For reasons that we can only guess, the 1901-S dollar is an unheralded stopper in any collection of toned Morgan dollars. They just don't seem to exist with attractive color - or for that matter, with any appreciable color other than non-descript gray or tan. A number of fellow toned dollar collectors have confirmed this. This attractive gem is about as nice an originally toned example as can be hoped for in a 1901-S. Interestingly, the same can be said of the other 1901-S silver coinage. The famous quarter is a case in point; most original toned examples feature generic streaky brownish-grey toning. It took us seven years to locate a suitable gem quality '01-S Morgan with acceptably attractive original color, although even this coin is no match for a rainbow-toned common date specimen. Still, one must always consider quality in the context of the specific date or issue. Some coins "just don't come nice" - or just don't come nicely toned.
John Love: There was a store that sold Western wear in Great Falls, Montana in the early to mid-1960s. The son of the owner advertised to buy bags of silver dollars during this time when all the bags were coming out of the Treasury. A man from Washington state brought in two bags of uncirculated 1901-S Morgans at the advertised price of $1150 a bag, $1.15 per coin. That was the only original bags of 1901-S dollars I ever heard of, even to this day. Even LaVere Redfield didn't have 1901-Ss and he had most of the S-Mints.
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