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Redfield Hoard
Redfield Hoard
Redfield Hoard
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1880 S Morgan dollar from the Redfield Hoard slabbed in a red Paramount holder

The Redfield Hoard was LaVere Redfield's collection of 407,000 silver Morgan and Peace dollars. The hoard was discovered in Reno, Nevada, at the home of LaVere Redfield after his death in 1974.

Redfield was burglarized in 1952 and at that time he had already amassed a hoard of 270,000 silver dollars. He claimed that the authorities who investigated the burglary forced him to take the silver dollars to the bank at that time. His home was burglarized again in 1963 and newspapers in the 1980s reported that 100,000 silver dollars were taken, a figure which was disputed by Jack Harpster's book The curious life of Nevada's LaVere Redfield : The Silver Dollar King.

Redfield did not trust banks and paper money so he continued to collect silver dollars. He was dubbed the "Silver dollar king" after the discovery of the silver dollar hoard in 1974. From the mid 1960s to 1974 he hoarded more than 400,000 silver dollars. The entire hoard was sold to A-Mark Financial for US$7.3 million (equivalent to US$40.3 million in 2024).

Background

[edit]
Peace dollar from the Redfield Hoard slabbed in a black Paramount holder

In 1952 LaVere Redfield's silver dollar hoarding was discovered. Redfield's home was burglarized and on investigation of the burglary police discovered a secret room in the basement of his large stone home. The room had 270,000 silver dollars along with a hoard of postage stamps. The Reno Gazette-Journal said that, "He was forced to take the money to the bank".[1] He was the victim of another burglary in 1963. Burglars fed steaks to Redfield's dogs while they removed two safes from his home. The contents of the safes were not disclosed.[1] Newspaper reports claimed that he lost 100,000 silver dollars in the 1963 burglary.[2][3] Redfield continued to collect silver dollars until his death.[4] In Jack Harpster's book The curious life of Nevada's LaVere Redfield : The Silver Dollar King, Harpster claims that there is no source to confirm the figure of 100,000 silver dollars and 10,000 silver dollars were stolen.[5]

History

[edit]

After Redfield's death in 1974 Redfield's heirs found hundreds of bags of silver dollars in his Reno, Nevada, garage and home.[4][6] It was thought that it took Redfield more than forty years to accumulate the silver dollars. He did not trust paper money and used money that he made in the stock market to hoard silver dollars.[2]

The Star Democrat reported that Redfield sent bags of silver dollars down the coal chute at his home. The chute led to a room in the basement where Redfield also stored jars of peaches. The newspaper reported that he had food "stored in great quantity". Summer heat apparently led to peach jars exploding and the juice sprayed on some of the silver dollars.[7] Redfield was not a coin collector so he did not take care while handling or storing the coins. Writing for the Helena Independent Record, Angus White said the Redfield hoard was the "largest quantity of silver dollars individually owned and amassed in one place in history".[8]

In January 1976 Los Angeles based film producer Steven Markoff (through A-Mark Financial) purchased the LaVere Redfield silver dollar hoard for US$7.3 million (equivalent to US$40.3 million in 2024).[9] The collection consisted of over 407,000 silver dollar coins which weighed 12 tons.[6] A-Mark Financial sold the coins individually and many came in a Paramount coin slab. Two major coin grading services, Numismatic Guaranty Company and Professional Coin Grading Service, have included the Redfield name on their graded coin holders.[10][11] The coins were United States silver dollars: Morgan and Peace dollars.[5]

When Redfield died in 1974 he was referred to as an eccentric man. Jack Harpster wrote a biography which dubbed him the "Silver Dollar King." According to Harper, Redfield did not trust banks, was anti-government, and was a ruthless businessman.[4]

