The Red Book cautions collectors about removed mint marks on the 1901 P Morgan. With the value of an average condition 1901 P Morgan being rather low, why would anyone remove the mint mark on a seriously used specimen? I know why the high grade specimens would be modified, but why the low grades?
According to QDB in his Red Book of Morgan Dollars, the C3 reverse has a better strike than the C4 reverse, but they are harder to find. Is it possible that someone may be trying to pass an altered "O" or "S" mint coin as a Philly coin for the 4-, 5- or 6-figure value? Chris
The 1901 DDR is the expensive one followed by the 1901, then the S and the D. Despite the lower mintage of the S than the 1901, the 1901 is higher priced. The spread increases with the grade. I suspect the surviving 1901's are far and few.
What I'm remembering is that the 01-P is cheap in low grade, starts to spike up in AU, and is ridiculous in MS. (I know this only because my local pawnshop put out maybe half a dozen glistening, lustrous 01-P's. I looked them up, saw their value, and immediately started looking for evidence they were counterfeit. Most of them would've easily made 63, making them five-figure coins, and a couple probably would've gone 65 or higher, making them -- well, nonexistent.)
So, would you expect to find a low grade 1901 P that has been altered from an O or S? I have never seen one. But, on an average grade, should a person be concerned when shopping?
Have you forgotten about our Italian friend, Gianni, who thinks that every Morgan he looks at is MS65? Chris
