1901 $1 PR

Key to Collecting: Among circulation-strike coins in the Morgan series, the 1901 is second only to the 1896-O in terms of absolute rarity at the gem level. Among 1901 dollars, lower-grade Mint State coins exist with some frequency; I recommend holding o" on a Mint State coin until you become acquainted with the Morgan series in depth, after which you can make an informed decision. Circulated coins are as common as can be and are worth only a slight premium. Proofs beckon to fill the void created by the paucity of top-grade circulation strikes.

Surface Quality: 1901 was a transitional year, and those with the earlier-style hub, called the C3 reverse by Van Allen–Mallis, are typically decently struck, although there are exceptions. The later pieces with the C4 are usually lightly struck. Numismatists seeking but a single 1901—and here, indeed, is a rarity in Mint State—would do well to go with the earlier, sharply struck variety.

Prooflike Coins: Prooflike coins are very rare. No DMPL coins have been reported at the MS-65 level.

Mintage and Distribution: Delivery figures by month: January, 360,000; February, 500,000; March, 42,000; April, 0; May, 824,000; June, 1,462,000; July, 400,000; August, 1,514,000; September, 1,740,000; October, 86,000; November, 0; December, 34,000. Most 1901 dollars were distributed early in the twentieth century or were melted under the Pittman Act of 1918. In the 1950’s a number of dealers had BU pieces on hand for low prices, so perhaps some small quantities filtered out here and there. Likely, most Mint State pieces existing today in lower ranges were found in mixed bags.

Mintage: 813. Delivery figures by month: January–February, 0; March, 350; April–May, 0; June, 100; July–August, 0; September, 85; October–November, 0; December, 278.

Key to Collecting: Strike is usually good. Some from the new hub over the old one show slight doubling. Contrast is medium cameo, not deeply frosty.

Many varieties exist, some from the old hub, some with new hub (introduced in 1900), and still others with new hub over old hub, and with some slight features of the undertype visible; check VAM for details.