Morgan Silver Dollars (1878-1921) (Redfield/Paramount)
Redfield Morgan DollarsThe APMEX carries a variety of Redfield Silver dollars for sale.
Redfield Hoard Morgan DollarsIn the 1930's a contrarian investor - LaVere Redfield - moved to Nevada to take advantage of the state's favorable tax climate. Redfield had made millions of dollars during the 1920's and during the Wall Street collapse in 1929. Unlike other recent Nevada residents, Redfield shunned the media and quietly amassed his fortune.
But Redfield was also a gambler and would frequent several Las Vegas casinos to play his favorite game - roulette. After one very successful afternoon at a casino, he was followed as he walked home and the man following him attempted to mug him and take his winnings. Even though he was attacked and beaten with a brick, Redfield would not part with his winnings. But that event and a robbery of his home caused a strange change in the man. Redfield grew even more recluse.
Redfield started attending coin and estate auctions and buying Silver Dollars - by the thousands. He purchased the coins and often paid in cash for them. And he started hoarding them, along with food and other necessities at his home. He built "fake" walls in the basement of his home and started to store the coins there - out of sight, he felt that they were safer there than anywhere else. He used an old coal shute in his basement to "drop" the coins to their safe resting place. He kept storing more and more coins and building walls around them. By the time Redfield died in 1974, his basement was nearly impassable.
One of his estate attorneys notice the odd configuration of the walls in the basement and checking the construction of these walls caused him to open one wall. This lead to the discovery of a stash of Silver Dollars, only eclipsed by the stash in the US Treasury. Redfield had amassed over 407,000 Silver Dollars. Most of these coins were uncirculated and in original U.S. Mint bank bags.
After his death, his coins were sold at auction in 1976. The winning dealer, Paramount International Coin Corporation, paid $7.3 million dollars for this hoard - an average price of only $17.94 per coin. To capatalize on this uniqueness of this purchase, Paramount Coin had these coins broken down by grade - circulated, uncirculated, MS-63, and MS-65 and encapsulated in red hard plastic holders and black hard plastic holders. The holders state a grade and that the coins were from the "Redfield Collection." Paramount also bought other Silver Dollars that they couldnt attribute directly to Redfield and those were stored and encapsulated in the same red and black plastic holders. Today, collectors assume that the cons in any Paramount Coin holder is from the Redfield collection. That is not the case - unless the insert of the holder states that they are from the "Redfield Collection" they are likely just from Paramount's inventory. But, today, both Redfield Hoard coins and Paramount Silver Dollars in the original holders are highly desirable.
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