1901-S $1 MS DMPL

Key to Collecting: The 1901-S is quite scarce in the context of the series, the most elusive San Francisco Mint dollar since 1896, although it is hardly as rare as the 1896S. Striking varies from poor to quite good, but the luster is usually satisfactory. MS-63 and MS-64 coins, if carefully selected, offer good values on the market. MS-65 coins are, of course, nicer yet, but the price is substantially more—due to true rarity and also from demand by investors who have been conditioned to believe that “investment grade” begins at MS-65 (but who are often clueless on matters of striking and luster). There is a reflected glory on the 1901-S in that in other silver series, especially the 1901-S Barber quarter, this is a key date.

Surface Quality: Usually lightly struck or of medium sharpness, not often well detailed. Weak pieces often show parallel planchet striations from the drawing-bench process, these often on the face of Liberty for all the world to see. Those from the new hub reverse are usually struck better than those from the old hub—the opposite of what might be expected. The luster is usually satisfactory.

Prooflike Coins: Some prooflikes exist but the fields are not sharply contrasted with the designs. According to Wayne Miller: “Virtually all prooflikes are very unappealing, with plentiful abrasions, poor contrast, and unappealing gray luster.”

Mintage and Distribution: Delivery figures by month: January, 338,000; February, 500,000; March, 400,000; April, 400,000; May, 210,000; June–July, 0; August, 218,000; September, 218,000; October–December, 0. Quantities of these coins in storage became a stock-in-trade at the San Francisco Mint, and bags were paid out to answer requests as early as 1925, if not before. From then until the 1950’s many hundreds more bags were paid out. However, they did not play to a wide numismatic audience, as dealer specialists were few and far between. For a professional such as Norman Shultz or Bebee’s in the early 1950’s to have a “nice stock” of a given date and mint might mean 20 to a few hundred pieces. By the 1970’s, Bebee’s tried to have a backlog stock of precisely 100 of each common to somewhat scarce date, buying more when levels dropped below. A few bags turned up in the early 1960’s, including two in Idaho.

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. Made for the coinage were 25 die pairs.