Are you curious about the value of the 1901 Silver Dollar? Well, we’re glad you found us!
The 1901 Silver Dollar might have a face value of 1 dollar, but it’s one of the rarest coins ever minted in the Philadelphia mint after the 1895 Morgan Silver dollar.
The coin is popular with collectors and historians because of its intricate design and rarity. If you have one in uncirculated condition, it could be worth hundreds of thousands of dollars.
In this comprehensive guide, we will explore the 1901 Silver Dollar, including its interesting qualities, history, varieties, and current value in the coin market. Whether you’re a novice or a seasoned numismatic, this article will provide you with all the information you need to know about this rare gem.
1901 Silver Dollar Details
- Category: Morgan Dollars (1878 – 1921)
- Mint: Philadelphia, New Orleans, and San Francisco
- Mintage: 22,566,813
- Designer: George T. Morgan
- Metal Composition: Silver
- Fineness: 9
- Diameter: 1mm
- Weight: 73grams
- ASW: 7734oz
- Edge:
As mentioned in the introduction, the 1901 Silver Dollar stands due to its intricate design. In this section, we will discuss the striking attributes of the coin’s obverse and reverse sides.
The Obverse Side
The design of the 1901 Silver Dollar was created by sculptor and engraver George T. Morgan. Morgan was famous for his ability to create beautiful and functional designs, and his work on the 1901 Morgan silver dollar confirms his skill and creativity.
The obverse side (heads) of the 1901 Silver Dollar displays the portrait of Lady Liberty. However, Lady Liberty’s image is not based on the usual Greek-style figure. Instead, the artist used Anna Wiles Williams, a teacher and philosophical writer, as the model. Lady Liberty is facing left, to symbolize Liberty, a common theme in American coinage.
The obverse side design also features other elements. For example, the Latin phrase “E PLUBRBS ENUM” (out of many, one) sits above Lady Liberty’s head. The production date falls at the bottom.
Along the edge of the coin (on the lower half), you will notice six stars on the right and seven stars on the left, making a total of 13 stars. These stars represent the 13 colonies that united to form the United States.
The Reverse Side
On the reverse side, the 1901 Silver Dollar showcases a bald eagle with its wing outspread. The bird holds three arrows and an olive branch on its talons, symbolizing America’s commitment to war and peace.
A wreath of olive branches encircles the eagle, and on top of its head, the motto “In God We Trust” appears but in a unique calligraphic font.
The denomination “ONE DOLLAR” and the inscription “UNITED STATES OF AMERICA” run along the coin’s edge.
1901 Silver Dollar: Additional Features
The U.S. mint in Philadelphia, New Orleans, and San Francisco produced over 10 million silver dollar coins and 813 proof coins in 1901.
The Philadelphia mint did not add a mint mark on their coins. But the other minting facilities included mint marks on their pieces.
Coins from New Orleans mint come with an “O” mint mark, while those from San Francisco feature an “S” mint mark. The mint mark falls on the coin’s reverse side, under the wreath of olive leaves.
That aside, the 1901 Silver Dollar is made of 90% silver and 10% copper and weighs 26.73g (0.942873 ounces).
Overall, the 1901 Silver Dollar is a beautiful historical item that reflects significant aspects and themes of America’s history and culture.
1901 Silver Dollar Value Chart |
|||||
| Mint Mark | Condition | ||||
| Good | Fine | Extremely Fine | About Uncirculated | Uncirculated | |
| 1901 “no mint mark” Silver Dollar Value | $50 | $60 | $120 | $500 | $3350 |
| 1901 “O” Silver Dollar Value | $34.50 | $36.50 | $50 | $60 | $70 |
| 1901 “S” Silver Dollar Value | $45 | $55 | $85 | $350 | $525 |
In this section, we will explore three varieties of the 1901 Silver dollar and their current market values. Let’s dive in!
1. 1901 “no mint mark” Silver Dollar Value
- Type: Morgan Silver Dollar
- Edge: Reeded
- Mint Mark: n/a
- Place of Minting: Philadelphia
- Year of Minting: 1901
- Face Value: $1
- $ Price: $45 – $650000
- Mintage: 6,929,000
- Designer: Victor D. Brenner
In 1901, the Philadelphia mint struck more than 6.9 million Morgan silver dollars. However, about 10% of the total mintage survived to date.
