LaVere Redfield And His Dollars
Four Hundred bags of United States Silver Dollars! Just the thought of it is enough to make the most jaded Dollar collector's heart flutter. Yet, the person who owned this unbelievable hoard of coins was not a Coin Collector. LaVere Redfield was a rather eccentric investor who resided in Reno, Nevada. Having made his fortune through shrewd stock and real estate investments, Redfield began his accumulation of Silver Dollar Coins. He had an intense distrust for paper money and quickly converted his cash into "hard assets". In addition to his coin holdings, he owned thousands of acres of property in and around Reno.
A Piece Of Numismatic History!
Redfield obtained his Dollars at face value anywhere he could find them. At this time, Silver Dollars could be easily acquired at any bank. Not surprisingly, a great number of the bags he had were "S" mint Dollars. Just imagine, Bags of Uncirculated 1886-S, 1888-S, 1889-S, 1895-S, and 1896-S Dollars. Redfield did not seem to take any special precautions about storing his loot. It seems that he just threw the bags into the basement. He was known to sell some of the bags to Coin Dealers but only after he got the price he wanted. He apparently also hoarded food, especially cases of peaches. Some of these cases leaked so if you ever see a Silver Dollar that has what looks like peach stains, it could very well be one of the Redfield Hoard.
When LaVere Redfield died in 1974, he left, in addition to his Dollars an estate valued at approximately $100 million. His Silver Dollar Hoard was purchased by Steve Markoff of A-Mark Coin Company in 1976 for the then astounding price of $7.3 million. The Dollars were marketed by Paramount International Coin Corp. The holders were labeled MS60 and MS65. Some holders were labeled "A Silver Dollar from The Redfield Collection" and some were lableled "US Silver Dollar, Paramount International Coin Corp." without the reference to Redfield. Even to this day it is still possible, though very difficult, to find Silver Dollars in the distinctive Paramount "Redfield Dollar" holder.