Sign In or Create Account

Knowledge Center

What is a Morgan Redfield 1889 Paramount?

Two Morgan Silver Dollars from the Redfield Hoard are shown side by side.

LaVere Redfield and the Morgan Silver Dollar

A Redfield 1889 Paramount Morgan silver dollar is perhaps the most valuable and coveted of all the Morgan silver dollar coin series specimens. LaVere Redfield was an eccentric, shrewd investor who made a fortune on stocks and real estate during the Great Depression and collected the most legendary silver hoard in American history.

Redfield was notoriously distrustful of banks and the government. When he moved from Los Angeles to Las Vegas in the 1930s, after Executive Order 6102, he began to collect silver dollars. Some speculate he moved to avoid California’s state income tax, inheritance tax, and corporation tax.

Redfield Build His Silver Hoard One Bag at a Time

He was known to hide his wealth and avoid cameras. LaVere drove an old truck, wore shoddy overalls, and bought Morgan silver dollars by the bag, which he carried to his truck alone.

He began hiding his silver hoard in a coal cellar, which he would add to by dropping bags of silver coins down the coal shoot. After his death, reports of him traveling as far as Pennsylvania to buy silver dollars came out, along with other stories detailing his strange, paranoid behavior.

LaVere Redfield’s Robbery and Arrest

Redfield’s collection attracted the attention of opportunistic criminals and robbers. He was robbed on at least two separate occasions. In 1952, he lost between $1.5 to $2.5 million and drew the eye of then-FBI Director J. Edgar Hoover. During the investigation, it was discovered that Redfield’s basement had a false wall that concealed a room with more than 270 thousand silver dollars.

Redfield also drew the attention of the IRS and was indicted on tax evasion charges in 1960 for failing to report $1.2 million in earnings from 1953 to 1956. That is more than $10 million with status quo inflation. LaVere was convicted on six out of eight counts and sentenced to five years in prison. He was released after two years because of a heart condition and because his wife also experienced two heart attacks in those two years.

The Greatest Silver Hoard in American History

In 1974, LaVere Redfield had a heart attack and passed away. At the time of his death, his net worth was an estimated $46 million. The 407,000 silver coin hoard found in his basement was auctioned in whole for $7.3 million to Steve Markoff of A-Mark Corporation in 1976. His hoard weighed an estimated 12 tons.

The silver dollars from Redfield’s hoard were put into Paramount Holders with three insert colors for the grade. Over the years, they were liquidated and are difficult to track or identify if they do not have a Paramount holder. These are highly sought after in today’s market and sell for much more than comparable Morgan silver dollars if they can be found.

Quick Guides to Investing

Step 1:

Why Buy Physical Gold and Silver?

If you are concerned about the volatility of the stock market, you’re not alone. The extreme highs and lows of the stock market often lead investors towards safe-haven assets, like bullion. Historically, the Precious Metals market has an inverse relationship with the stock market, meaning that when stocks are up, bullion is down and vice versa.

Step 2:

How Much Gold and Silver Should You Have?

This question is one of the most important for investors to answer. After all, experts suggest limits on how much of any types of investments should go into a portfolio. After deciding to purchase and own Precious Metals and considering how much money to allocate, one can then think about how much and what to buy at any point in time.

Step 3:

Which Precious Metals Should I Buy?

With the frequent changes in the market and countless Precious Metal products available, choosing investments can be difficult. Some want Gold or Silver coins, rounds or bars while others want products that are valuable because of their design, mintage or other collectible qualities. Also, collectors may shop for unique sets and individual pieces for their collections.

Step 4:

When to Buy Gold & Silver

After considering why, how much, and what Precious Metals products to buy, an investor’s next step is when to buy them. This decision requires an understanding of market trends and the impact of economic factors on precious metal prices.

Explore More On APMEX



Rare Coins