Famous Coin Hoards: Redfield's Silver Dollar Hoard
Famous Coin Hoards: Redfield's Silver Dollar Hoard
The legendary story of Lavere Redfield's 400,000+ Morgan and Peace silver dollars - the largest private collection ever assembled
Introduction
Throughout history, massive coin hoards have captured the imagination of collectors, investors, and treasure hunters worldwide. While many famous discoveries emerge from shipwrecks or archaeological sites, some of the most remarkable hoards were assembled by private citizens with extraordinary vision and determination. Among these legendary collections, none rivals the sheer magnitude and impact of Lavere Redfield's silver dollar hoard—a staggering accumulation of over 400,000 Morgan and Peace dollars that would reshape the numismatic world.
For modern silver collectors and precious metals investors, the Redfield story offers fascinating insights into large-scale silver accumulation, market dynamics, and the long-term value preservation of silver investments. This remarkable tale demonstrates how one man's distrust of banks and faith in silver created a collection that would influence coin markets for decades.
Article Contents
- Lavere Redfield: The eccentric potato farmer turned silver magnate
- The accumulation strategy: From junk stocks to silver dollars
- Composition and storage: 400+ bags in a basement
- Discovery and dispersal: The $7.3 million auction
- Market impact and collector legacy
- Investment lessons for modern silver collectors
Lavere Redfield: The Eccentric Potato Farmer Turned Silver Magnate
Born near the turn of the 20th century, Lavere Redfield began life as a humble potato farmer with no indication of the extraordinary wealth he would eventually accumulate. His transformation from agricultural worker to one of America's most significant private silver holders demonstrates how contrarian thinking and long-term vision can create legendary investment outcomes.
Humble Beginnings: Born as a potato farmer during an era when agriculture dominated the American economy and silver coins circulated freely in commerce.
Great Depression Migration: Moved to California during the economic collapse, seeking opportunities while others fled to safety.
Contrarian Investments: Purchased "junk stocks" and foreclosed real estate that others avoided, demonstrating early value investing principles.
Silver Accumulation: Systematically converted investment gains into Morgan and Peace silver dollars, building the largest private hoard in history.
Investment Philosophy
- Buy assets others avoid or dismiss
- Focus on tangible, intrinsic value
- Maintain extreme long-term perspective
- Distrust financial institutions
- Live modestly despite wealth
Personal Characteristics
- Eccentric and reclusive by nature
- Continued farming despite wealth
- Drove old pickup truck for decades
- Avoided banks and paper investments
- Preferred physical asset accumulation
Historical Context
Redfield's silver accumulation occurred during a period when silver prices remained relatively stable, before the dramatic price increases of the 1970s-1980s. His foresight in recognizing silver's long-term value potential, combined with his distrust of paper currency and banking systems, positioned him perfectly for the precious metals boom that would follow.
The Accumulation Strategy: From Junk Stocks to Silver Dollars
Redfield's journey to silver accumulation began with his contrarian investment success during and after the Great Depression. His strategy of purchasing undervalued assets—what others dismissed as "junk stocks" and foreclosed properties—generated the capital that would fund his legendary silver dollar collection.
Phase 1: Distressed Assets
During the 1930s Depression, Redfield purchased stocks and real estate that others couldn't sell. These "junk" investments later appreciated dramatically as the economy recovered.
Phase 2: Real Estate Success
His California investments matured, enabling the purchase of a large home and farmland in Reno, Nevada—establishing his base for silver accumulation.
Phase 3: Silver Conversion
Systematically liquidated other assets and converted proceeds into bags of Morgan and Peace silver dollars, demonstrating unwavering faith in precious metals.
