1901 Silver Dollar Value Guide

The 1901 Silver Dollar Value

The 1901 doubled-die reverse is the most valuable across the grades, starting from $200 and reaching tens of thousands for the lowest mint-state grades.

However, the 1901 silver dollar’s value ranges significantly across the different Mints for the regular circulation strike coins.

Those minted in Philadelphia are by far the most valuable.

San Francisco holds a consistently higher value than New Orleans across all the grades.  

Aside from New Orleans, unusually, the prooflike and deep (mirror) prooflike coins are more valuable than the proof-strike coins.  

An N/A for a value below indicates no publicly known examples of that version of the 1901 silver dollar with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1901 silver dollar’s melt value is approximately $17. The melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1901 Silver Dollar	1901 Doubled-Die Reverse Silver Dollar	1901-O Silver Dollar	1901-S Silver Dollar
Good – G	$49	N/A	$36	$46
Very Good – VG	$56	$200	$37	$55
Fine – F	$66	$428	$38	$63
Very Fine – VF	$104	$770	$42	$92
Extra Fine – XF	$203	$1,100	$48	$146
About Uncirculated – AU	$350-$2,500	$1,600-$7,600	$52-$63	$277-$512
Mint State – MS	$4,100-$670,000 (66)	$40,000-$78,000 (61-62+)	$72-$62,000 (68)	$625-$36,000 (67)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1901 Prooflike Silver Dollar	1901-O Prooflike Silver Dollar	1901-S Prooflike Silver Dollar
MS 60 PL	$12,000	$92	$762
MS 61 PL	$17,000	$110	$900
MS 62 PL	$20,000	$155	$1,100
MS 63 PL	$36,000	$205	$1,600
MS 64 PL	N/A	$330	$3,300
MS 65 PL	N/A	$710	$9,200
MS 66 PL	N/A	$1,900	N/A
MS 67 PL	N/A	N/A	N/A
MS 68 PL	N/A	N/A	N/A
MS 69 PL	N/A	N/A	N/A
MS 70 PL	N/A	N/A	N/A

Circulation Strike Deep (Mirror) Prooflike (DPL/DMPL) Value Chart

	Coin Names And Coin Values
Grade Names	1901 Deep (Mirror) Prooflike Silver Dollar	1901-O Deep (Mirror) Prooflike Silver Dollar	1901-S Deep (Mirror) Prooflike Silver Dollar
MS 60 DPL/DMPL	N/A	$120	N/A
MS 61 DPL/DMPL	$36,000	$192	N/A
MS 62 DPL/DMPL	N/A	$260	$4,500
MS 63 DPL/DMPL	N/A	$600	$11,000
MS 64 DPL/DMPL	N/A	$1,400	$24,000
MS 65 DPL/DMPL	N/A	$11,000	$38,000
MS 66 DPL/DMPL	N/A	$13,000	$45,000
MS 67 DPL/DMPL	N/A	N/A	N/A
MS 68 DPL/DMPL	N/A	N/A	N/A
MS 69 DPL/DMPL	N/A	N/A	N/A
MS 70 DPL/DMPL	N/A	N/A	N/A

Proof Strike (PR) Value Chart

1901 Proof Silver Dollar
Grade Names	Coin Values
PR 50	$1,000
PR 53	$1,100
PR 55	$1,200
PR 58	$1,400
PR 60	$1,900
PR 61	$2,400
PR 62	$3,000
PR 63	$3,900
PR 64	$5,000
PR 65	$7,100
PR 66	$9,100
PR 67	$21,000
PR 68	$38,000
PR 69	N/A
PR 70	N/A

Cameo (CA/CAM) Proof Strike (PR) Value Chart

1901 Cameo Proof Silver Dollar
Grade Names	Coin Values
PR 60 CA/CAM	N/A
PR 61 CA/CAM	N/A
PR 62 CA/CAM	$4,000
PR 63 CA/CAM	$4,800
PR 64 CA/CAM	$6,100
PR 65 CA/CAM	$9,300
PR 66 CA/CAM	$12,000
PR 67 CA/CAM	$36,000
PR 68 CA/CAM	$59,000
PR 69 CA/CAM	N/A
PR 70 CA/CAM	N/A

