Memories of the CC GSA coins

[JIM F.]

Was going through my safe deposit box and when looking at my CC Morgans I received from the GSA back in the 1970's when I was a teenager and I remember how mad my father was because his order was denied as "sold out" and he got the notice in the mail the same time I received the several coins I sent in for @ $15 each. The look on his face was classic. May he RIP.

 

Have a good weekend.

[erickso1]

I look forward to the day in 20 years or so when my kids and I will get to open one up (assuming they are interested). GSA was before my time so this will be my chance.

[DWLange]

I bought only one coin from the original GSA sales. I bid on the 1890-CC, as there were only about 4,000 of them, and I won. The coin was technically Uncirculated, but it was so beat up that I sold it just a few years later, as soon as its value had risen to the point where I could recover my cost. Of course, now any 1890-CC GSA dollar is worth a lot, regardless of grade, but there was no way to see that coming. It was a very different time.

[mkman123]

you guys suck! I wish i could have bought them that cheap! Now they cost 200+ for the common date ccs!

[jerseycat10]

you guys suck! I wish i could have bought them that cheap! Now they cost 200+ for the common date ccs!

 

+1

 

I grew up in a very sad era with no such possibilities (born in 1979)

[JIM F.]

you guys suck! I wish i could have bought them that cheap! Now they cost 200+ for the common date ccs!

 

+1

 

I grew up in a very sad era with no such possibilities (born in 1979)

 

You probably never had to get up a 5 AM to deliver papers on your paper route. Times must be tough for you guys!

 

Oh well, it's a new day.

[erickso1]

you guys suck! I wish i could have bought them that cheap! Now they cost 200+ for the common date ccs!

 

+1

 

I grew up in a very sad era with no such possibilities (born in 1979)

 

You probably never had to get up a 5 AM to deliver papers on your paper route. Times must be tough for you guys!

 

Oh well, it's a new day.

 

Not sure what your paper route has to do with us not being alive for the GSA sale.

 

Had the GSA sale been when I was a teenager (born in 1980) I would have had the funds available, earned through my hard work and the jobs I took on to raise them.

 

[johnny9434]

I bought only one coin from the original GSA sales. I bid on the 1890-CC, as there were only about 4,000 of them, and I won. The coin was technically Uncirculated, but it was so beat up that I sold it just a few years later, as soon as its value had risen to the point where I could recover my cost. Of course, now any 1890-CC GSA dollar is worth a lot, regardless of grade, but there was no way to see that coming. It was a very different time.

was that the one that had the tail bar on the reverse?

[mkman123]

delivering papers is nothing compared to farming. I had to get up early to pick fruit in 100 degree plus weather.

[JIM F.]

delivering papers is nothing compared to farming. I had to get up early to pick fruit in 100 degree plus weather.

 

Gotcha!

 

[BillJones]

you guys suck! I wish i could have bought them that cheap! Now they cost 200+ for the common date ccs!

 

They didn't seem so cheap back in the day.

 

You had no choice as to which coins you got. They were either "Uncirculated" or not, and some of the "nots" were just as nice as the "Uncirculated" ones. I understood the most of the graders were college students who often put the coins with toning in the "not" pile. The usual "Uncirculated" piece graded MS-63 or so as I remember them. I didn't buy any because I was working on early U.S. coins at the time and was no fan of Morgan silver dollars.

 

A lot of stuff was cheaper back then, but most folks incomes were lower too. You also did not have the slab companies and CAC to hold your hand when you bought a coin. If you like me you laid down several months savings or more to buy a coin based YOUR expertise. The honest dealers covered for counterfeits and the like, but grading was either lose or strict, and often it was lose.

[C.I.]

Some of us were fortunate to bid enough to receive those GSA's. I do have one regret during the last sale (1980). When gold and silver were skyrocketing, I went for the gold and purchased the commeorative arts coins.

 

This was when you could lock in coin prices (based on the gold price at the beginning of the month) and if gold went up, you still got the coins for the price of gold at the beginning of the month. If gold went down, you simply did not place your order. That might not be the exact way but its close. And I remember gold prices increasing while buying at gold prices almost a month earlier. As I remember, gold was around $600.00 and prices could change $50-$75 an oz in a month.. Again, 30+ years so it may have been more or less.. But do remember you could buy gold basically at a discount...

 

Put them all away until 2009. They literally never saw the light of day for almost 30 years. And although gold has risen to where we are today, I never liked the gold commem's. But as we know, gold then went up big time then back down so selling was not a good option. They have never been taken out of their styrofoam shipping containers . Really wish I would have used that money to buy more GSA's. Have enjoyed getting back into collecting, learning and viewing post on this board. But still have several dates to aquire. In all of these years, I have never sold even one for cash (but traded several). The difference in 30 years is now I collect for the enjoyment, not as an investment. Hat off to the board members..

 

Chet

[newprepper]

delivering papers is nothing compared to farming. I had to get up early to pick fruit in 100 degree plus weather.

 

I remember when my dad got his first rmote for the TV, boy did I get tired of getting up to change the channel for him!!! Made it not worth watching tv

[Conder101]

This was when you could lock in coin prices (based on the gold price at the beginning of the month) and if gold went up, you still got the coins for the price of gold at the beginning of the month. If gold went down, you simply did not place your order. That might not be the exact way but its close.

If you are talking about ordering the arts medallions the procedure was you had to go to the post office and get the order blank, leave and get to a phone to call for the current price quote and enter that on the order form with date and time. Then you had to go back to the post office to place the order within 24 hours, as determined by the time stamp from the postoffice, or the price quote was void and you had to start over.

 

Also this was long after the GSA sales except for the last one in 1980. The early GSA sales ended in 1974 and the Arts Medallions didn't start until 1980 I believe (1980 - 84).

 

 

you guys suck! I wish i could have bought them that cheap! Now they cost 200+ for the common date ccs!

And those of us who were able to get those common dates back then and who still hold them have seen a roughly 1% per annum return on our "investment" while inflation has been 3.4%+ per annum during the same period. In short in real terms they are cheaper today than they were back then. Also shortly after the sales they moved up into the 60 - 70 dollar range and rose little until the mid 90's when they were still about $80 each then during a very short period they jumped to the $200 range and have been at that level ever since (10+ years). The GSA common date dollars have pretty much been a lousy investment ever since they were first sold unless you bought them on the secondary market right before they jumped and then sold them right after they jumped. If you did that you got a good return, but holding them is a losing proposition.

[toneddollars]

I feel high grade GSA's in their original holders are undervalued today. Many of the best high grade or toned were cracked and submitted to be graded. Nicely toned or high grade bring nice money today, but I think they will rise in value as time moves forward.

[Raisethis2]

It's nice hearing about the trials and tribulations of a few older members. I got involved just after all the action in the early 80's so I missed all the fun (not that I had the money to play anyway).

 

It's also interesting to learn that the valuation of the Morgan's that were released has improved only marginally since then but then again, there was a flood of them. Since that's one series I like to buy today I've now been advised that there are other things to consider.