Comments by "Sar Jim" (@sarjim4381) on "History of America's Forgotten Mints" video.
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Michael, the Carson City Mint dollars came from the Treasury Department. They were being held in reserve for those exchanging silver certificates for silver dollars. That's how I got started collecting them back in the late 50's. Hard to imagine now, but a common date silver dollar was worth exactly one dollar.
Convertibility of silver certificates to silver dollars ended in 1964 as the price of silver was rising above the value of .77 ounces of silver in the dollar. Treasury still had almost 3,000 $1,000 face value bags of silver dollars in 1964, and this supply was shipped to the West Point (NY) Bullion Depository until a decision was made on how to dispose of the coins.
The process started in 1970 when GSA employees, with the guidance of a committee of professional numismatists started separating the coins into grades from uncirculated to circulated. It was decided to offer these in mail bid sale in 1972 with a minimum bid of $30. Almost all were CC coins, and the date and quantity lists sent shockwave through the collecting community. Some of the most expensive date like the 1879 and 1882-1884 were considered rare because so few were available, and the assumption was most had been melted in great silver melts of the 1920's. In fact, they were rare because Treasury was holding enough of them to make it seem like so few were left. CC dollar prices collapsed almost overnight once the lists were released. Without knowing how many more of each date were left in the hoard, many collectors left the CC dollar collecting hobby in disgust. Bidding was much less than had been anticipated. Only 700,000 of the 1.7 million offered were sold. It took the rising price of silver, six more sales, and renewed collector interest before all the silver dollars were finally sold in 1980.
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