ImplementsTwo breaking ploughs ........$35Two stirring ploughs ..........$25Two corn cultivators............$60Two harrows ......................$20Mower & reaper................$100Other implements ..............$85subtotal ..........$325Stove and other furniture............................$100Six good farm horses ..................................$600Two wagons and harnesses ......................$200total $2,475Weeks of back-breaking labor and a vital supply of food could be destroyedin a few minutes when cattle trampled through a homesteader’s garden.While the sod-busting homesteaders barely eked out a living, othersprospered quite well in the West. Rich ranchers and mine owners gladlyplunked down a heavy Morgan silver dollar for a steak dinner and a room atthe best hotel in town!The cattle business was profitable until the mid-1880s, when overproductioncaused the market to bottom out. Hundreds of ranchers pulled upstakes and moved on, including Teddy Roosevelt, who turned his holdings inthe Dakotas over to his ranch hands and moved back East. The westernlands were then left to those who were promised them in the first place: thehomesteading farmers.21

The Morgan SilverDollar Hoards22The Redfield HoardLaVere Redfield was a “hard money” fanatic whohated the government and refused to pay taxes.After moving to Reno, Nevada in the 1930s withsome money he had made through oil and stockinvestments, Redfield, a wildly eccentric character,enjoyed looking the part of a poor farmer and wasgenerally considered a cheapskate. But Redfieldwas inconsistent. He would hitchhike to save gasbut would gamble away thousands of silver dollarsat Reno casinos!Redfield was not a coin collector. He did,however, have a unique interest in Morgan silverdollars. Friends at local banks would let him knowwhen they had bags of silver dollars, usuallyMorgans. Redfield would go to thebank and buy these silver dollars,paying astonishing amounts of papermoney for them.When he brought the coins home,there was no exciting digging throughthe bags, searching for conditions orkey date coins, or proudly displayingalbums of beautiful Morgans. Instead,Redfield often dropped the bags ofsilver dollars down a coal chute to bestored in his cellar. Redfield amassedmore than 500,000 silver dollars over LaVere Redfield was an eccentricthree decades.who liked to make people believeAfter Redfield’s death in 1974, a he was a poor farmer. Actually, hecomplete inventory of his estate was was very wealthy and hoardedtaken. Between 520,000 and 650,000 silver dollars in his cellar. Aftersilver dollars were found, dwarfing any his death in 1974, Redfield’sprevious hoard! A judge decreed that hoard of Morgan silver dollarsthe best way to settle Redfield’s estate was purchased by A-Markwas to hold an auction for the coins. Coin Company for $7,300,000!When it was over, the A-Mark Coin Curiosity about Redfield and hisCompany became the new owner of hoard generated much publicthe Redfield Hoard for $7.3 million! interest in Morgan silver dollars.An exact inventory of the hoard hasnever been released and details of the purchase are to this day vague.Morgan silver dollars were also part of two other hoards, each with strikingparallels to the Redfield Hoard.

The Reno Casino HoardRudy, like Redfield, lived inNevada and worked in a casino.He especially liked Morgans fromthe Carson City, Nevada Mint. Ashe spotted them among the coinshe handled daily, Rudy savedthem, and traded his own moneyfor these silver coins.As Morgans grew scarcer incasino change, Rudy began savingevery silver dollar he could find.After his retirement, his hoardtotalled more than 4,100 silverdollars – including 3,312 Morgans!The VermontYankee HoardRudy had the chance to set asideover 3,000 Morgan silver dollars whileworking in a Reno casino.Alexander and Imogene Miller lived on the other side of the country, but hadthe same love for Morgan dollars. The couple appeared to be poor. Alexanderstill rode his 1903 bicycle to town and Imogene wore plastic bags for araincoat. Yet, what was found after their deaths in and under the variousoutbuildings of their Vermont farm amazed everyone. A fortune – estimatedat $3,000,000 – in luxury antique cars, gold bars, silver ingots, stocks, highdenominationFederal Reserve Notes and more – the Millers’ cache wasincredible! Tucked away in old cigar boxes and nondescript wrappers weredozens of Morgan dollars, some still in Choice Uncirculated condition,despite having been buried for years.Buried under the floorboards of outbuildings in a Vermont farmhousewas a fortune in gold, silver and antiques.23

The Southern “CC” CacheAn international business executivefrom Georgia got hooked on coincollecting after once receiving old silvercoins as part of a payment. He set outto collect Uncirculated GSA Sale “CC”dollars because he knew they camefrom U.S. Mint bags before being sealedin original government holders. In time,he amassed over 8,261 “CC” Morgans,all in original General ServiceAdministration (GSA) holders! A vaultin an old bank building held all of hiscoins. This hoard turned out to be oneof the largest groups of “CC” Morgansaccumulated since those in theTreasury sales of the 1970s & 1980.Littleton Coin’s David &Maynard Sundman with Coin BuyerKen Westover shown with theSouthern “CC” CacheHere’s what collectors sayabout Morgan Dollars from Littleton“These Morgan dollars are beautiful, I love them! I really like buying coinsby mail and receiving approval services; and the great condition of thecoins. Your service is great. I didn’t even know coins could be purchased soeasily by mail.”J.A.Pittsburgh, PA“I’m very happy with the Morgan silver dollars I purchased. I also like themonthly payment plans for some items. The quality of the coins is superband delivery was excellent. Littleton is my only source of coins, and willstay my only source!”E.F.Muscatine, IA“I am impressed with the ability to examine coins prior to purchase. I likeyour prompt, courteous service and great quality coins.”R.E.Gardenville, NV24