References

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Redfield Hoard

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The Redfield Hoard is a legendary numismatic collection comprising over 400,000 U.S. silver dollars, predominantly Morgan dollars minted between 1878 and 1921 alongside a smaller number of Peace dollars from 1921 to 1935, amassed by the eccentric , millionaire LaVere Redfield and uncovered in his home following his death in 1974. LaVere Redfield, a self-made who relocated to Reno in 1935 after earlier ventures in and , began obsessively acquiring silver dollars in the late 1930s, often purchasing them in bulk from banks and for their or slightly above, driven by a distrust of paper currency and a fascination with silver's enduring value. By the time of his death on September 6, 1974, at age 76, the hoard totaled approximately 407,000 coins—351,000 of which were uncirculated—stored in canvas bags of 1,000 each, weighing over 11 tons and concealed behind a false wall in the basement of his 15-room fieldstone at the corner of Mount Rose and Forest Streets. The hoard gained notoriety not only for its immense size—the largest known assemblage of U.S. silver dollars—but also due to Redfield's tumultuous life, which included multiple burglaries of his home in 1952 and 1961 that targeted his growing stash, as well as a 1960 conviction for that resulted in an 18-month prison sentence. Discovered by estate executors and IRS agents shortly after his passing, the collection included a handwritten note from Redfield warning, "Do not show this to the IRS," underscoring his about scrutiny. In 1976, it was sold en masse to A-Mark Coin Company for $7.3 million, marking one of the largest single transactions in numismatic history at the time, with subsequent dispersal through Paramount International Coin Corporation auctions over several years. Today, coins from the Redfield Hoard command significant premiums in the collector market due to their pedigreed , often certified in distinctive Paramount holders and graded MS-60 to MS-70, with notable examples like high-grade 1883-S Morgans or key-date Peace dollars such as the 1928-S fetching thousands of dollars each; the entire hoard, if valued at current silver prices alone, exceeds $10 million, though its numismatic appeal far surpasses melt value. This assemblage remains a of American lore, illustrating the intersection of personal eccentricity, economic hedging, and the allure of preserved 19th- and 20th-century currency.

LaVere Redfield

Early Life

LaVere Redfield was born on October 29, 1897, in Ogden, , as the seventh child of William Sheldon Redfield and Sarah Eleanore Browning Redfield. His family was part of a poor, rural Mormon community, with roots tracing back to early settlers in the region, though they were described as a "fallen Mormon family" due to economic hardships and possible lapsed religious observance. Growing up in a farming household amid the agrarian challenges of late 19th-century , Redfield experienced significant from an early age, which instilled in him a lifelong emphasis on and resourcefulness. Redfield's father, , died when LaVere was still young, leaving the family in dire financial straits and compelling the children to contribute to household labor on the farm to support their mother and siblings. This early loss and the subsequent burden of farm work shaped his formative years, limiting opportunities for formal and exposing him to the rigors of manual labor in a struggling rural environment. Around 1910, the family relocated to in search of better prospects, settling in an area where farming and odd jobs remained the primary means of survival. In , Redfield attended school only sporadically due to family obligations and economic necessity, often prioritizing work over consistent education. He took on various entry-level jobs to help sustain the household, including labor-intensive roles such as potato digging in the fields. One notable early employment was as a in a , where he gained initial exposure to commercial operations, customer interactions, and basic business principles that would later influence his career path. These experiences in marked the transition from his rural childhood to young adulthood, laying the groundwork for his eventual move into more structured professional endeavors.

Career and Wealth

LaVere Redfield married Nell Rae Jones on September 7, 1922, while employed as a clerk in a department store in Burley, Idaho. The couple relocated first to Los Angeles, California, where Redfield began building his financial foundation through opportunistic investments, before moving to Reno, Nevada, in 1935 amid concerns over a proposed California state income tax. Upon arriving in Reno, they purchased a 15-room stone mansion on Mt. Rose Street, marking the start of Redfield's deeper involvement in local property markets. Redfield achieved initial success in real estate during the Great Depression by acquiring undervalued properties at tax auctions and distressed sales in Reno and surrounding areas. He capitalized on the economic downturn to buy bankrupt oil companies and foreclosed land at bargain prices, often reselling or holding them for appreciation as the economy recovered. This strategy laid the groundwork for his expansion into stock market trading, where he engaged in active speculation, and broader land ownership, amassing approximately 50,000 acres across Nevada and becoming the state's largest private landowner by the early 1940s. These ventures, combined with his shrewd timing in undervalued assets, elevated him to millionaire status by the late 1930s, with his self-made fortune stemming entirely from business acumen rather than inheritance, as his father had died when Redfield was an infant. While Redfield's risk-taking in investments mirrored his high-stakes gambling habits at Reno casinos, his was limited, with no major documented donations to local causes during his lifetime; notable charitable efforts in northern emerged posthumously through his wife's foundation.

