1889-CC Morgan Dollar CC Coin of the Week 8-8-10

Please forgive my tardyness in delivering this week's article, my fellow Coin of the Weekers, due to a scheduling conflict at my work I'm running a bit late. Anyways, here it is, better late than never.


There was a time for rejoicing in Carson City in the year 1889. Closed since the end of 1885, with the exit of President Cleveland and the election of Benjamin Harrison, it appeared that their beloved Mint could soon be reopening and producing coins once again. First there were some things to be put in order, begininng with Harrison's inauguration, he would assume office in March. Nothing would be done at the mint at least until then.

In the first week of March, 1889 Harrison took the reins of the presidency. First order of business was to remove Cleveland's people and put in his own. Regarding the mint, that started with the removal of Secretary of the Treasury Charles Fairchild and replacing him with Republican appointee William Windom. Working down the Bureau of the Mint's chain to the Carson City Mint, Superintendent William Garrard
would be replaced by Samuel C. Wright, a local attorney, judge and, believe it or not, a funeral director. Wright was liked and respected by the citizens of Carson. Orders would finally come down that the Carson City Mint would be open for coining July 1, 1889.

A lot of preparation would need to be done. Coining at the mint had not been done in over three years and it showed. Sparrows needed to be blown out of the smokestacks and barn owls run out of the basement, so to speak. The machinery would have to be dusted off, cleaned, oiled and greased and all other equipment readied to go. Coining still would not happen intil October of 1889.

Production for the 1889-CC Morgan dollar, after all preparations done and the delivery of the dies, 10 obverse and 7 reverses total, would begin with 100,000 stirkes in October, another 100,000 in November and topped off with 150,000 in December, making for a grand total of 350,000. After minting, a good number were released into circulation, what didn't, were sent to the Treasury vaults where they sat until probably meeting their fate in one of the government's great silver melts. The 1885-CC Morgan has a lower mintage total with 228,000, but about 70% of that total are estimated to have survived. The GSA sales alone saw a release of 145,285 1885-CC Morgans. By contrast, of the 350,000 1889-CC Morgans minted, the percent estimated to have survived is about 4.5%, roughly 16,000 at best. Only one example was found to be part of the GSA sales and it remained elusive for years until it finally came to surface in the summer of 2008. It has been certified by NGC and graded MS-62 Proof Like and it's value estimated in the high six figures, possibly even the low seven figures. It is, after all, one of a kind.

Strikes are found to be average at best, more likely to be below average, bag marks are heavy and to have a good problem free example is indeed, a prize. With the less that average strike of the 1889-CC Morgan, there is a surprising high number of simi-prooflike to prooflike examples, estimated to be more than 25% of the survivors, some even being DMPL having cameo contrasts.

Luster is said to be from shallow and satin to frosty, but not to be deeply frosty.

Of the subject of varieties, there were die varieties identified from the 10 obverse dies and 7 reverse dies used, but they are not significant. All 1889-CC Morgans carry the large "CC" mintmark.

Of the price range, well I guess it depends on which guide you go by, however Numis-Media's Fair Market Value guide has them listed as follows (remember, this is just a guide and not the rule):

G- $530 / VG- $620 / F- $900 / VF- $1,280 / EF- $2,630 /
AU50- $5,190 / AU55- $5,660 / MS60- $21,880

The 1889-CC Morgan Dollar is a rarity and a prize to have. In lower grades they are not priced so as to be out of reach. If grade is not so much an issue to someone, the lower grades can be had by Joe Sixpack, or it can rise to the level of a Bill Gates. Which ever level one finds themselves in, the thrill and enjoyment of owning one can be appreciated the same as it is from one level to the other. Enjoy.

A great article on the '89-CC dollar, Randy, well worth waiting for. I used to have a PCGS VF-25 example until recently. It looked exactly like the coin in the Grading by Photographs topic. I need to get another.

There is also speculation that there are examples of an '89-CC with an E-clash on the reverse. There is at least one example that has been positively confirmed because it appears in the 4th Edition of the VAM Encyclopedia. But others that have allegedly surfaced have not been positively identified to everyone's satisfaction. It is something to look out for.

To your well researched article, I would like to add Paul Sudmeier's story written in Curry's Chronicle. At ANA show in Baltimore he saw 1889-CC MS-62 GSA NGC graded coin. From 2.8 million coins sold by GSA only one was 1889-CC Morgan. It was insured for one million dollars.
I guess we will never see a 1889-CC MS-66 in GSA holder.

John Armonas

One of the coin dealers here in New Hampshire has an 1889-CC dollar in what he calls the lowest grade possible. It is probably an AG3 or lower. You can make out the date as well as the mint mark but it is pretty slick. He know that I am a Carson City Coin nut and keeps telling me that I should purchase the coin as a lucky pocket piece. I will let everyone know if i give in.

Loosechange

Great choice and an enjoyable article. Excellent job Randy, especially given your crazy work schedule.

My offering of an 1989-CC Morgan is a very far cry from the mysterious and hyper expensive 1889-CC $ GSA coin you refer to, but I enjoy it nonetheless.

Belay Off

A beautiful '89-CC Belay. There was an article in the June 2010 Coin World that covered alot of numismatic news from the 1970's. A story about the GSA sales begins on page 212. The article states the GSA '89-CC dollar is owned by Douglas Sharpe of Aspen RCT Inc. in Sarasota, FL.He said he has turned down a $500k offer. Another exception to the adage "Buy the coin, not the holder" :lol: