David Akers (1975/88): The 1911-S is very comparable in overall rarity and condition rarity to the 1910-S. Below the gem (MS-65) level it is a decidedly common issue, and literally thousands of Mint State examples exist. In 1983, a hoard of several thousand examples of this issue was uncovered in Central America and many were of relatively high quality. The hoard also contained a number of gems. I have seen just a few pieces better than MS-65, none of which had anything close to the "eye appeal" of the best examples of 1908-S, 1910-S or even 1909-S.
The 1911-S is nearly always very sharply struck and the surfaces are finely granular and frosty. (I don't recall ever seeing a satiny one like the usual 1910-S.) Lustre is generally only average at best and often below average for the series. In fact, one is not likely to find a 1911-S with the lustre of the average 1910-S. Color is almost always very good; a light to medium orange gold color is standard.
Kutasi Collection - Heritage 1/2007:3275, $80,500
Dr. Steven Duckor Collection
Bella Collection (PCGS Set Registry)