Most coins had the MM on the reverse until relatively recently. I like on the reverse better myself. When it's under the date, it makes the obverse too 'busy' IMO.
I like it on the obverse - always seems like an afterthought on the reverse and I think it sullies the design. Of course it's more fun on the reverse when roll hunting.
When I first started collecting, this really had me confused. I couldn't figure out why all of the older nickels I had were from the Philly mint (i.e. no mint mark) when most of what I find is usually from Denver. When I finally figured out where the mint marks were, those annoying Denver holes in my album were easily filled.
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