Ultra/Deep Cameo (UC/DCAM) Proof Strike (PR) Value Chart

1901 Ultra/Deep Cameo Proof Silver Dollar
Grade Names	Coin Values
PR 60 UC/DCAM	N/A
PR 61 UC/DCAM	N/A
PR 62 UC/DCAM	N/A
PR 63 UC/DCAM	N/A
PR 64 UC/DCAM	N/A
PR 65 UC/DCAM	N/A
PR 66 UC/DCAM	$39,000
PR 67 UC/DCAM	N/A
PR 68 UC/DCAM	N/A
PR 69 UC/DCAM	N/A
PR 70 UC/DCAM	N/A

What Makes A 1901 Silver Dollar Valuable?

Different elements such as rarity, die varieties (particularly VAMs), and special designations can all add to the value of a 1901 silver dollar.

Let’s start with grading.

Grading

Circulation-strike coins have grades from ungradable up to mint state 70 (MS 70). The value of the coin increases with the grades.

Prooflike, deep (mirror) prooflike, and proof-strike coins have grades from 60 to 70. 

Sometimes, however, proof coins can have a grade lower than 60. These are “impaired” proofs. This happens when they are worn or have imperfections, meaning they don’t meet the normal standards for proof coins.     

Rarity

The Mint minted 1901 silver dollars approximately 22,566,813 times across all of its versions. Please see the following list for the breakdown for each version:

• 1901: 6,962,000 minted in Philadelphia^1-2
• 1901-O: 13,320,000 minted in New Orleans^3-4
• 1901-S: 2,284,000 minted in San Francisco^7-8
• 1901 Proof: 813 minted in Philadelphia^15-16

Aside from the low mintage of 1895, mint-state 1901 silver dollars from Philadelphia are the rarest of the Morgan series. Estimates say that the Mint melted down the vast majority of this mintage. 

Philadelphia prooflike and deep (mirror) prooflike are very rare.

Due to most being put into circulation and few surviving, San Francisco 1901 silver dollars are relatively rare in both circulated and mint-state grades.   

Mint Marks

There are two mint marks for the 1901 silver dollar:

• “O” for coins minted in New Orleans^3-4
• “S” for coins minted in San Francisco^7-8

If the coin has no mint mark, it was produced in Philadelphia.^1-2

The coins without a mint mark are the most valuable, followed by the “S” mint mark, with the “O” mint mark being the least valuable of the lot.

Strike Types

The 1901 silver dollar has both circulation- and proof-strike versions.^19-20

Mints create proof-strike coins using a different process to strike a much smaller amount.

For example, the planchets are highly polished, they are handled and moved with careful attention, and they are stuck several times.

In other words, greater care is taken in the whole process of minting proof coins when compared with circulation-strike coins. 

Because of this, proof-strike coins are generally more valuable than their circulation-strike counterparts. However, the 1901 silver dollar is somewhat of an anomaly here. Due to the extreme rarity, some circulation-strike versions are more valuable. 

Design Variations

The 1901 silver dollar has no design variations.

Special Designations

There are 2 special designations for the 1901 silver dollar: prooflike and deep (mirror) prooflike.^2,6,8-14

These are circulation-strike coins exhibiting some characteristics of a proof coin. 

The Philadelphia versions are very rare for this year. Only a handful of the deep (mirror) prooflike versions are known. 

There are no known special designations of the 1901 doubled-die reverse silver dollar. 

These 2 special designations increase the coin’s value.

Error Coins 

Usually, mint errors add to a coin’s value because they are one-offs. However, the value is dependent on what type of error it is.  

For example, rotated die errors are known to increase the value of the 1901 silver dollar.³⁵ A partial collar error will likewise do the same.³⁶

On the other hand, a lamination error can create a different-looking coin but doesn’t necessarily raise the coin’s value.³⁷ 

Die Varieties

Die varieties can sometimes greatly increase the value of a coin. This is especially true if it is a VAM variety. 

In the 1960s, Leroy Van Allen and A. George Mallis put together a list of different die varieties for Morgan and peace dollars. Taken from the initials of their last names, these are known as VAMs.

VAMs are very popular with collectors and can make a coin much more valuable. 

