Rare coin expert buys set of Carson City silver dollars for $1.2 million
CARSON CITY, Nev. — What’s being called the finest known set of 19th century silver dollars struck at the historic Carson City Mint from 1879-1883 has been acquired intact.
Rare coin expert Barry Stuppler of Woodland Hills, California, recently bought the set from an anonymous Nevada resident for $1.2 million.
And all of the coins should be re-sold to other collectors and investors by the end of the week.
Stuppler arranged for the acquisition by emails while on vacation more than 5,000 miles from his office.
Known as “The Ponderosa Collection,” the 13 coins in the group were ranked as the No. 1 finest-of-all-time set of circulation strike Carson City Morgan dollars in the Professional Coin Grading Service Set Registry.
The purchase also included a 14th superb condition “CC” dollar. Each of the coins has a distinctive “CC” mint mark on the back.
The anonymous former owner of the Ponderosa set is identified as a Nevada collector whose interest in coins began at the age of 6 with the assistance of his mother, a coin and stamp collector. He purchased his first Carson City dollar in 2008.
The seller plans to divide his proceeds between assisting his family, acquiring more coins and fulfilling a long-time desire to be in the entertainment industry.
Professional Coin Grading Service president Don Willis described the Ponderosa CC dollar set as “the finest ever graded by PCGS and with several finest known coins. The collection is a wonderful example of the historical Carson City Mint.”
Stuppler agreed with that sentiment. “The Ponderosa set is considered to be the all-time finest set built,” Stuppler said.
Stuppler said 12 of the 14 coins have already been sold for $1.1 million and expects the other two coins to be sold by the end of the week.
He said he works on a profit margin of 10 percent and expects that mark to be reached, meaning all of the coins should be re-sold for more than $1.3 million for a net profit of about $120,000.
“Carson City dollars are consider the most popular of any set with most collectors and investors,” said Stuppler, president of the Professional Numismatists Guild and a former President of the American Numismatic Association.
The regional building and population boom continues to favorably impact operations at Northern Nevada financial institutions. The thousands of new residents moving to the Truckee Meadows need to finance homes or new businesses, and all regional bankers really need to do is just put on a catcher’s mitt to snag the flow of business from people and companies moving in from California.