1901 Morgan Silver Dollars present some minor challenges to passive collectors of the series as well as die-hard Morgan Dollar connoisseurs. First, the 1901 Morgan Dollar poses a financial challenge to many coin collectors, particularly in the higher grades. Second, the 1901 doubled die reverse is a major variety that attracts both date-and-mintmark collectors as well as those that VAM (Leroy C. Van Allen and A. George Mallis) enthusiasts seek. The unique doubled die reverse was caused by a misalignment between the hub and die in one of the early blows.
The 1901 Morgan Silver Dollar was produced in three mints: New Orleans, Philadelphia, and San Francisco. The New Orleans Mint used an "O" and the San Francisco Mint an "S”. The main mint in Philadelphia did not use a mintmark. Proof examples of Morgan Dollars from all years, including 1901, are rare which makes them expensive.
1901 Morgan Silver Dollar Mintage Figures
- 1901: 6,962,000; $75+
- 1901 Doubled Die Reverse: mintage included above; $500+
- 1901-O: 13,320,000; $35+
- 1901-S: 2,284,000; $50+
- 1901 Proof: 813; $4,000+
The 1901 Morgan Silver Dollar is a scarcer coin in the upper grades than mintage numbers alone may indicate. In fact, in Mint State 65 on the Sheldon Coin Grading Scale, a 1901 Morgan Dollar easily sells for several thousand dollars. So, it goes without saying that you should purchase any 1901 Philadelphia Morgan Dollar in a slab, as the coin is frequently counterfeited, most commonly by removing the mintmark off a 1901-O or 1901-S dollar. You may need to exercise a great deal of patience if you are intent on buying a 1901 Philadelphia Morgan Dollar, as the demand for the any uncirculated versions of that issue far outstrips the available supply.