New York Bank Hoard Unsealed

NGC Grades 16,000 Morgan Dollars

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1884-O Morgan dollar from the New York Bank Hoard graded MS-64* by NGC. (Courtesy NGC.)

Numismatic Guaranty Corporation® has certified the New York Bank Hoard, a group of 16,000 Morgan dollars that had been stored in sealed U.S. Treasury bags for more than 50 years, the firm announced July 16. The remarkably well-preserved hoard boasts a number of high grade pieces, including 118 that graded NGC MS-67.

Each canvas U.S. Treasury bag in the New York Bank Hoard contained 1,000 uncirculated Morgan dollars of the same date and mintmark combination. Eleven different issues were represented: the 1878-S (one bag), the 1880-S (two bags), the 1881-S (one bag), the 1883-O (one bag), the 1884-O (one bag), the 1885 (one bag), the 1885-O (two bags), the 1886 (one bag), the 1887 (four bags), the 1888 (one bag), and the 1889 (one bag).

The hoard had been stored in a bank vault in New York since 1964, when the coins had been purchased directly from the U.S. Treasury. Completely untouched for decades, they were passed down to their current owner, who sought the guidance of Jeff Garrett, president of Mid-American Rare Coin Galleries and former president of the American Numismatic Association.

Garrett then contacted Mark Salzberg, NGC chairman and grading finalizer, who met Garrett and his son, Ben Garrett, in New York to examine the treasure. As they carefully opened each bag, they were stunned to see coins so pristine that they looked like they had just been minted, according to NGC.

1885 Morgan dollar from the New York Bank Hoard graded MS-67 by NGC.
(Courtesy NGC.)

The highlights include:

  • 28 1880-S Morgan dollars graded NGC MS-67
  • Four 1885 Morgan dollars graded NGC MS-67
  • Four 1885-O Morgan dollars graded NGC MS-67
  • 82 1887 Morgan dollars graded NGC MS-67
  • One 1884-O Morgan dollar graded NGC MS-66+*

“Every collector dreams about having the opportunity to examine unsearched and fully original bags of vintage coins,” said Salzberg. “This was an incredible thrill for me.”

Garrett described the excitement in a recent article for the NGC Weekly Market Report, where he wrote that “with each bag being opened, our small group was able to witness the reveal of a numismatic time capsule. The overall quality of the coins is amazing.”

Morgan dollars were struck from 1878 to 1904 and then again in 1921. Their history, large size, silver content, and cartwheel luster have captivated collectors for generations.

There have been several major hoards of Morgan dollars in the last 50 years. Among the most notable were the coins sold by the U.S. General Services Administration (GSA) from 1972 to 1980, as well as the hoard accumulated by LaVere Redfield, which was dispersed following his death in 1974. Coins pedigreed to the GSA and Redfield hoards are highly desired by many collectors.

1884-O Morgan dollar from the New York Bank Hoard graded MS-64* by NGC.
(Courtesy NGC.)

The New York Bank Hoard coins were encapsulated with a special NGC certification label. The coins in this hoard will be listed separately in the online NGC Census, which identifies the NGC-certified population for each issue and grade.

“The New York Bank hoard of U.S. Treasury silver dollars was one of the most exciting chapters of my numismatic career,” added Garrett. “Now that the hoard has been certified and pedigreed by NGC—and protected by NGC’s secure holder—the coins can be enjoyed by countless other collectors.”

The Bank of New York Hoard coins will be available from major retailers in the near future, NGC says.

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