The History ofLittleton Coin CompanyLittleton Coin Company was founded by a young manwho turned an enthusiasm for collectibles into one ofthe largest collectibles firms in the country.Maynard and Fannie Sundman officially foundedthe firm in 1945, although Maynard had operated asmall stamp business from his home in Bristol,Connecticut in the 1930s. When he was drafted into thearmy in 1941, he curtailed his stamp business and wentoff to serve his country overseas.Resuming the business...Following the war, Maynard and Fannie relocated to Littleton, NewHampshire, a small town nestled in the picturesque White Mountains.Littleton Stamp Company began in a small upstairs office, but the mailorderfirm experienced steady growth by offering a range of services forcollectors. Most popular were its “stamps-on-approval” and “coins-onapproval”services, which allow collectors to examine stamps or coins intheir homes before they decide whether to purchase. The firm also beganpublishing catalogs and price lists of stamps and coins.Growth and expansion...In 1974, the Sundman family purchased the Mystic Stamp Company inCamden, New York, and Maynard and Fannie’s youngest son Don tookthe reins of the newly acquired firm. The Littleton operation later becamedevoted exclusively to coins, and the Sundmans’ oldest son David becamepresident of Littleton Coin Company in 1985. Littleton Coin continued toexpand its coin selectionsand collector services.The company’s currentheadquarters is an85,000-square-foot,state-of-the-art building.Today, the companyis one of America’s largestcoin retailers, offering awide selection of U.S.and world coins andpaper money througha variety of mail-orderservices to all 50 statesand beyond.Littleton, N.H., home of Littleton Coin Co.25

What Can Littleton CoinDo for Me?Ever since Littleton Coin first opened its doors in 1945,this family-owned business has been committed toproviding outstanding service to collectors – it’s our toppriority. When you hear or see the name Littleton CoinCompany, you probably think of the friendly voice youspeak with on the phone. But teams of employees workbehind the scenes to ensure you have the coins, papermoney, supplies and information you need to enjoy thehobby to its fullest.The largest selection of U.S. coins inthe widest range of grades!Doug Frizzell,Customer ServiceLittleton offers you the widest variety of coins and paper money available.Internet-based networks connect to over 2,000 dealers, and Littleton’scoin buyers continuously travel to coin shows across the country toreplenish our inventory.See each coin before you buy!Enjoy Littleton’s convenient “Risk-Free” Coins-on-Approval Service andcollector clubs. This special service lets you examine coins in your homebefore you buy. It’s like having a coin shop come to your house. You buyonly what you want from any selection, and you can cancel this specialservice at any time – there’s no obligation.Special Request Service, one-stop shopping & collectinginformation, and FREE publications for collectors!Having access to a large selection of coins “on approval” is just one of theservices Littleton offers you. We also offer a Special Request Service to helpyou locate hard-to-find coins and paper money, a comprehensive website,and FREE publications that offer helpful collecting tips. You’ll find that asyour knowledge increases, you’ll get more out of this exciting hobby.26

Caring for Your CoinsProper handling and storage ofcoins is not difficult and willmaintain the natural condition(and value) of collectible coins.Appropriate care also helpspreserve your coins for the benefitof future collectors.Handling: Coins should beheld by their edges betweenthumb and forefinger (see picture).This will protect coin surfaces anddesigns from fingerprints and thenatural oils in fingers or palmsthat can be corrosive over time. Infact, many experienced collectorsprefer to use soft cotton gloveswhen handling their high-qualityUncirculated or Proof coins. Awide variety of coin holders andalbums is available from Littletonfor easy viewing and examinationof both sides of a coin withoutactual handling.Cleaning: Improper cleaning, more than anything else, has harmedvaluable coins. High-quality Uncirculated and Proof coins should never becleaned, as improper cleaning can cause permanent loss of original mintfinish and color (and permanent loss of value). Experts can easily detectan improperly cleaned coin. Most experienced collectors and dealers agreethat coins should only be cleaned by experts.Storage: High humidity, air pollution, salt air, and temperature extremescan sometimes affect the surfaces of coins. It is best to store coins inprotective holders or albums, and to keep them in an area of relativelyuniform temperature. As your collection becomes more valuable, you maychoose to store some or all of your coins in a safe-deposit box. If youchoose to keep your collection in your home, we recommend that youcheck with your insurance company to ensure that your collection iscovered for its full replacement cost.Please note: The clear coin wrappers used by Littleton are sealed toprovide protection of coins during delivery, and easy identification andexamination without removal. You can store your coins in the clearwrappers, or you can remove them for placement in albums, holders, orother storage containers. When returning coins, we prefer that you keepthem in the clear wrappers.Littleton’s exclusive Showpak ® packaging was designed for permanentstorage and protection of your coins, and cannot be resealed once opened.27

You’ll build nicecollections with Littleton’sexclusive clubsOver the years, we’ve developed a wide variety of exclusive collectorclubs tailored to fit your individual needs. As a Club Member, you’llalways receive these special benefits…• Affordable monthly shipments to fit your budget• You see each coin RISK FREE for up to 15 daysbefore you decide – We trust you!• There’s no obligation to purchase – EVER, andno membership fee!• Your coins are hand selected for eye appeal –you’ll get the best value for your dollar!• Each coin is delivered right to your door – so youconveniently add to your collection in the comfortof your own home.• Get FREE gifts and special collecting opportunities!• You’ll earn Profit Shares – trade them in forFREE coins, paper money, and collecting supplies!Littleton’s 45-Day Money BackGuarantee of SatisfactionYou must be completely satisfied with everypurchase you make from Littleton. If not, simplyreturn it within 45 days for a prompt exchangeor refund, whichever you prefer.To explore other Littleton Collector Clubs,call our friendly Customer Service staff at1-800-645-3122or visit us on the web atwww.LittletonCoin.com1309 Mt. Eustis RoadLittleton, NH 03561-3735LC-1398 7/10©2003, 2010 LCC, LLC