1921 Morgan and Peace Silver Dollar Values (Price Charts)
1921 Morgan and Peace Silver Dollar Values
Complete price guide and collector's analysis for the year of two silver dollars
Introduction
1921 was The Year Of Two Silver Dollars. It was the year that saw the curtain call of a silver dollar that no one had wanted in the first place and the premiere of the silver dollar that capped the American Coin Renaissance.
This comprehensive guide explores both the Morgan and Peace silver dollars of 1921, providing current market values, historical context, and collecting insights for numismatists and precious metals enthusiasts alike.
1921 Morgan Silver Dollar
The final year of Morgan dollar production with the highest mintage in series history. Over 86 million coins were struck across three mints.
- Last year of the Morgan design
- Flat, low-relief strike quality
- Most affordable Morgan dollar
- Three mint locations: P, D, S
1921 Peace Silver Dollar
First year of the Peace dollar design, featuring the only high-relief version intended for circulation. Only 1,006,473 coins minted.
- First year of Peace design
- High-relief one-year type
- Philadelphia Mint only
- End of American Coin Renaissance
Table of Contents
What Is a 1921 Morgan Silver Dollar Worth?
The 1921 Morgan dollar represents the end of an era in American coinage. With production resuming after a 17-year hiatus, these coins were struck in massive quantities using new, low-relief dies that prioritized quantity over aesthetic quality.
1921 (P) Morgan Dollar
A total of 44,690,000 Morgan dollars were minted in Philadelphia in 1921. They are the most common issue of that year-date you will find.
Most 1921 (P) Morgans in circulated condition trade for under $30. Values jump in grades of MS65 and above.
1921-D Morgan Dollar
The 1921-D Morgan saw a mintage of 20,345,000 silver dollars at the Denver Mint. They are less common than their Philadelphia counterparts.
Once you get into uncirculated grades, the 1921-D Morgan sees prices rise considerably, with MS68 specimens reaching over $44,000 at auction.
1921-S Morgan Dollar
The San Francisco Mint struck 21,695,000 Morgan dollars in 1921, only slightly more than the Denver production.
1921-S Morgan dollars grading in the low mint state range are very desirable, with auction records exceeding $19,000.
1921 Morgan Dollar Mintages
| Issue | Coins Minted | Rarity |
|---|---|---|
| 1921 | 44,690,000 | Most Common |
| 1921-D | 20,345,000 | Semi-Common |
| 1921-S | 21,695,000 | Semi-Common |
1921 Morgan Dollar Values
| Issue | VF25 | XF45 | AU55 | MS61 | MS65 |
|---|---|---|---|---|---|
| 1921 | $36 | $42 | $52 | $75 | $285 |
| 1921-D | $36 | $45 | $55 | $85 | $600 |
| 1921-S | $43 | $50 | $59 | $90 | $825 |
Rarity and Value
The short answer is no—1921 Morgan dollars are not rare. Between the three branch mints, more than 86 million Morgan dollars were issued in 1921. In fact, this is far and away the highest mintage of silver dollars for any single year in United States history. Even though millions have presumably been melted for their silver content value, the 1921 Morgan remains one of the cheapest Morgan dollars available.
What Is a 1921 Peace Dollar Worth?
The 1921 Peace Dollar was a new design, and the first coin design in the U.S. created in response to public demand. This dynamic new silver dollar was designed for 20th Century America.
Peace Dollar Design Timeline
1921 Peace Dollar Values
| Issue | VF25 | XF45 | AU55 | MS61 | MS65 |
|---|---|---|---|---|---|
| 1921 | $235 | $340 | $460 | $1,000 | $4,150 |
What Makes the 1921 Peace Dollar Special?
- First U.S. coin design produced due to popular demand
- Last high relief coin intended for circulation
- Capstone of the American Renaissance of Coinage (1907-1921)
- One-year type with unique design characteristics
- Only 1,006,473 pieces minted in Philadelphia
- Designed by Anthony de Francisci using his wife as the model for Liberty
Design Revolution
The Peace dollar could have hardly been more different than the Morgan dollar. Lady Liberty gave off a youthful, energetic appearance on the coin's obverse, rather than the staid, matronly guise of her counterpart on the Morgan dollar. An American bald eagle stood perched on a mountaintop on the reverse, watching the first rays of a rising sun break above the horizon.
Historical Context and Significance
The story of 1921's dual silver dollar production begins with World War I and the complex political maneuvering that followed. Understanding this context helps collectors appreciate why both coins were produced in the same year.
The Pittman Act Legacy
The 1918 Pittman Act forced the U.S. Mint to buy silver at $1 per ounce after the war to replace the 270 million silver dollars that were melted down to help Britain during WWI.
Silver Market Dynamics
As long as silver prices were above a dollar, miners sold their ore on the open market. When prices dropped below that in 1920, they demanded government purchases.
Public Demand for Peace
The Peace dollar emerged from genuine public desire to commemorate the end of WWI, making it the first U.S. coin design created in response to popular demand rather than government directive.