Eccentricities and Lifestyle

LaVere Redfield earned a reputation as an eccentric recluse in , where he resided in a 15-room stone mansion at 370 Mount Rose Street, originally built in the early . After experiencing multiple burglaries, including a high-profile theft in 1952 and another in 1963, he fortified the property by incorporating false walls in the basement to conceal his valuables, reflecting his deepening isolation and wariness of outsiders. This reclusive existence contrasted with his earlier social tendencies, as he increasingly avoided public interactions and focused on solitary activities within the confines of his home. Redfield harbored a profound passion for , particularly , frequenting Reno casinos such as Harrah's, Harold's Club, the Nevada Club, and John Ascuaga's Nugget nearly every night for decades. He was known for placing high-stakes bets, winning and losing substantial sums in single sessions, which he pursued as a central aspect of his routine despite the financial volatility. To blend in and avoid attention, he often dressed in farmer's attire—overalls, plaid shirts, and work boots—while walking to the casinos to conserve fuel, underscoring his blend of extravagance in play and thrift in transit. His lifestyle was marked by paranoid tendencies, rooted in experiences during the , leading to a profound distrust of banks and government institutions, particularly the . This suspicion prompted him to avoid depositing money in financial institutions and instead amass physical assets like silver coins, which he viewed as more secure than paper currency; it also resulted in an 18-month prison sentence in 1960 for after he concealed earnings to evade taxation. Redfield's aversion extended to refusing photographs and engaging in over a dozen lawsuits, further isolating him from society. Despite accumulating wealth exceeding $70 million through investments and trading, Redfield maintained an austere personal existence, driving an old , wearing outdated clothing, and shunning social events in favor of private pursuits. He even purchased dented canned goods to economize, embodying a that belied his fortune and reinforced his image as Reno's quintessential oddball millionaire.

Hoard Formation

Acquisition Strategies

LaVere Redfield began acquiring silver dollars in the mid-1930s, shortly after relocating to , during the , when he purchased unopened bags of coins at from . These transactions allowed him to obtain fresh, uncirculated specimens directly from bank reserves, which were stocked with Morgan and dollars originally distributed by the U.S. Mint. His initial purchases capitalized on the economic conditions of the era, where silver dollars circulated less frequently and were available cheaply at their nominal $1 value. In addition to bank acquisitions, Redfield sourced coins from Nevada casinos, where silver dollars remained in common use for during and beyond. He frequently requested his winnings in these coins and bought them in bulk either after successful sessions or directly from operators, amassing thousands at a time. This method complemented his bank purchases, as casinos held large quantities of the preferred Morgan and dollars in their payouts. Redfield's accumulation continued steadily through the and into the , expanding his sources to include purchases from local coin dealer B.A. Brown in , who supplied better-dated coins from San Francisco and Carson City mints. Throughout this period, he focused exclusively on Morgan and silver dollars, selecting only uncirculated pieces and avoiding any circulated or damaged examples to maintain quality. By the time he ceased active collecting, Redfield had amassed over 407,000 coins, stored primarily in bags of 1,000 each. These acquisitions were funded by Redfield's substantial wealth derived from investments and stock trading, which provided the liquidity for his purchases without relying on premiums. The total expenditure for the hoard is estimated at approximately $407,000, though this figure understates the given his multimillion-dollar fortune and the coins' appreciating numismatic potential.

