1892- C.C. Morgan $1 Coin of the Week, 3-27-10

It could probably be said that the wheels started in motion which would bring on the final demise of the Carson City Mint had begun in 1892. It was an election year which paired up a repeated match as the election of 1888, with Grover Cleveland taking on President Benjamin Harrison. Just four years previous, Harrison squeaked by Cleveland to take the presidency away. Though Cleveland had the popular votes by 90,000, Harrison had the Electoral College votes 233 to 168. In 1892 the results would be different. Cleveland won by both popular voted with 380,000 more as well as the Electoral College votes 227 to Harrison's 168. In addition to events that lead to Harrison's fall from grace within his own party and the public, two weeks before the election, his wife Caroline died after a long fight with tuberculosis, five days after their thirty ninth wedding anniversary. Harrison had not been campaigning on his own behalf to be close to his ailing wife, and out of respect, Cleveland had scaled back his campaign, but the results would not likely have been any different. Cleveland was elected, and with his history against the silverites, the Carson City Mint's days were numbered.

In the numismatic arena of 1892, there were a couple of events worth noting. One being a design change in the dimes, quarter and half dollars as the Seated Liberty design was retired and the Liberty Head design of Charles E. Barber would begin its run and go through 1915 on the half dollars and 1916 on the dimes and quarters. Another was the minting of the first commemorative half dollar to mark the 400th anniversary of Columbus' discovery of the new world. The coins were minted and sold for one dollar to help finance the Columbian Exposition held in Chicago. The Exposition was originally scheduled to open in October of 1892 but was delayed until May of 1893. The half dollars were minted in both 1892 and 1893 and due to the hard economic times, most didn't sell and were finally just released into circulation. The Carson City Mint, which hadn't minted any dimes, quarter or half dollars since 1878, didn't mint any of these coins either.

Among the coins that were minted in Carson City the year of 1892, was the Morgan Dollar. 1892 was a year that saw the lowest total of Morgans minted at all mints than any year previous. With a total of 1,352,000 Morgans minted in Carson City, it was the first time that the Carson City Mint totaled more Morgans that the mints of San Francisco or Philidelphia. The New Orleans Mint with a total of 2,744,000 made the most that year. Carson City would be the top producer of Morgans the following year, its last, in 1893.

With a mintage of 1,352,000, Carson City Mint workers were averaging 110,000 dollar coins a month, the first seven months of production. On August 1, 1892, the then Mint Superintendent Samuel C. Wright died at age 61. He was replaced by Theodore R. Hofer, a well known and respected citizen of Carson City, he was also the Cashier of the Carson branch of the Bullion and Exchange Bank and would be the last Superintendent of the C.C. Mint while if produced coins. While the transition of Hofer's position and Mr. Wright's funeral, the mint lost over two weeks of production time, still it managed to crank out 40,000 Morgans for the month of August. In the next four months, another 542,000 would be produced.

Of the 1,352,000 minted, survival estimates are at 75,000 to 100,000. Only 75,000 were released annualy in 1892 and 1893. Most 1892- CCs were stockpiled with most not being releasted until in the twentieth century and probably were one of the dates lost to the great silver melts. Only one was found in the government vaults for the G.S.A. sales. In the famous Redfiesl hoard, there were possibly two to four bags.

Strikes vary from weak to sharp with most being above average, having good lustre and attractive eye appeal. Proof like examples exist but are not plentiful. Of those that do exist, most have excellent mirrored surfaces. DMPLs are scarce and very tough to find with no bag marks.

Ten die pairs were used in the production of 1892 Morgans, with no major varieties existing. Most varieties are relating to the mint mark, as the mint mark for C.C. coins are punched in seperatly with two impressions of a "C" punch. The varieties include "Slanted CC", "Wide Spaced CC", "Doubled CC", "Dropped CC", ect. No varieties command a premium over the price of the coin itself.

Prices for an 1892-CC Morgan are estimated as follows: G-$121,
VG- $168, F- $210, VF- $282, EF- $492, AU50- $680, AU55- $840,
MS60- $1380.

Excellent article, Randy!

Great Article on your 1892-CC Morgan dollar Randy.

Michael the drummer

Thanks, guys.

-R-

A great write up deserves more than just "kudos". Why not add to it an image of your coins or some additional information that the presenter did not include in the description of this coin.

Above is my original purchase and the upgrade of 1892-CC $1. My next step will be to sell MS63 coin and to find one in MS65 or even MS66.

Let's add more information about this topic. This project supposed to be interactive. The presenter just starts the action the rest of us should jump in too. Do not be lethargic!

John Armonas

Randy,

An excellent article and very relevant considering the year of your Coin of the Week selection. Great job!

Below is my 1892-CC Morgan.




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