Читать книгу A Guide Book of United States Coins 2021 - R.S. Yeoman - Страница 22

In many instances, the mintage of a coin can be a determinant of its present-day rarity and value. However, across American numismatics there are many important exceptions, some very dramatic. As an introduction and example, if you peruse this issue of the Guide Book you will find many listings of Morgan silver dollars of 1878 through 1921 for which the mintage figure does not seem to correlate with a coin’s price. For example, among such coins the 1901, of which 6,962,000 were made for circulation, is valued at $350,000 in MS-65. In the same series the 1884-CC, of which only 1,136,000 were struck, is listed at $365, or only a tiny fraction of the value of a 1901.

Why the difference? The explanation is that nearly all of the 6,962,000 dollars of 1901 were either placed into circulation at the time, and became worn, or were melted generations ago. Very few were saved by collectors, and today MS-65 coins are extreme rarities. On the other hand, of the 1,136,000 1884-CC silver dollars minted, relatively few went into circulation. Vast quantities were sealed in 1,000-coin cloth bags and put into government storage. Generations later, as coin collecting became popular, thousands were paid out by the Treasury Department. Years after that, in the early 1960s, when silver metal rose in value, there was a “run” on long-stored silver dollars, and it was learned in March 1964 that 962,638 1884-CC dollars—84.7% of the original mintage—were still in the hands of the Treasury Department!

So, these price disparities make sense. Even though the 1901 had a high mintage, few were saved, and although worn coins are common, gem MS-65 coins are rarities. In contrast, nearly all of the low-mintage 1884-CC dollars were stored by the government, and today most of them still exist, including some in MS-65 grade.

There are many other situations in which mintages are not very relevant to the availability and prices of coins today. Often a special circumstance will lead to a coin being saved in especially large quantities, later dramatically affecting the availability and value of such pieces. The following are some of those circumstances.