Despite the relatively high mintage of 1.3 million pieces, the 1892-CC Morgan dollar is not one of the most available Carson City issues. Most of the coins were released into circulation during different periods over the late 19th and early-to-mid 20th centuries, and relatively few were included in the great Treasury Releases of the 1960s. This date is in frequent demand and high-grade examples are elusive. In fact, the NGC population stands at only 16 with none higher.
Offered at $21,275 delivered
We do business the old fashioned way, we speak with you.
First it was supposed to be just a mid-month tax payment issue coupled with an accelerated cash rebuild by the US Treasury. Then, it was supposed to be just quarter-end pressure. Then, once the Fed rolled out QE4 while keeping both its overnight and term repo operations, the mid-September repo rate fireworks which sent the overnight G/C repo rate as high as 10% was supposed to go away for good as Powell admitted the level of reserves was too low and the Fed launched a $60BN/month Bill POMO to boost the Fed’s balance sheet.
Bottom line: the ongoing repo market pressure – which indicated that one or more banks were severely liquidity constrained – was supposed to be a non-event.
Alas, as of this morning when the Fed’s latest repo operation was once again oversubscribed, it appears that the repo turmoil is not only not going away, but is in fact (to paraphrase Joe Biden) getting worse, because even with both term and overnight repos in play and with the market now expecting the Fed to start injecting copious liquidity tomorrow with the first Bill POMO, banks are still cash starved.
To wit: in its latest overnight operation, the Fed indicated that $80.35BN in collateral ($74.7BN in TSYs, $5.65BN in MBS) had been submitted into an operation that maxed out at $75BN, with a weighted average rate on both TSY and MBS rising to 1.823% and 1.828% respectively.
While it was clear that the repo market was tightening in the past week, with each incremental overnight repo operation rising, today was the first oversubscribed repo operation since September 25, and follows yesterday’s $67.6BN repo and $20.1BN term repo.
But the clearest sign that the repo market is freezing up again came from the overnight general collateral rate itself, which after posting in the 1.80%-1.90% range for much of the past two weeks, spiked as high as 2.275% overnight and was last seen at 2.15%, well above the fed funds upper range…
… while today’s Effective Fed Funds rate also jumped from a “normal” level of 1.82% to 1.90%, the clearest indication yet that despite the bevy of actions undertaken by the Fed to unclog the repo market in the past month, it has so far failed even if it managed to quietly implement QE4 under the guise of “fixing” the repo market… something it has clearly failed to do.
The 1881-O is the rarest New Orleans Mint eagle from the early part of this decade. Coins graded AU55 to AU58 are very rare, and there are only a small number of Mint State examples known. In 2006, Winter reported probably four of five Uncirculated pieces extant, a number that likely hasn’t changed appreciably, despite inflated certification totals. This one is semi-prooflike and quite flashy in its appearance. Tied with 7 others for the highest graded by NGC.
Offered at $21,275 delivered
We do business the old fashioned way, we speak with you.
The 1857 Liberty double eagle claims a mintage of 439,375 pieces and the issue is not difficult to locate in circulated grades up to the XF-AU level. This issue was not nearly as well-represented in recent shipwreck finds as its San Francisco counterpart, with only two examples recovered from the S.S. Central America and 26 found in the wreck of the S.S. Republic. As a result, the 1857 is rare in MS62 condition, and a prime condition rarity in higher grades. The one offered here displays a crusty area at approximately 1:00-2:00 at the obverse rim. We prefer to leave it as is, for its originality. The PCGS population is just 28 with 7 higher.
Offered at $17,250 delivered
We do business the old fashioned way, we speak with you.
Struck to the extent of a meager 2,300 pieces, the 1873-CC Seated dollar melds the perennial popularity of the Carson City Mint’s CC mintmark with the last year of issue for the Seated dollar design into an in-demand numismatic rarity. The paltry surviving population was further reduced by the likely melting of a large majority of the coinage in April 1873 at the Carson City Mint. Circulated examples in any grade are rare, and Mint State pieces are among the proverbial numismatic hen’s teeth. PCGS has graded only 95 pieces (including re-submissions) in all grades combined.
Offered at $22,715 delivered
We do business the old fashioned way, we speak with you.