Coin enthusiasts believe that a huge number of 1901 silver dollars got melted down under the Pittman Act of 1918. Because of the meltdown, high-grade 1901 Silver dollars from the Philadelphia mint are extremely rare.
Currently, circulated 1901 “no mint mark” Silver dollars in good condition sell for as much as $50. Those in an extremely fine state can fetch up to $120, while those in about uncirculated condition are worth between $500 and $2150.
Mint state 1901 “no mint mark” Silver Dollar coins are rare gems. In fact, NGC has only graded three mint state 1901 Morgan Dollars. In pristine, uncirculated condition, the value of these coins can range from $3350 to $650,000.
Because of the rarity of these morgan dollars, especially in mint state, they are prone to counterfeiting. Some people file off the mint marks on 1901 -O and 1901- S silver dollars to pass them off as 1901 “no mint mark” Morgan Dollars from Philadelphia.
To avoid falling victim to fraud or counterfeit coins, we recommend you purchase silver dollars graded and authenticated by a reputable grading company.
2. 1901 “O” Silver Dollar Value
- Type: Morgan Silver Dollar
- Edge: Reeded
- Mint Mark: O
- Place of Minting: New Orleans
- Year of Minting: 1901
- Face Value: $1
- $ Price: $32 – $50000
- Mintage: 13,320,000
- Designer: Victor D. Brenner
The mint in New Orleans minted the largest number of morgan dollars in 1901. It produced at least 13,320,000 coins. However, the mint closed down in 1909, and all the struck coins were transported to Philadelphia and Washington, DC, for storage. This created a shortage of 1901–O Silver dollars in the market.
But after the great Morgan dollar Treasury disbursements of the 1950s and 1960s, the 1901–O Silver Dollar began trickling back into the market in thousands. As a result, mint state 1901–O Silver Dollar became super common and less valuable.
Today, you can get a circulated 1901-0-dollar coin at an affordable price. In good condition, 1901–O Silver dollars have a value of $34. If you have a coin in extremely fine condition, it can sell for $50.
Nevertheless, the value of these coins increases with grade. At mint state grade 65 and above, the coin costs anywhere from $235 to $50000.
3. 1901 “S” Silver Dollar Value
- Type: Morgan Silver Dollar
- Edge: Reeded
- Mint Mark: S
- Place of Minting: San Francisco
- Year of Minting: 1901
- Face Value: $1
- $ Price: $40 – $40000
- Mintage:2,284, 000
- Designer: Victor D. Brenner
In 1901, the San Francisco mint produced the least amount of silver morgan dollar. It minted 2,284,000 coins, and most of them entered circulation.
Because of the low mintage, the 1901–S Silver Dollar coins are rare in both circulated and uncirculated states. But they are not as rare as the 1901 “no mint mark” Silver Dollar.
If you have a circulated 1901-S morgan dollar in extremely fine condition, expect it to sell for upwards of $85 to $255. Mint State 1901–S at grade 65+ can fetch $5250, while those in grade 66+ can be worth between $15000 and $40,000 or more.
4. 1901 Proof Silver Dollar Value
- Type: Morgan Silver Dollar
- Edge: Reeded
- Mint Mark: n/a
- Place of Minting: Philadelphia
- Year of Minting: 1901
- Face Value: $1
- $ Price: $925 to $37000
- Mintage: 813
- Designer: Victor D. Brenner
The Philadelphia mint also minted 813-proof silver dollars in 1901. These coins were created with investors and coin collectors in mind.
Since the 1901 “no mint mark” Silver Dollar coins were so rare in uncirculated condition, the demand for these proof coins increased significantly.
Today, 1901-proof silver morgan dollars sell from $975 to $1300 in lower grades. High-grade proof coins can cost as much as $37,000 or even more.
Also Read: Top 21 Most Valuable 2000 P Sacagawea Dollar Coin Worth Money
1901 Silver Dollar History
The 1901 silver dollar is part of the Morgan dollar series minted by the U.S mint from 1878 to 1954, and again in 2021. The Morgan dollar coin was the first silver dollar produced since the Coinage Act or Crime Act was passed in 1873.
The coin marked the end of the free silver coining and replaced the Seated Liberty dollar designed by the 3rd Chief engraver, Christian Gobrecht. It contains 90% silver and is named after its designer George T. Morgan.
In 1876, legislators introduced several laws in the House of Representatives calling for the resumption of free silver coinage. The bills by Democrat Richard P. Bland of Missouri and Republican William B. Allison passed and led to the Bland-Allison Act.
