If you have one, it may not be uncirculated or even authentic

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Just because your GSA dollar is in its original US Mint holder doesn’t mean you have an uncirculated gem. Moreover, some are counterfeit and others so damaged that the government gave buyers a warning–see below–often missing when the coin is being sold online or in estate auctions:

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The type of holder also indicates a potentially flawed Carson City dollar:

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Here’s how the Mint categorized Carson City dollars in GSA holders:

• Uncirculated Coins: Carson City silver dollars deemed to be in uncirculated condition were encapsulated in special hard plastic holders with “Carson City Uncirculated Silver Dollar” printed on them. These were accompanied by a numbered Certificate of Authenticity and presented in a black box with a velvet lining.
• Other Condition Coins: Some coins showed wear or unsightly toning and were therefore not classified as uncirculated. These coins were also encapsulated in the hard plastic holders but without the “uncirculated” designation. They were still accompanied by a Certificate of Authenticity, however, these COAs were blank, rather than numbered. 

Proxiblog recently notified a member of Facebook’s Morgan Dollar Group about a problematic GSA dollar.

This was Proxiblog’s answer:

“The coin has issues on the cheek. You need to take photo of the holder. I think this coin came in a GSA holder that didn’t state ‘Uncirculated.’ I suspect it came in a holder like this below.

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Here’s a closeup of the obverse, showing scuff marks:

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Over the years GSA dollars have been manipulated by hobbyists. Sometimes sellers did it intentionally. Other times, they just didn’t know how to distinguish a flawed coin from an uncirculated one, based on the Mint’s paperwork and designations.

Here is a prime example.

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The seller includes this COA:

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Several problems here:

• He is selling a 1884-CC with a certificate that begins with the numbers “83,” indicating that this COA came from an “Uncirculated” holder in an 1883-CC box. (See Proxiblog’s article, “Wrong GSA COA and Counterfeit Holders.”)
• He isn’t showing or never received the U.S. Mint “Important” notice about the coin having flaws.
• He is selling the flawed coin for near $600 when it should go no higher than $275 with these scuff marks on the key area of the cheek:

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This is why you still need to know how to grade if buying a GSA Morgan. You can waste money on a coin like this paying MS65 prices.

Proxiblog contacted the seller:

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The seller stated that he accidently switched the COAs with his other stock. And to his credit, he ended the sale.

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The sale was ended because of grading knowledge. Otherwise someone else would have received this lot.

So if selling, viewing or showcasing a GSA dollar, especially on Facebook, be aware of the factors mentioned in this article.

1. Check the holder for the word “Uncirculated.”
2. Look for the GSA note (not a numbered COA) if the holder lacks the word “uncirculated,” noting the coin has flaws or unsightly toning.
3. Remember that the first two numbers of the COA on an uncirculated GSA dollar should match the last two numbers of the coin’s date.

Finally, be aware of Chinese counterfeit GSA dollars housed in a smooth rather than textured holder:

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.