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CC GSA Bodybag

Started by messydesk,

21 posts in this topic

messydesk

messydesk

Posted
Posted

Got a pile of GSA CC Morgans back from our hosts. One of them came back in a body bag, marked obverse improperly cleaned. My natural response was simply, "wut?" Then I looked at the coin and saw what looked like a wheel mark -- a skid left from a rubber wheel on a counting machine -- on the obverse. Then I looked into the GSA CC sale preparation notes in the VAM book and saw that for a short time, they were using a mechanical sorting device, which was abandoned in favor of gloved women after it was discovered it could mark up the coins. Anyone else have experience with bodybagged GSAs, any idea how often this occurs, or more details on the device in question and how long it was used?

 

Picture this evening, perhaps.

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cpm9ball

cpm9ball

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John, it also makes me wonder if any of the employees involved in the sorting and packaging of the CC's didn't try to clean some of them hoping to improve the classification (UNC/CIRC).

 

Chris

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RWB

RWB

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There are several of these floating around. They all came from the mixed category and were not sold by GSA as "uncirculated."

 

There is a large file on this at NARA, if anyone cares to sort the reality from hype and assumption.

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messydesk

messydesk

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What I'm interested in knowing is the nature of the automated sorting mechanism eluded to in the VAM book, and if it is indeed the source of the wheel marks. I'll have to look at the coin later to see what kind of GSA holder it's in.

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RWB

RWB

Posted
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It was just a motor operated coin counter with a rubber friction wheel that touched the coins. Small coins were OK, but the dollars got scraped because of their weight and slow movement.

 

Circulated dollars are occasionally found with these marks, but most that went through the counting machines in earlier times were melted as defective, underweight and mutilated coins.

 

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Kurtdog

Kurtdog

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Interesting information, guys. John, that 65+ is toned, isn't it? Reason I say (and, this is just a theory I have), those are the ones that mostly ended up in the "Silver Dollar" holders for the reason tarnish was conceived of less-favorably, then, even, by many, as environmental damage. That, in turn, explains why so much silver was dipped, and why mostly the "white" CCs are the ones that ended up in the "Uncirculated Silver Dollar" holders. In fact, if I'm right about that 65+, it means it was a dip away from making an "Uncirculated Silver Dollar" holder.

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RWB

RWB

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Kurtdog - Yep, right on the $$$. Tarnished coins were inferior - especially since a lot of the tarnish was irregular and not very attractive. But, there were exceptions that ended up in the "cheap" holders that now are not cheap coins.

 

(If we posit that the canvas bag has a role in promoting toning, and that it also has a role in reducing surface damage to a coin that is pressed and held against the bag, then some of the best condition GSA coins are also likely toned, and therefore more likely to be in the "Silver Dollar" GSA holders.)

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Nutmeg Coin

Nutmeg Coin

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I spoke with one dealer who personally cracked hundreds of CC GSAs out of those holders, possibly for the quick dip and regrade or before the grading services offered to put that strip around the GSA holder with a grade.

 

BTW, a dealer showed me how the Bluesheet has pricing listed on the GSA CCs, don't look to GS for pricing on dates like 1890 or 1891 CC as they are worth quite a bit more in the now rare GSAs for those better dates. Also only one 89CC apparently.

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Nutmeg Coin

Nutmeg Coin

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The '89-CC is a soft pack, isn't it?

 

EDIT: or was that found in a mixed bag and put into one of the generic "Silver Dollar" holders? Can't remember.

 

I'm not sure but it is worth a ton as the only one.

 

Bluesheet shows over $2K for 1890 and 1891CC GSAs, many multiples of CDN unc. money. So sharp dealers can whip out the GS and show what the "bids" are for "certified" cc Morgans and then flip them at huge profits. A little like how dealers can buy rare varieties at generic money to real profit.

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messydesk

messydesk

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The 1889-CC is in a hard case. Monaco had it a few years ago, and they still may, for all I know. It's cool being the only one known, but it's not terribly attractive. I think it's a 62PL, and has a price tag commensurate with it being the only GSA 89-CC.

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toneddollars

toneddollars

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The 89-cc is in a hard pack and is graded ms-62 dmpl and is owned by Doug Sharpe of Florida. There is a possibility that there are other owners. Doug told me he had the coin insured for 1/2 million dollars when we spoke. By the way, I think DMPl is very generous. The coin is no more than PL IMO

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Conder101

Conder101

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Why is it "far worse than a body bag"? As to why it is designated as it is, it was originally in a GSA softpack holder (Sold by the GSA for $3 each. While the softpacks were to be used for the obviously circulated coins, for some reason a LOT of the MS 1878 CC dollars went out in these holders) The person who submitted it wanted it slabbed in a regular NGC slab and not in the holder they normally used for holdering the softpacks. They also wanted it identified by the VAM number probably because he knew it was one of the top 100 VAM's.

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Tim's Gems

Tim's Gems

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You can and should leave them in OGP/GSA packaging. That said, I'm a certified GSA "nut" so I will explain no more on my opinion. The GSA soft pack holders acknowledge every thing a NGC slab does.

 

 

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