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.
