The 1901 Morgan dollar has a rich variety landscape catalogued under the VAM (Van Allen-Mallis) attribution system. Several 1901-P, 1901-O, and 1901-S varieties carry significant premiums — ranging from modest collector interest to five-figure auction results. Below are the five most important varieties, ranked by collector demand and market premium.
1901-P VAM-3 — Shifted Eagle, Doubled Die Reverse
TOP 100 • WOW!
$180 – $60,500+
The VAM-3 earned its place on the Top 100 Morgan VAMs list — and the coveted "WOW!" designation — because of one of the most dramatic doubled die reverses in the Morgan series. The reverse die was hubbed with a significant misalignment between strikes, causing the entire eagle to appear shifted and multiple reverse elements to show strong doubling. This variety is officially designated Breen-5680 and listed as F&S $1-010 in major reference works.
Visually, the telltale signs are doubled tail feathers and a doubled lower beak on the eagle — both strong enough to see with the naked eye on well-preserved specimens. The "shifted" quality describes the eagle's overall position, which sits detectably off-center relative to the design norm. Secondary doubling also affects the arrows, wreath elements, and the upper reverse lettering.
Collector demand for this variety is consistently high because it combines dramatic visual appeal with legitimate Top 100 pedigree. An ANACS MS-61 example sold for $43,200 at Heritage Auctions in January 2023. Circulated examples — even well-worn Good to Fine specimens — can fetch premiums of 50–100% over standard 1901-P values purely on variety attribution. In gem grades, the VAM-3 commands prices in the tens of thousands.
1901-P VAM-5 — Doubled Ear
HOT 50
$110 – $10,000+
The VAM-5 "Doubled Ear" is one of the most popular and actively traded 1901 Morgan dollar varieties among VAM enthusiasts. Listed as a Hot 50 Morgan VAM, it owes its desirability to a clearly visible obverse doubled die error focused on Liberty's ear. The hub misalignment on this particular obverse die resulted in a secondary impression of the ear's lower rim showing distinctly below and slightly offset from the primary ear.
The diagnostic feature is unmistakable under a 10× loupe: a second raised ear line — often described as a "shelf" or "notch" — is visible below and inside the primary ear rim. On sharply struck, higher-grade examples, this doubling is visible even without magnification. The reverse pairing on VAM-5 specimens also includes the "2 Olive Reverse," where an extra olive on the branch appears due to a related hub doubling on the reverse die.
Market values for the VAM-5 reflect strong collector demand from the Hot 50 community. Worn examples in Good to Fine grade carry premiums of $30–$80 over standard 1901-P values. In uncirculated condition, Greysheet CPG lists values reaching $10,000. PCGS population data shows certified examples remain scarce at all grade levels, supporting sustained premium pricing at auction.
1901-P VAM-7 — Doubled Wing and Arrows
HIT LIST 40
$285 – $1,250+
The VAM-7 carries a Hit List 40 designation — recognition that this reverse doubled die variety offers collectors an accessible and diagnostically interesting entry point into the 1901-P VAM series. Officially listed as "Doubled Wing and Arrows," the variety results from a hub misalignment that introduced clear secondary impressions on the eagle's wings and the bundle of arrows held in the eagle's left talon. The die state producing this variety differs from VAM-3 in both the specific doubled elements and the degree of shift.
Under 10× magnification, the arrow shafts in the eagle's left talon show distinct doubled outlines — a raised secondary impression parallel to and slightly offset from the primary arrow shafts. The wing feathering in the lower portion of the eagle's wings also shows doubling, particularly visible on the feather tips. These combined features make the VAM-7 a satisfying attribution find for collectors examining 1901-P specimens with a loupe.
The Greysheet CPG values of $285–$1,250 across circulated to uncirculated grades reflect the Hit List 40 premium over standard 1901-P pricing. While not commanding the dramatic premiums of the VAM-3, the VAM-7 trades reliably at a premium whenever properly attributed. Population data suggests the variety is genuinely scarce at all grade levels, and well-attributed examples sell briskly on major platforms.
1901-O VAM-34 — 2 Eyelids, 2 Olive Reverse
NOTABLE O-MINT
$90 – $3,500+
Among 1901-O varieties, the VAM-34 stands out for combining obverse and reverse doubled die features in a single attribution. Officially listed as "2 Eyelids, 2 Olive Reverse," it is one of the more diagnostically rich New Orleans varieties for the 1901 date. The obverse die was hubbed with a shift that resulted in clear doubling of Liberty's upper eyelid — a secondary raised eyelid impression is distinctly visible above the primary eyelid of Liberty's right eye.
On the reverse, the same hubbing process that affected the obverse die produced a paired reverse die showing an extra olive on the branch — offset clearly from the primary olive impression. Additional doubled elements include hair above Liberty's ear, and the right side of the eagle's nostril and eyes on the reverse. Hair above the ear is slightly doubled as well, providing multiple confirmation points for an attribution.
While the 1901-O as a date is common in circulated grades, the VAM-34 attribution adds meaningful collector value. In well-preserved circulated grades where the doubling is visible, premiums of $50–$200 above standard 1901-O values are typical. Gem Mint State examples with fully visible doubling are genuinely scarce and command prices well into the thousands. The variety is an accessible premium-seek for collectors working the New Orleans portion of the Morgan series.
1901-S VAM-14 — Slanted Date, 0 in Denticles
SCARCE S-MINT
$100 – $2,500+
The 1901-S VAM-14 is a fascinating attribution for San Francisco Morgan collectors because it combines two distinct and independently verifiable diagnostics: a visibly slanted date and an extra design element in the coin's denticle edge. The "slanted date" refers to the misaligned placement of the 1901 date on the obverse die — the right "1" digit sits measurably and visibly higher than the left "1," giving the date a pronounced upward tilt from left to right. This misalignment occurred when the date punch was applied to the working die at an angle.
The second diagnostic — the "0 in Denticles" — refers to a small extra design element visible on the coin's denticles just below the date. Based on the curvature of the element, numismatists believe it is the ghost of a "0" digit inadvertently pressed into one of the denticle positions during the hubbing process. Under magnification this presents as a curved raised mark distinctly positioned on the denticle rim. The VAM-14 is considered a duplicate or variety of VAM-11, which also shows the slanted date.
The 1901-S had the smallest mintage of the three 1901 mints at 2,284,000 pieces, giving well-struck examples inherent scarcity relative to the 1901-O. The VAM-14 attribution adds a premium in circulated grades and meaningful additional value in Mint State, where well-attributed San Francisco coins with clear diagnostics are seldom seen on the market. Collectors targeting the 1901-S for registry or date sets value properly identified VAM-14 specimens highly.