Accumulation Statistics
- Time Period: Approximately 30+ years of systematic accumulation
- Geographic Sourcing: Silver dollars acquired from across the United States
- Farthest Source: Pennsylvania (demonstrating dedication to finding available coins)
- Storage Method: Coal chute delivery to basement storage
- Security Concerns: Multiple robbery attempts led to increasingly distant sourcing
Security Challenges
As word of Redfield's massive silver accumulation spread, he became a target for theft. Multiple robbery attempts forced him to travel increasingly long distances to acquire coins, sometimes sourcing silver dollars from as far away as Pennsylvania. This demonstrates the practical challenges of large-scale physical precious metals storage—considerations that remain relevant for modern silver investors planning secure storage solutions.
Composition and Storage: 400+ Bags in a Basement
By the time of Redfield's death in 1976, his collection had grown to epic proportions: more than 400 bags of silver dollars, each containing 1,000 coins. This represented over 400,000 individual Morgan and Peace dollars—an accumulation that dwarfed institutional holdings and represented one of the largest private precious metals collections in American history.
Hoard Composition
- Total Coins: 400,000+ pieces
- Bag Count: 400+ standard bags
- Coins per Bag: 1,000 silver dollars
- Types: Morgan and Peace dollars
- Condition: Majority uncirculated
Storage Method
- Basement storage via coal chute
- Standard bank bags maintained
- No climate control systems
- Minimal security beyond concealment
- Periodic reorganization and inventory
Value Implications
- Massive silver content by weight
- Numismatic value from condition
- Historical significance premium
- Market impact potential
- Collection cohesion value
Condition Quality
One of the most remarkable aspects of the Redfield hoard was the exceptional condition of the coins. The majority were in outstanding, uncirculated condition—a factor that would significantly impact their value when the collection was eventually dispersed. This preservation quality resulted from both careful selection during acquisition and proper storage methods that protected the coins from environmental damage.
Physical Scale and Logistics
The sheer physical scale of Redfield's collection presented unique challenges that modern silver investors should consider. Each standard bag of 1,000 silver dollars weighed approximately 60 pounds, meaning the entire collection represented over 24,000 pounds of silver. This massive weight, combined with the collection's value, created storage and security challenges that would influence how the hoard was eventually handled after Redfield's death.
Discovery and Dispersal: The $7.3 Million Auction
When Lavere Redfield died in 1976, the discovery and subsequent dispersal of his massive silver dollar hoard created one of the most significant events in modern numismatic history. The collection's size made conventional sale methods impossible, leading to an innovative dispersal strategy that would influence how large coin hoards are handled to this day.
Discovery: Redfield's death revealed the full extent of his silver dollar accumulation, stunning the numismatic community with its unprecedented size.
Initial Assessment: The collection proved too large for single bank vault storage and too extensive for complete individual examination.
Auction Sale: Entire collection sold at auction for $7.3 million—significantly below actual market value but necessary for rapid liquidation.
Systematic Dispersal: New owner promoted coins throughout dealer community over three years, maximizing value recovery and market participation.
Initial Challenges
- No single vault could store entire collection
- Individual examination of 400,000+ coins impossible
- Market couldn't absorb immediate full dispersal
- Authentication and grading logistics overwhelming
Dispersal Strategy
- Grassroots dealer community engagement
- Three-year systematic release program
- Special packaging for provenance identification
- Bulk and individual sale options
Market Results
- Excellent prices achieved for quality coins
- Strong collector (not investor) demand
- Successful value recovery despite initial discount
- Positive impact on overall silver dollar market
Dispersal Innovation
The success of the Redfield hoard dispersal resulted from innovative marketing approaches that engaged the entire dealer network rather than attempting conventional institutional sales. Special plastic holders identified coins from the Redfield collection, creating provenance value that commanded premium prices. This strategy demonstrates how proper marketing and community engagement can maximize value recovery from large precious metals collections.
Market Impact and Collector Legacy
The Redfield silver dollar hoard's impact on the numismatic market extended far beyond its impressive size or immediate sale value. The collection's dispersal fundamentally changed how collectors, dealers, and investors viewed large-scale silver accumulation while establishing precedents for handling massive coin discoveries.