Below, we’ve listed some notable (and valuable) VAM varieties for the 1901 silver dollar:

• 1901 VAM-3 (doubled-die reverse, shifted eagle)²²
• 1901-O VAM-34 (2 eyelids, 2 olives)²³
• 1901-S VAM-14 (slanted date, 0 in denticles)²⁴

Composition

The 1901 silver dollar is 90% silver. The current melt value for silver is $17, but this depends on the fluctuating market.

While your coin will always be worth its weight in silver, we do not advise melting it. You will get more money from selling it. 

How Do You Know If You Have A Valuable 1901 Silver Dollar?

The best way to know if you have a valuable 1901 silver dollar (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

In general, the quality of 1901 silver dollars is pretty mixed. 

The higher grades show good detail and little imperfections. You want to look for these as they are worth significantly more. 

Coins at the lower end of the grades – which makes up the majority of available coins – are often worn, poorly struck, bag marked, and do not have the best luster. These will not be worth as much.

Overall, you will want to be selective when choosing a 1901 silver dollar. 

Mint Marks

On the reverse side of your 1901 silver dollar, look just above the “DO” of “Dollar.” This is where you will find the mint mark.

If you have an “O” mint mark, it is from the New Orleans Mint. This is the least valuable.

If there is an “S” mint mark, it is from the San Francisco Mint. This is the second most valuable coin of this year.

If your coin has no mint mark, you have the most valuable version, those from the Philadelphia Mint.

Strike Types

You will see a noticeable difference in the quality between a circulation-strike and a proof-strike coin. 

Proof versions of the 1901 silver dollar are well-struck, have clear details, a nice luster, and few imperfections.

Cameo versions of the coin show a contrast between the mirroring of the coin’s fields and the frosting of the devices.

Ultra/deep cameo versions show even greater contrast. These are very rare for this year. 

Many 1901 proof silver dollars have been graded as “impaired.” They will show more scratches, may be worn, and will lack the fine detail that normal proofs exhibit.

However, even if your coin is an impaired proof, it is still worth at least $1,000. 

Design Variations

The 1901 silver dollar has no design variations.

Special Designations

A key element in the special designation of a 1901 prooflike or deep (mirror) prooflike silver dollar is its reflectivity. 

A prooflike coin must show a clear mirror-like finish on both sides from at least 2 inches away.²⁸ 

To be designated a deep (mirror) prooflike coin, it has to show this mirror-like finish from 6 inches away.²⁸

This can be difficult to determine, so we recommend working with a professional when assessing your coin’s special designation.  

Error Coins

Here are some ways to help you identify known 1901 silver dollar error coins.

Rotated Die

This mint error makes your coin more valuable. Luckily, this is an easy error to identify. 

Hold your coin, then flip it over. If the designs don’t align, it is a rotated die error.

The extent of the misalignment is referred to as degrees. This can be clockwise or counterclockwise.

Partial Collar

To check for the tilted partial collar error, look at the rim of your coin. 

Sometimes, one part of the rim can be thin and the other thicker. Sometimes, only part of the rim will be reeded and the other part smooth. 

Depending on its extent, you can see this error on the coin’s edge. Other times, you’ll only see it on the rim.

The error increases the value of your coin.

Lamination

A lamination error can happen before striking or after. Before striking, you will usually see parts of the metal flaking off the planchet. 

If this error occurs after striking, you will see the metal flaking off part of the coin’s design.

Both are usually due to contaminants in the metal. 

While this error certainly makes your coin unique, it doesn’t tend to increase the value.   

Die Varieties

Below are some tips on identifying if you have a 1901 silver dollar VAM variety.

1901 VAM-3 (Doubled-Die Reverse, Shifted Eagle)

This is a valuable die variety.²² For the grades up to about uncirculated, it is worth at least 4 times as much as a regular 1901 silver dollar. 

Look at the reverse side of your coin. You want to pay particular attention to the eagle. The eagle’s tail feathers, beak, wings, its olive branch, leaves, arrowheads, and shafts are all doubled. 

The entire eagle has shifted and repunched to 12 o’clock. 

It is one of the most prominent examples of doubling of the entire Morgan series.

