1901 Morgan Dollar
Guidelines for Collecting:
Of all Philadelphia Mint circulation strike dollars in the Morgan series, the 1901 is among the rarest dates to be found in Mint State and is second to only the 1896-O in terms of absolute rarity, especially at the gem level. Many 1901 dollars were placed into circulation at or near the time of issue and those that were not were probably melted later under the Pittman Act of 1918. Dollars struck with the earlier style hub, called the C-3 reverse, are typically nicely struck with some exceptions. The later pieces with the C-4 hub are lightly struck. Proofs are usually well struck, with medium cameo contrast. Some struck with the new hub over the old one show slight doubling.
Availability in Circulated Grades:
Readily available and relatively inexpensive in grades up to EF; AU coins cost a bit more but are still highly affordable.
Availability in Mint State Grades:
One of the classic rarities of the series when found in Mint State, with even a Mint State-60 example bringing mid-three figures in the Guide Book listings—nearly 11 times the value of an AU coin. At the gem level the date is a mid-six figure rarity. If and when you find an Uncirculated example that is well-struck and lustrous, no matter the Mint State level, grab it while it’s available! Collectors seeking a 1901 Morgan dollar would do well to search for coins struck from the earlier, sharply struck C-3 reverse.
Availability in Proof:
Always available and selected by many collectors to represent the date in their collections as Mint State coins are so rare. The cameo effect is not often bold for the date so hold on to any Proof with strong contrast and eye appeal. Some Proofs are from the new hub over the old hub style and are interesting to contemplate.
The example to the left was sold by Stack's Bowers Galleries in the Larry H. Miller Collection, where it realized $288,000.
1901 Morgan Dollar Auction Highlights
 PCGS MS-65, CAC Sold for $288,000 View Lot 6385 |  PCGS MS-62 Sold for $72,000 View Lot 2101 |  PCGS MS-64 Sold for $37,375 View Lot 3053 |