Storage Techniques

LaVere Redfield stored his coin collection in original bags acquired from and , with each bag typically holding 1,000 silver dollars. The hoard consisted of approximately 680 such bags containing and silver dollars—primarily Morgan and silver dollars totaling over 400,000 coins, with the remainder being coins of various denominations— and weighing around 12 tons. Reflecting his profound paranoia toward theft and governmental oversight, Redfield concealed the bags within his Reno mansion using secretive methods, primarily by dropping them down a disused coal chute into the basement and hiding them behind false walls. These concealment techniques ensured the hoard remained undetected during his lifetime, despite multiple attempted burglaries at the property. Redfield maintained no formal catalog or of the collection, leaving the coins undisturbed in their mint-sealed bags, which preserved their high-grade condition but later complicated the process. This approach underscored his reclusive lifestyle and distrust of external record-keeping.

Discovery and Contents

Circumstances of Discovery

LaVere Redfield died on September 6, 1974, at the age of 77 from natural causes in his , home. Following his death, executors, including attorneys and representatives from the (IRS), initiated the process and began inventorying his estate to assess its value, estimated initially in the millions of dollars. During this examination of his cluttered property in late 1974, they ventured into the basement and discovered hundreds of canvas bags hidden behind a false wall, revealing an enormous cache of coins that Redfield had secretly accumulated over decades, along with a handwritten note from Redfield warning, "Do not show this to the IRS." The sheer magnitude of the find astonished the inventory team and quickly drew widespread attention, as the bags contained 407,283 silver dollars—primarily Morgan and types—totaling more than 11 tons in weight. This unprecedented hoard, far exceeding initial expectations for the estate, prompted media outlets to dub Redfield the "Silver Dollar King" and sensationalize the story of his secretive wealth. As word of the discovery spread through numismatic circles and , rumors of the attracted potential thieves, necessitating immediate protocols by the estate executors. Armed guards were posted at the property, and later, during the removal process, multiple armored vehicles escorted the coins under heavy protection to prevent any attempted .

Composition and Valuation

The Redfield Hoard primarily consisted of , minted between 1878 and 1921, along with a substantial number of Peace dollars, minted from 1921 to 1935. A high proportion of these coins—over 351,000 in total—were in near-mint or uncirculated condition, owing to their preservation in original mint bags that minimized handling and environmental damage. This exceptional state included rare varieties, such as uncirculated examples of the low-mintage 1893-S , with unconfirmed reports suggesting the presence of an entire bag of such coins. Upon discovery in 1974, the hoard carried a face value exceeding $400,000 based on its dollar denominations. The intrinsic silver value alone was approximately $2-3 million at the time, significantly elevated by the sharp rise in silver prices during 1974, which averaged $4.67 per troy ounce and peaked above $6.70.

Dispersal Process

Following LaVere Redfield's death on September 6, 1974, probate proceedings for his estate commenced in the Second Judicial District Court in Reno, Nevada, where co-executrices Nell J. Redfield (his widow), Luana W. Miles, and Candida Larena were appointed to oversee the administration of assets. The unexpected revelation of the coin hoard, comprising over 407,000 silver dollars concealed in the family home, presented immediate challenges, as its scale overwhelmed initial efforts to catalog and appraise the collection, initially valued at around $5 million. Disputes emerged among potential buyers, including dealers, over the terms of the hoard's disposal, complicating claims and hindering resolution of the estate. These conflicts, coupled with the need for thorough amid the hoard's vast size—totaling more than 11 tons—delayed completion of the full assessment until late 1975. The conducted an of the estate, scrutinizing obligations related to the hidden assets and contributing to prolonged negotiations over liabilities. On November 4, 1975, the authorized a private sale of the collection, but this order faced challenges from competing bidders Rare Coin Galleries and Bowers & Ruddy Galleries, who offered a higher bid of $6,501,156. In response, the court annulled the private sale authorization on , 1976, and directed a to ensure fairness. The proceedings drew widespread media coverage, sensationalizing the hoard as a legendary tale of eccentricity and concealed fortune that captivated numismatic circles. Resolution came on January 27, 1976, when the court confirmed the bulk sale of the coin hoard to A-Mark Coin Co., Inc. for $7,300,000, enabling the estate to address debts, taxes, and distributions to heirs. This approval marked the end of the primary legal hurdles, though subsequent appeals by unsuccessful bidders reached the Supreme Court, which upheld the court's decision in .