1901-O VAM-34 (2 Eyelids, 2 Olives)

Look at the obverse side of your coin. Lady Liberty’s eyelid is strongly doubled. There will be almost a complete eyelid below her normal one.²³

Her hair above her ear will also be slightly doubled.

The date “1901” will be shifted further to the right than its normal position. 

On your coin’s reverse side, look at the olive on the branch the eagle is holding. For this variety, a second olive will be slightly up and to the right of the main olive.

This is a rare variety and will increase the coin’s value.  

1901-S VAM-14 (Slanted Date, 0 In Denticles)

You’ll see distinguishing factors for this variety on the coin’s obverse side.²⁴

Take a look at the date at the bottom of the coin. The date has been punched slanted up towards the right. The second “1” will appear higher than the first “1.”

Look at the denticles below the “90” of the date. A curved line of a previously mispunched “0” will be in the space between the denticles.  

The “S” mint mark on the coin’s reverse side will be slightly high.

While not an overly famous variety, in general, having a VAM listing will increase the value of your coin.

How To Spot The Fake 1901 Silver Dollar

Unfortunately, there are several counterfeit 1901 silver dollars.^29-34

One of the most common forgeries involves removing the mint mark. 

A forger will take a less valuable 1901 silver dollar from the New Orleans Mint, remove the “O” mint mark, and offer the coin as the rare and valuable 1901 silver dollar minted in Philadelphia.

For this, look closely below the bow of the laurel wreath on the reverse side of your coin. Look for evidence, such as unusual scratches or marks, where a mint mark would have been. This may be an indication of the mint mark being removed. 

The 1901-O silver dollar counterfeit “Micro O” also exists. 

This is part of a group of forged Morgan dollars that all share a much smaller and more round “O” mint mark known as the “Micro O.”

The “Micro O” is always placed higher than its normal position and clearly tilted to the right. 

Other known 1901 forgeries include (but aren’t limited to) examples such as the 1900-O VAM-44, 1901-O VAM-56, and 1901 VAM-58.

It is always worth double-checking the authenticity of the coin you are buying. You can ask the seller to get the coin certified, or you can get it certified yourself. 

Additional Information About The 1901 Silver Dollar

History

Named after the British engraver George T. Morgan, who designed the coin, the Morgan silver dollar series saw continuous minting from 1878 to 1901. It came back for 1 year in 1921 and then again 100 years later in 2021 (and on) as a collectible coin. 

It is believed that the majority of the 1901 silver dollars minted in Philadelphia were melted due to the 1918 Pittman Act. 

This Act required silver dollars to be melted and converted into bullion to fulfill the United States of America’s sale agreement with Great Britain. The act also required that more silver be purchased to be minted into new silver dollars.   

The dollars that weren’t melted were put out into circulation, which is why so few mint-state versions survive today.

The dollars minted in New Orleans were once thought to be an exceptional rarity. But in the early 1950s, the Treasury released a large amount of uncirculated 1901 silver dollars. Then again in the 1960s, the release of thousands of dollars from the Treasury hoards changed the status of this coin. The 1901-O silver dollar is now a commonly found coin.

^{Sources: 1-8,19-20,27}

The Coin’s Obverse Side

Curving around the rim of the 1901 silver dollar’s obverse side is America’s motto, “E Pluribus Unum,” at the top and the year “1901” at the bottom. 13 stars separate these, representing the colonies that declared independence from Great Britain in 1776.

The profile of Lady Liberty fills the center of the coin. She wears a headband inscribed with the word “Liberty,” a cap, and flowers in her hair. Morgan’s initial “M” is at the base of her neck. 

^{Sources: 1-2}

The Coin’s Reverse Side

Circling the edge of the 1901 silver dollar’s reverse side is “United States of America” at the top and “One Dollar” at the bottom. A single star separates them on each side.

A bald eagle features in the center. It holds arrows and an olive branch. Above its head is “In God We Trust.” Below it is a curved wreath tied with a bow. Morgan’s initial “M” is on the loop of the bow.

Below the bow is the mint mark (unless Philadelphia minted it, in which case it won’t have one). The “S” mint mark is for coins minted in San Francisco, and “O” is for coins minted in New Orleans.

^{Sources: 1-8} 

Sources

1901 Silver Dollar Value Guide Sources