The act required the U.S. Treasury to purchase between 2 and 4 million worth of silver each month and to put it into circulation as the silver dollar. It also forced the Treasury to purchase silver at market rates and not at a predetermined ratio set to gold’s value.
The same year, Mint Director Henry Linderman began efforts to create a new design for the country’s silver coins. He contacted the Deputy Master of the Royal Mint in London, C.W Fremantle, and asked him to recommend an artist who can handle the task.
Fremantle recommended 30-year-old George T. Morgan, who arrived at the mint in Philadelphia on October 9th. In 1877, Morgan began working on the obverse and reverse dies. For the obverse, he replaced the Greek portrait of Lady Liberty with that of an American lady. As for the reverse, Morgan incorporated the bald eagle.
Production of the morgan silver coins began the same year in five minting facilities: Philadelphia, Carson City, San Francisco, New Orleans, and Denver. The coin mintage progressed unhinged until the Sherman Silver Purchase Act replaced the Bland-Allision Act in 1890.
The new act required the Treasury to buy 14,000 kg (4,500,000 ounces) of silver each month and use it to make silver coins. This move was aimed at increasing inflation and reducing the pressure placed on farmers during the period. However, it only led to a significant stockpile of silver dollars. As a result, coin mintage is reduced.
In 1901, three mints, including Philadelphia, New Orleans, and San Francisco, produced 22,566,813 morgan silver coins and 813 proof coins. But only 10% of the total mintage is available today. For this reason, 1901 silver dollar coins are extremely rare and command high value, especially in mint state.
Also Read: Top 19 Most Valuable Morgan Dollars Worth Money
1901 Silver Dollar Grading
Grading allows you to determine the condition of the coin and estimate its worth. Normally, coin grading goes from 1 to 70. At mint state 70, a 1901 morgan silver dollar is completely perfect. It shows no signs of wear or damage, even under 5x magnification.
The video below offers more information about the 1901 silver dollar grading.
1901 Silver Dollar Error
The 1901 Silver Dollar is a rare specimen with high value in circulated and uncirculated conditions. But the coin could be worth even more if it has errors. Here are some errors identified in 1901 silver dollar coins:
1. 1901 Silver Dollar Doubled Die Reverse Error
The 1901 silver dollar double die reverse error happens when the coin reverse gets struck twice, resulting in doubled design aspects. This occurs if the die is not properly aligned, which causes it to strike the coin twice with the same design but in a different position.
Although this error might appear as a flaw, it makes the coin more valuable to investors and collectors alike. As a result, they can command prices higher than their face value.
Usually, coins with this error show a doubling on the eagle’s feathers, arrows, beak, and talons. Sometimes, the doubling might alter the position of the eagle on the coin’s surface. It might appear slightly higher.
A 1901 silver dollar with this error and in good condition can sell for as much as $80. In higher mint state grades, like MS62 the coin value can reach $40,000.
2. 1901 Silver Dollar VAM Doubled Ear Error
The VAM double ear error is an interesting coin error. It appears as a visible doubling on Lady Liberty’s ear. Leroy Van Allen and George Mallis discovered and cataloged this error, hence the initials VAM on the error’s name.
Like the double die error, the VAM double ear error can increase the value of your 1901 silver dollar. In 2020, a 1901 Morgan silver dollar with mint state 61 sold for $9,000.
3. 1901 Silver Dollar Rotated Die Error
The rotated die error occurs when one die is not properly aligned in relation to the opposing dies. As a consequence, the struck coin will have one side rotated to an incorrect degree.
In circulated condition, a 1901 silver dollar with rotated die error can cost $160. In mint state, the coin can sell for much more.
Also Read: Top 19 Most Valuable Silver Eagles Worth Money
1901 Silver Dollar FAQ
Where is the mint mark on 1901 silver dollar coins?
The mint mark on 1901 silver dollars is on the coin’s reverse side, below the wreath of olive branches and above the ONE DOLLAR denomination.
However, not all 1901 silver dollars have these mint marks. Only those from New Orleans and San Francisco have the mint mark. Philadelphia minted 1901 silver dollar coins come with no mint mark.
Is it worth collecting a 1901 Silver Dollar?
Yes, it’s worth collecting a 1901 Silver Dollar because it’s rare, beautiful, and has historical significance. What’s more, their value can increase over time, especially if you have mint-state coins or those varieties with errors.