Auction and Sales

Following the resolution of probate proceedings, which delayed the hoard's release until early 1976, the entire Redfield collection was acquired intact by A-Mark Precious Metals, Inc., for $7.3 million in a sealed-bid on January 27, 1976—an amount that represented the largest single transaction in at the time. A-Mark, in collaboration with dealers such as Paramount International Coin Corporation, implemented a multi-year dispersal strategy beginning in 1976, involving the sorting, grading, and gradual release of the approximately 407,000 silver dollars. Coins were evaluated primarily as Mint State-60 or Mint State-65 by Paramount and encapsulated in distinctive plastic holders with red inserts for marketing; this process facilitated sales through a network of wholesalers, retailers, and houses, including Stack's and Superior Galleries, over the late 1970s and into the 1980s. High-grade rarities from the hoard commanded significant premiums during these transactions, often 20-50% above prevailing market values due to their provenance and condition. For instance, select 1921 dollars in superior states fetched elevated prices at auctions conducted by Stack's and Superior, reflecting strong collector demand for examples tied to the legendary hoard. By the early 1980s, the majority had been dispersed, though the final tranches were not fully liquidated until 1988 when A-Mark sold over 6,000 remaining coins to Blanchard & Company.

Numismatic Legacy

Market Impacts

The dispersal of the Redfield Hoard between 1977 and 1980 flooded the numismatic market with over 400,000 silver dollars, the majority Morgan dollars but including some dollars, creating an immediate surplus that depressed prices for common dates in the short term. This influx of high-grade and mint state coins—totaling 351,259 in uncirculated condition—particularly affected the and of everyday issues like 1881-S and 1882-S Morgans, as dealers and collectors adjusted to the sudden abundance following A-Mark's gradual release to avoid total market disruption. The late silver market's extreme volatility, with spot prices climbing from about $4.75 per in to a peak of $49.45 in January 1980 before plummeting to $10.89 by March, exacerbated the 's effects by compounding uncertainty for numismatic silver holdings. Many coins from the hoard exhibited bag marks from prolonged storage in original mint bags, which contributed to initial trading discounts compared to cleaner examples, especially for the abundant "Redfield" labeled pieces sold through Paramount International Coin Corporation. While short-term investor returns suffered from the price softening—particularly those who had accumulated similar coins at pre-dispersal premiums—the increased supply democratized access to quality silver dollars, drawing in new hobbyists and broadening participation in collecting during a period of rising interest in U.S. . This accessibility helped sustain long-term demand despite the immediate . Among specific impacts, the hoard's substantial holdings of 1921 Peace dollars— a common date already in wide circulation—led to a notable oversupply, stalling price appreciation for these pieces until market absorption and renewed collector focus in the 1990s restored equilibrium.