The Morgan's Flat Strike
Since the master Morgan dollar coin hubs had been destroyed in 1910, Chief Engraver George Morgan made new low relief hubs from scratch. His emphasis was on getting maximum use out of the coin dies, instead of making pretty coins. This resulted in a coin that looked flat and lifeless, even when fully struck.
Why Two Silver Dollars in 1921?
By 1921, it had been 17 years since any silver dollars had been made. With literally hundreds of millions of unwanted Morgan dollars clogging the coin vaults at the Treasury Department, there was no need nor desire to make more. However, the Pittman Act's obligations came due when silver prices fell to 53 cents an ounce in March 1921.
Meanwhile, public sentiment following the end of World War I created demand for a commemorative coin celebrating peace. This led to the design contest that produced the Peace dollar, which began production in December 1921, effectively ending Morgan dollar production forever.
Collecting and Authentication Tips
Successfully collecting 1921 silver dollars requires understanding key identification points, market factors, and authentication methods. Both coins offer different challenges and opportunities for collectors.
Mintmark Identification
On Morgan dollars, the mintmark is centered at the bottom of the reverse, below the eagle's tail feathers. Peace dollars place the mintmark in the bottom-left on the reverse beneath the eagle's tail.
Authentication Concerns
The Red Book warns that collectors should be wary of altered mintmarks on valuable coins. Consider third-party grading services like NGC and PCGS for authentication of high-value specimens.
Grade Sensitivity
While 1921 Morgans are common in circulated grades, values increase dramatically in MS65 and higher grades. Peace dollars show strong premiums across all uncirculated grades.
Investment Considerations
For collectors interested in building a diversified precious metals portfolio, silver dollars complement other investments. Consider exploring silver bullion options alongside numismatic coins, and those interested in precious metals broadly might also explore gold investments for comprehensive portfolio diversification.
Collector Strategy
- Morgan Focus: Start with 1921-P for affordability, then add branch mint examples
- Peace Dollar Priority: The 1921 is a one-year type essential for any Peace dollar collection
- Condition Considerations: AU grades often provide the best value-to-eye appeal ratio
- Set Building: Both coins are cornerstones of their respective series
- Long-term Value: Focus on properly graded, authenticated examples for investment purposes
Investment and Market Perspective
Both 1921 silver dollars serve different roles in precious metals investing and coin collecting. Understanding their market dynamics helps investors make informed decisions about including these coins in their portfolios.
Morgan Dollar Appeal
High mintages make 1921 Morgans accessible entry points for new collectors. Their silver content provides intrinsic value floor, while numismatic premiums remain modest in most grades.
Peace Dollar Premium
The 1921 Peace dollar's status as a one-year type and first-year issue creates sustained collector demand. Its high-relief design appeals to both numismatists and art enthusiasts.
Silver Content Value
Both coins contain approximately 0.77 troy ounces of silver, providing a base value that fluctuates with silver market prices. This creates a natural floor for even common examples.
Market Dynamics
The silver dollar market benefits from both numismatic collector demand and precious metals investor interest. As silver prices rise, so does the intrinsic value of these coins, while their historical significance maintains numismatic premiums. Current precious metals market trends can influence overall collecting activity and investment demand.
100 Years Later: Modern Legacy
The centennial anniversary of these historic silver dollars brought renewed attention to their significance. The U.S. Mint's commemorative releases in 2021 demonstrated the enduring appeal of both designs.
2021 Centennial Commemoratives
The U.S. Mint made new .999 pure silver Morgan dollar and Peace dollar designs in 2021 to mark the 100th anniversary of the last Morgan dollar and the first Peace dollar. Reception was overwhelming, leading the Mint to make both designs an annual limited edition series.
No 2022 Morgan or Peace silver dollars were struck in 2022, due to the global silver shortage. That has sent demand for the 2021 coins soaring, as they can now be considered a one-year subtype.
Collecting Legacy
The continued popularity of Morgan and Peace dollar designs demonstrates their lasting appeal in American coinage. Whether collecting original 1921 examples or modern commemoratives, these coins represent important chapters in U.S. monetary history and artistic achievement.
Conclusion
The year 1921 stands as a unique moment in American coinage history, marking both an ending and a beginning. The Morgan dollar's final production run represented the conclusion of a design that had served as a subsidy for silver mining interests, while the Peace dollar's debut heralded a new era of artistic achievement in U.S. coinage.
For collectors and investors today, both coins offer distinct opportunities. The 1921 Morgan provides an affordable entry point into one of America's most beloved coin series, with its high mintages ensuring availability across all budget levels. The 1921 Peace dollar, by contrast, offers the appeal of a one-year type coin with artistic merit and historical significance that commands substantial premiums.
Understanding the historical context, market dynamics, and collecting considerations for both coins enables informed decision-making whether you're building a type set, completing a series, or incorporating precious metals into an investment portfolio. As these coins approach their second century, their dual legacy as both monetary instruments and artistic achievements continues to captivate new generations of collectors.
Getting Started
Whether you're drawn to the accessibility of 1921 Morgans or the artistic appeal of the Peace dollar, both coins represent excellent starting points for exploring American silver dollars. Their rich histories, diverse grade ranges, and enduring popularity make them cornerstones of any serious collection focused on 20th-century American coinage.