The 1901 Morgan dollar from the Philadelphia Mint is, with the exception of the 1895, the rarest of all Philly-minted Morgan dollars. It has a mintage of under 7 million, and many numismatic experts believe that a large number were melted under the Pittman Act of 1918. The vast majority of known specimens are encountered in circulated condition, with a relatively small number in uncirculated grades. Gems are exceedingly rare, as are PLs and DMPLs -- all of these take monumental premiums on the rare occasions they are offered for sale.