Buried Treasure & Boxed Beauties: How Shipwreck Salvage and Famous Hoards Shape the Morgan Dollar Market

Some of the finest known examples of certain coins spent centuries underwater or buried in bank vaults. Let’s look at the hoard history. As a professional treasure salvor and numismatist, I’ve spent countless hours examining the surfaces of coins that have survived the crushing pressure of the Atlantic Ocean or the forgotten silence of a buried soda can. When a collector recently posted about finally finishing their “Box of 20” Morgan Dollars—highlighting dates like the 1887-O and 1878-CC—it struck me how the conditions that create a pristine “Box of 20” coin are often dictated by history’s greatest hoards and shipwrecks.

The Allure of the “Box of 20” and Market Rarity

The forum discussion surrounding a completed “Box of 20” Morgan Dollars highlights a fascinating concept in modern collecting. While many enthusiasts strive for a complete 97-coin set—like the impressive PCGS set boasting a weighted GPA of 60.00—the “Box of 20” serves as a highly focused, achievable milestone. It forces the collector to “sell the lieutenants and keep the generals,” curating a pocket-sized museum of 19th-century American coinage.

However, what the forum thread also reveals is the stark reality of date-specific rarity. One collector noted that the 1887-O Morgan Dollar commands a massive premium—often four times more expensive than common dates like the 1884-O or 1888-O. Why? Because mintage doesn’t always equal survival, and survival is often determined by what hoards have released into the market over the last century.

Hoards, Shipwrecks, and the Morgan Dollar Pipeline

In my experience grading sea salvage coins, I can tell you that the Morgan Dollar market is uniquely tied to a few monumental discoveries. Unlike ancient coins that surface from farmers’ fields, the vast majority of high-grade early Morgans (1878–1891) didn’t come from circulation; they came from bank vaults and shipwrecks.

The Treasury Releases and the Redfield Hoard

During the 1930s and 1940s, the U.S. Treasury released millions of Morgan Dollars from their vaults. Hoards like the Redfield Hoard—comprising over 400,000 silver dollars hidden by LaVere Redfield—flooded the market. Many of these coins were untouched, mint-state examples. When you see an 1888-S or an 1899-O in MS 64 or MS 65, there is a high probability it traces back to one of these massive treasury releases or private hoards. These hoards provided the raw material for the “Box of 20” collections we see today, offering collectors a chance to own a piece of history that escaped the melting pot.

The S.S. Central America: A Time Capsule of 1857

While the Redfield Hoard provided a steady stream of later-date Morgans, the S.S. Central America shipwreck—often called the “Ship of Gold”—provided a window into the earliest days of the San Francisco Mint. As a salvor, examining these coins is breathtaking. They possess a distinct “sea-salvage” character: often fully brilliant, with minimal bag marks because they were originally packed in canvas bags and sealed in the ship’s vault, untouched by the circulation that damaged their contemporaries on land.

When evaluating a coin from this hoard, look for:

• Original Patina: A thick, iridescent toning that forms over centuries underwater.
• Strike Quality: Many S.S. Central America coins exhibit full, rounded strikes, as the dies were fresh when the ship sank in 1857.
• Authentication: Always rely on third-party grading (PCGS) for these pieces, as the historical premium is immense.

Modern Treasures: The Saddle Ridge Hoard

While the S.S. Central America represents maritime history, the Saddle Ridge Hoard (discovered in 2013) represents the ultimate buried treasure. A couple walking their dog on their Northern California property unearthed a rusted can containing over 1,400 gold coins—mostly $20 Liberty Head and $5 Indian Head pieces dating from 1847 to 1894.

Although this hoard focused on gold, its impact on the entire numismatic community cannot be overstated. It proved that massive caches are still out there. For a Morgan Dollar collector, the Saddle Ridge Hoard serves as an inspirational benchmark: it reminds us that the “Box of 20” you are building today could one day be the foundation of a future hoard discovery.

Shipwreck Effects: Grading the Ocean’s Bounty

When a collector seeks a “Better Date” Morgan Dollar for their box, they often face a choice: pay a high premium for a high-mintage date in average condition, or seek out a shipwreck example. Many shipwreck coins offer original luster and eye appeal that landlocked coins simply cannot match.

However, the ocean is not always kind to copper or silver. In my experience grading sea salvage coins, I look for specific markers:

1. Corrosion: Chloride corrosion can pit the surface of a coin, even after professional conservation.
2. Cartwheel Luster: The original mint luminescence must be intact. If a coin has been cleaned, it loses its “shipwreck premium.”
3. Historical Provenance: Documentation from the salvage operation (e.g., from the S.S. Central America or the “Ship of Gold”) is vital for valuation.

Building Your Own Hoard: Actionable Takeaways

Whether you are aiming for a complete 97-coin set or just filling that final slot in your “Box of 20,” understanding the source of these coins is crucial. The forum discussion about the 1887-O and the 1878 7/8 Strong shows that collectors are increasingly savvy about VAM varieties and mint mark quirks.

Here is my advice for collectors navigating this market:

• Buy the Generals First: As one forum user wisely noted, buy the keys and semi-keys early. The 1887-O, 1897-S, and 1885-S will always outperform common dates in the long run.
• Prioritize Old Holders (OGH/Rattlers): PCGS Old Green Holders and rattler slabs often indicate early, conservative grading. Collectors in the forum noted that coins like the 1883-CC and 1884-CC in OGH slabs offer undervalued potential.
• Consider CAC Approval: A green or gold sticker from Certified Acceptance Corporation confirms superior eye appeal. The 1878-CC MS 64 in the forum post likely carries a significant premium for its quality.

Conclusion: The Enduring Legacy of the Hunt

The completion of a “Box of 20” is more than just a milestone; it is a testament to the collector’s patience and eye for quality. From the mud of the Atlantic Ocean to the iron cans of Saddle Ridge, the coins we hold in our hands have survived immense odds. The 1887-O in MS 64, the 1878-CC in an old holder, and the countless other “Better Dates” discussed by collectors are physical links to America’s economic past.

As a treasure salvor, I can assure you that the romance of the hunt—whether it is scanning the ocean floor for a sunken chest or searching through a dealer’s showcase for that perfect gray sheet bid—is what drives this hobby. Keep upgrading your box, keep seeking the generals, and remember: the finest known examples are often the ones that spent centuries in the dark, waiting to see the light of a grading lamp.

Related Resources

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