Collectibility and Provenance

Coins from the Redfield Hoard bearing the "Redfield Hoard" label on certified slabs command a significant premium, often 10-20% or more above comparable non-pedigreed examples, owing to their direct historical association with the legendary collection and the retention of attractive original bag toning that speaks to their untouched provenance. This added value stems from the hoard’s role in pioneering the concept of pedigreed coins, where a documented backstory elevates collector interest and market desirability. The of Redfield Hoard coins further enhances the perceived rarity of certain varieties, such as key dates like the 1895-S , by linking them to one of the most storied assemblages in American ; these attributions are meticulously tracked and verified through PCGS and NGC certification slabs, ensuring authenticity and boosting long-term collectibility. For instance, coins preserved in their original Paramount International red plastic holders—used to market the hoard in the —carry an even greater appeal, as these artifacts preserve the coins' historical context and command premiums well beyond standard slabbed examples. The cultural legacy of the Redfield Hoard endures in numismatic literature and public displays, where it is celebrated as the largest private hoard of U.S. silver dollars ever discovered, symbolizing an era of eccentric collecting and economic foresight. Featured prominently in books such as Jack Harpster's The Curious Life of Nevada's LaVere Redfield: The Silver Dollar King (2015), which chronicles the hoard's assembly and dispersal, and in exhibits like the 1988 American Numismatic Society display on historic hoards, these represent a tangible link to mid-20th-century American monetary history. In the ongoing market as of 2025, high-grade Redfield Hoard examples continue to outperform non-hoard comparables, with prices often reaching 2-5 times higher at auction due to their pedigreed status; for example, an 1881-S Morgan dollar graded NGC MS63, valued at around $70 in generic form, can fetch over $300 when attributed to the Redfield Hoard in its original holder. Recent sales, such as a toned 1899-S Morgan NGC MS65 from the hoard realizing $1,872 at GreatCollections in February 2025, underscore this persistent demand among serious collectors seeking pieces with verifiable hoard origins. While the initial dispersal caused a temporary market oversupply, the lasting collector value has solidified the hoard’s positive influence on numismatics.

References

  1. https://learn.apmex.com/learning-guide/history/the-eccentric-millionaire-the-secret-silver-dollar-hoard/
  2. https://coinweek.com/redfield-hoard-morgan-silver-dollars/
  3. https://www.ngccoin.com/news/article/14298/counterfeit-redfield-holder/
  4. https://www.nevadaappeal.com/news/2020/jul/01/dennis-cassinelli-lavere-redfields-hoard-of-silver/
  5. https://ancestors.familysearch.org/en/LZ4F-PXH/lavere-redfield-1897-1974
  6. https://www.pcgs.com/news/a-history-of-major-us-hoards-redfield-hoard
  7. https://www.historicreno.org/media/custom/docs/FPv17n4.pdf
  8. https://www.ngccoin.com/news/article/14336/
  9. https://www.nevadaappeal.com/news/2015/nov/27/redfield-reno-eccentric-millionaire/
  10. https://ncna.club/journal/danny-freeman/the-great-silver-dollar-hoards-3/
  11. https://www.rgj.com/story/life/2014/11/10/real-story-eccentric-reno-millionaire-lavere-redfield/18814473/
  12. https://www.gainesvillecoins.com/blog/famous-coin-hoards-redfields-silver-dollar-hoard
  13. https://thomasnumismatics.com/en/blog/redfield-collection/
  14. https://learn.apmex.com/answers/what-is-a-morgan-redfield-1889-paramount/
  15. https://www.coinworld.com/news/us-coins/the-many-eccentricities-of-silver-dollar-hoarder-lavere-redfield.html
  16. https://coinweek.com/mugging-lavere-redfield/
  17. https://nnp.wustl.edu/Library/PersonDetail/1598
  18. https://www.arcadiapublishing.com/products/the-curious-life-of-nevadas-lavere-redfield-9781626197046
  19. https://stevencmarkoff.com/wp-content/uploads/2020/01/SM-Bio-Coin-World-Hoard-Articlev2.pdf
  20. https://keydatecoins.com/1893-s-morgan-silver-dollar/
  21. https://www.moneymetals.com/silver-price-history
  22. https://law.justia.com/cases/nevada/supreme-court/1978/8769-1.html
  23. https://www.coinworld.com/news/us-coins/how-does-one-sell-400-000-silver-dollars.html
  24. https://coinweek.com/coin-collecting-perspectives-flooding-market-coin-hoards/
  25. https://www.numismaticnews.net/archive/redfield-hoard-increased-collector-supply
  26. https://www.markets.com/education-centre/silver-price-history-during-the-1970s
  27. https://www.nytimes.com/1988/10/30/arts/numismatics-exhibition-offers-perspective-on-history.html
  28. https://www.greatcollections.com/Collections/1211/The-Redwood-Collection-of-RedfieldParamount-Silver-Dollars/2025-02-02
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