Immediate Market Effects
- Increased availability of high-grade silver dollars
- Standardized premium structures for condition
- Enhanced collector confidence in silver dollars
- Demonstrated liquidity of large precious metals holdings
Long-term Legacy
- Established "Redfield" as quality designation
- Influenced modern hoard dispersal strategies
- Created permanent numismatic folklore
- Inspired other large-scale collectors
Provenance Value
- Special holders identified collection coins
- Premium prices for documented provenance
- Collector demand for "Redfield" pieces
- Historical significance adds value
Modern Rarity
Over time, the Redfield silver dollars were absorbed into collections and the broader market, making original Redfield pieces increasingly rare. Today, finding silver dollars still in original Redfield holders represents a significant discovery for collectors. This scarcity demonstrates how large hoards, despite their initial abundance, can become scarce again as they integrate into the collecting community.
Influence on Silver Collecting
The Redfield story profoundly influenced how collectors and investors approach silver dollar collecting. The hoard demonstrated that systematic accumulation of quality silver coins could create extraordinary value, while the successful dispersal proved that large precious metals holdings could be liquidated effectively with proper planning and market engagement.
Investment Lessons for Modern Silver Collectors
The Redfield silver dollar hoard offers timeless investment principles that remain relevant for today's precious metals collectors and investors. His strategies, successes, and challenges provide valuable insights for anyone considering large-scale silver accumulation or long-term precious metals investing.
Contrarian Thinking
Redfield's success came from buying assets others dismissed or avoided. His "junk stocks" and foreclosed properties became the foundation for his silver empire.
Modern Application: Consider silver investments during market pessimism or economic uncertainty.
Long-Term Perspective
Over 30+ years of systematic accumulation without selling demonstrates the power of unwavering long-term commitment to precious metals.
Modern Application: Dollar-cost averaging into silver positions over extended periods.
Quality Focus
The exceptional condition of Redfield's coins significantly enhanced their value beyond silver content alone.
Modern Application: Prioritize quality and condition when building precious metals collections.
Security Considerations
Redfield's multiple robbery attempts highlight the security challenges of large physical precious metals holdings. Modern investors should consider professional storage solutions, insurance coverage, and diversified storage locations when accumulating significant silver positions. The goal is wealth preservation, not unnecessary risk exposure.
Key Takeaways for Modern Investors
- Systematic Accumulation: Regular, disciplined purchasing builds substantial positions over time
- Quality Standards: Condition and grade significantly impact long-term value appreciation
- Diversification Benefits: Physical silver provides portfolio diversification from paper assets
- Liquidity Planning: Large holdings require careful planning for eventual liquidation
- Security Infrastructure: Professional storage and insurance become essential at scale
- Market Timing: Contrarian accumulation during downturns maximizes long-term returns
Conclusion
The Lavere Redfield silver dollar hoard stands as one of the most remarkable accumulation stories in precious metals history. From humble potato farmer to owner of the largest private silver dollar collection ever assembled, Redfield's journey demonstrates how contrarian thinking, long-term commitment, and unwavering faith in precious metals can create extraordinary wealth.
His collection of over 400,000 Morgan and Peace silver dollars not only represented massive intrinsic value but also fundamentally influenced how the numismatic community approaches large-scale precious metals collecting. The successful dispersal of his hoard proved that even enormous precious metals holdings could be liquidated effectively with proper planning and market engagement.
For modern investors considering silver investments, the Redfield story offers both inspiration and practical guidance. His systematic approach to accumulation, focus on quality, and long-term perspective remain as relevant today as they were during his era of collection building. While few investors will match the scale of Redfield's achievement, his principles can guide successful precious metals strategies for investors at any level.
The Redfield Legacy
Today, finding coins from the original Redfield hoard has become a treasure hunt in itself, with original Redfield holders commanding premium prices. The "Redfield" name continues to represent quality and provenance in the silver dollar market, ensuring that Lavere Redfield's legacy lives on in every silver market transaction and collector discussion. His story reminds us that patient accumulation of quality precious metals can create lasting wealth and leave an indelible mark on numismatic history.