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The Morgan dollar is one of the most beloved and recognizable silver coins in American history. Minted from 1878 to 1904, and then once more in 1921, these coins were a result of the Bland-Allison Act, which required the U.S. government to purchase large quantities of silver and convert them into coinage. Designed by George T. Morgan, the obverse features a striking portrait of Lady Liberty, while the reverse displays a bold American eagle clutching arrows and an olive branch.
Composed of 90% silver and 10% copper, Morgan dollars were struck at multiple U.S. Mint locations, including Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D, in 1921 only). While many of these coins were used in daily transactions, millions were stored in government vaults for decades, leading to the discovery of legendary hoards that would later reshape the numismatic world.
The Most Famous Hoards of Morgan Dollars
Over the years, various hoards of Morgan dollars have been discovered, revealing hidden treasures and making once-rare coins widely available to collectors. Here are some of the most famous hoards:
1. The U.S. Treasury Hoard
One of the most astonishing discoveries of Morgan dollars occurred in the 1960s when the U.S. Treasury revealed that millions of uncirculated Morgan dollars were still in its vaults. Many of these coins had sat untouched for nearly a century. The hoard contained a significant number of Carson City (CC) Morgans, which had been thought to be scarce. When the General Services Administration (GSA) began selling these coins to the public in the 1970s, it became one of the largest government coin sales in history. Today, GSA-labeled Carson City Morgan dollars remain highly collectible.
2. The Redfield Hoard
The Redfield Hoard is one of the most famous private hoards of Morgan dollars ever found. Accumulated by Nevada recluse and investor LaVere Redfield, this collection contained approximately 400,000 silver dollars, mostly Morgans, stored in bags in his basement. Redfield, who had acquired these coins over decades, was known for distrusting banks and preferred to keep his wealth in silver. After his passing in 1974, the hoard was auctioned for over $7 million. Many of these coins were in pristine condition, making them highly desirable to collectors today.
3. The Continental-Illinois Bank Hoard
During the 1980s, a massive hoard of Morgan and Peace dollars was discovered in the vaults of the Continental-Illinois Bank in Chicago. This hoard contained over a million silver dollars, including many high-grade Morgan dollars from the early years of production. The hoard was eventually dispersed through auctions and private sales, adding a large supply of well-preserved coins to the numismatic market.
4. The Binion Hoard
The Binion Hoard was discovered in the late 1990s, consisting of more than 100,000 silver dollars, primarily Morgan and Peace dollars. These coins were once owned by Ted Binion, a Las Vegas casino heir with a passion for silver. Stored in a vault beneath his ranch, the hoard became famous due to its association with Binion’s mysterious murder in 1998. Many of the coins were later sold with special certificates of authenticity, making them highly sought after by collectors.
5. The Wells Fargo Hoard
One of the most pristine hoards of Morgan dollars ever discovered, the Wells Fargo Hoard contained over 1,000 original mint-condition 1908-S Morgan dollars. These coins were stored in bank vaults for nearly a century before being discovered and sold in the late 20th century. The coins from this hoard are notable for their exceptional luster and well-preserved condition, making them some of the finest-known examples of their kind.
Why Morgan Dollar Hoards Matter
The discovery of these hoards had a profound impact on the numismatic market. Coins that were once considered extremely rare became more accessible, yet their historical significance remained intact. For collectors, hoards offer the opportunity to acquire well-preserved, high-grade specimens that would otherwise be nearly impossible to find.
The legacy of Morgan dollars continues to thrive, thanks in part to these discoveries. Whether found in old bank vaults, buried in private collections, or hidden away by eccentric collectors, these hoards represent a tangible connection to America’s past. For numismatists, each Morgan dollar tells a story—a story of silver mining booms, government policies, and the economic history of the United States.
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