While the mintage of 2,284,000 was moderate, clearly these were released to commercial channels and stored in treasury vaults, where they would meet the great silver dollar melts authorized by the 1918 Pittman Act. Any Choice Mint State or finer 1901-S is scarce, and indeed RARE in GEM grades. Let's start off by saying we do not know why CAC did not approve this GEM! Really it is an impressive example of this conditionally rare date. A bold, swirling luster blooms all over on both sides. The eye appeal of this blazing GEM is imparted by a radiating luster that rolls around smoothly uninterrupted on the untoned surfaces. There are a couple of very minor, truly insignificant traces of contact that can be found using a strong glass and have no impact on the stunning eye appeal. PCGS 311, NGC 94. The last example we sold in auction brought $5,875 in our January 2020 Regency Auction; prior to that, we sold one for $8,225 in our May 2019 Regency Auction 32. The current PCGS Price Guide value is listed at $7,500. Fewer than a dozen examples have graded higher, making this a SUPERB example for the GEM Morgan dollar collector. Bidding will be fierce. Good luck. Cert. Number 39109351 PCGS # 7276