Name that hoard

[MikeInFL]

I must admit, I love hoard coins. First, they each have unique stories that add to the history of the coins themselves. Second, they give a glimpse into what truly original coins look like. Last, they often cause the price of a normally unaffordable coin to be affordable (often to the dismay of owners of up-until-recently-rare coins).

 

Plase describe a unique hoard of coins, and preferably a picture of a coin from that hoard.

 

Here's my contribution....

 

The Randall Hoard

 

Shortly after the civil war in rural Georgia an old railway station was being demolished. Stories vary as to who was doing the demolishing and just how many kegs were found, but they all agree in the rubble under a railway platform a large cache of mint state large cents was found.

 

All were uncirculated and some still showed mint red, but virtually all showed carbon flecks and/or mottled toning from moisture that had made its way into the wooden kegs in which the large cents were stored. Most of these coins were dated 1818 (N-10) and 1820 (N-13), but the hoard included cents dated from 1816 through 1820.

 

The keg(s) ended up in the hands of a Georgia businessman who eventually sent it to a New York merchant in payment of a debt. This merchant was overheard voicing concern over the public's acceptance of these coins by a Norwich, NY dry-goods merchant. The second merchant, William Hayes Chapman, thinking he may be able to use them as a marketing gimmick, purchased them for 90 cents on the dollar. However, just as the previous owner had feared, they were not warmly recieved being feared as counterfeit -- they were (erroneously) known as "Chapman's counterfeits". Those that weren't given away were eventually sold to a coin collector/dealer named John S. Randall (thus the name Randall Hoard) at the same price Chapman originally paid -- 90 cents per 100 coins!!!

 

Randall sold the coins off over the next few decades before passing away in 1878. His estate included 2,116 remaining large cents which were sold at public auction. The rarest date in the hoard, 1819, brought the princely sum of $1.28 each, and the remaining dates between 5 and 7 cents each. In 1960 the going rate for these coins was only $20. Today, the majority of the remaining mint state large cents from the dates starting in 1816 through 1820 are from this hoard. Because of their sheer numbers even today a brown mint state example of an 1818 or 1820 can be found for between $500 and $1,000.

 

Attached below is an example from my collection. The brownish spotted look is very typical of these coins and this example, although free from any signficant marks and still very lustrous, is anything but the epitome of beauty. Many of them have a blue-green toning, as is shown (poorly) on the reverse of the following coin.

 

 

The blue-green coloration often seen on coins from this hoard is shown better in this photo:

 

 

Some also look more red, but, again, are genrally spotted:

 

 

Interestingly enough, both the 1818 N-10 and 1820 N-13 have a distinctive and similar circular die crack on the obverse going through the stars which makes identification a snap.

 

Buyer beware -- be wary of the mint state coin from this hoard completely without spots, as many of these coins have been "improved" over the years.

 

Here's a great article by Steve Carr on the hoard if you're interested in learning more.

 

Here's a link to Heritage Archives for all mint state 1818 N-10 large cents.

 

Here's a link to Heritage Archives for all mint state 1820 N-13 large cents.

 

 

 

What's your favorite hoard?

[WoodenJefferson]

Been busy...I will come up with something.

 

First time I hear this story in details, just lit bits here and there about those kegs of coins.

 

The Continental-Illinois National Bank Hoard.

 

 

The grand-daddy of all coin hoards, and the leading example of a successful hoard dispersal in all senses of the term, must be the Continental-Illinois National Bank hoard of silver dollars in the early 1980s.

 

Banks are required by federal law to keep a certain percentage of their “deposits” in cash at all times as one of their federal reserve requirements. For more than a century, it seems, the Continental-Illinois National Bank in Chicago kept a portion of its reserves in original mint bags of silver dollars.

 

Because of the bank’s financial difficulties in the early 1980s, the Board of Directors of the bank decided to sell the bags for the significant profit that they were worth over their face value, to help soften the financial crisis that so many banks were facing at the time.

 

Beginning in 1982 and lasting for several years, as many as 1,000 original bags of brilliant uncirculated Morgan silver dollars, and another 500 bags of circulated silver dollar, came out of this hoard. That means more than 1.5 million coins! The majority were common dates: 1879-S, 1880-S, 1881-S, 1882-S, 1883-O, 1884-O, 1885-O, 1886-P and 1887-P. There were a dozen or so bags each of 1883-P and 1884-P and a few more single bags of some other dates. Beyond the sheer numbers, the condition of the coins was remarkable. Many from this hoard were absolutely breathtaking gems, exhibiting incredible cartwheel luster, magnificent rainbow toning, and outstanding proof-like strikes.

 

Marketing of the Continental-Illinois National Bank hoard was handled in model fashion. From the very start, the two or three major retailers who were charged with organizing the dispersal understood that the greatest benefit to all would be obtained by utilizing the abilities of the entire industry, wholesalers and retailers alike. By establishing an extremely wide distribution channel, they could rely upon the grass-roots marketing efforts of mail order and storefront dealers, and millions of customers would be reached directly. The combination of product, story, and price was a perfect fit for them. Extraordinary demand was created, and because so much of the industry was involved, the after-market support was firmly in place and demand for the hoard coins continued to build.

 

As a result of this successful dispersal strategy, the entire silver dollar market grew for the next five years. From 1982 to 1985, for example, Morgan Silver Dollars in MS 65 increased in average value by 450%! Collectors and investors alike were happy, and the hobby enjoyed a wonderful resurgence

 

[SkyMan]

Thank you guys for the very useful information!

[MikeKing]

great post!

I particularly like that 1820 penny. Very organic. Wish I had one just like it.