Collecting unique and interesting coins is the dream of every coin enthusiast and numismatist. But, without proper information and references, it can be hard to navigate through the origin of the coin, its current value, and, of course, the market price. Now, regardless of whether you’re an amateur when it comes to coin, or you’re a pro, this is the right place to be if you want to find out more about the 1921 Morgan Silver dollar.
This dollar is the definition of an interesting coin; but, is it worth anything? Can you make a good bank with this coin? To find out the answer to these questions and more, we highly recommend you keep on reading. In the following paragraphs, we’re going to talk about the history and origin of the 1921 Morgan silver dollar, its main and unique features, as well as its current market value/price. So, without further ado, let’s dive right in!
The 1921 Morgan Silver Dollar – Everything You Need To Know
The History and Origin
To learn more about the 1921 Morgan silver dollar, we need to start at the very beginning, and that would be the year 1878. This is when the first Morgan silver dollar came into existence. Ever since the Coinage Act of 1873, no silver dollars were minted until the Morgan silver dollar, so this was a ‘big deal’ kind of coin.
But, why was this the case? Well, according to the aforementioned Act, the States wanted to demonetize silver bullion. So, what they did was the following; despite the lower value of the silver (compared to the surface level value of the coin, which is one dollar), the States still decide to incorporate the low-value silver into the actual coin. No value was disrupted, and only profit was in sight. However, while some profit, the rest of the country was experiencing the aftermath of the decision; inflation.
Despite all of this, the minting of the Morgan silver dollar continued, until 1904. Nevertheless, the Mint managed to continue striking Mint silver dollars once more in the year 1921. This makes the Morgan silver dollar especially important. World War I was finally over, and people demanded a new Morgan silver dollar to commemorate this incredibly important event. The new Morgan silver dollar was to have a peace design, which was brought to life by the Italian artist, Anthony de Francisci, and people loved it.
Nowadays, coin collectors across the globe seek this coin; apparently, it is highly valuable and super pricey. More on this in the following paragraphs; but first, let’s take a look at some of the features of this incredibly interesting coin.
The Coin Features and Characteristics
When it comes to the initial Morgan silver dollar, it is essential to mention that George T. Morgan was the designer and the creator of the first Morgan silver dollar; hence the name of the coin. And, that remained a fact for the rest of the Morgan silver dollars as well. The features and characteristics of all Morgan silver dollars are pretty much the same, Of course, there are some nuance changes for each of the Morgan silver dollar edition, including the different years inscribed onto the coin itself, and of course, the differences in mint marks; but, more on that later. Let’s, for now, focus on the exterior and aesthetic features of the 1921 Morgan silver dollar, which was designed by the aforementioned Italian artist, Anthony de Francisci;
- The obverse of the coin
Just like the initial Morgan silver dollar, the 1921 iteration also features a Lady Liberty portrait on the Obverse side of the coin. Lady Liberty’s wearing a crown that features sharp rays and leaves. These are meant to represent the US heritage; the intention of the design was to make the Lady Liberty more American, rather than European, which was the case with the other Lady Liberty designs (on other coins). The letterings ‘Liberty’ and ‘E Pluribus Unum’ are to be found on the obverse of the coin as well. On both sides of the obverse, there are also seven and six starts curving along the coin edges. Of course, right under Lady Liberty’s portrait, there is the 1921-year mark at the very bottom of the coin.
- The reverse of the coin
The reverse of the 1880 Morgan silver dollar features a bald eagle with outstretched wings. The eagle’s clutching an olive branch as well as arrows in its talons; this is meant to represent peace and freedom coming after World War I. There are also inscriptions ‘In God We Trust’ and ‘United States of America’, right above the eagle’s head, while under the eagle there’s the denomination. Between the denomination and the eagle, generally, there’s also a mint mark indicating where the coin was minted. If there’s no mint mark, then the coin was minted in the Philadelphia Mint.
The 1921 Morgan Silver Dollar Mintage Numbers
For the minting of the 1921 Morgan silver dollar, only three Mints were up and running. Not As expected, the Philadelphia Mint managed to provide the highest mintage numbers for the 1921 Morgan silver dollar; around 44,690,000. There were also around 1,006,000 of the so-called peace silver dollars minted here in 1921.
The San Francisco Mint followed with the higher mintage numbers, but they still were significantly lower than the number of the Philadelphia Mint; around 21,695,000. The Denver Mint provided the lowest mintage numbers; around 20,345,000.
| Series | Location | Quantity Minted |
| 1921 | Philadelphia (+ Peace silver dollar) | 44,690,000
+1,006,000 |
| 1921-S | San Francisco | 21,695,000 |
| 1880-D | Denver | 20,345,000 |
| Total mintage: | / | 87,736,000 |
Despite the high mintage numbers, the 1921 Morgan Silver dollar isn’t considered to be a common coin. It took the Morgan silver dollar 17 years to come back, after a halt in 1904, and when it did come back, millions of these coins were minted. Nevertheless, under the 1918 legislation, more than 270 million Morgan silver dollars were melted, and the majority were replaced by the new Peace design. This makes both batches of Morgan silver dollars pretty difficult to come across, especially nowadays.
The 1921 Morgan Silver Dollar – Current Market Value and Price
The high mintage numbers would suggest that the 1921 Morgan silver dollar isn’t a scarce specimen. However, taking into consideration that during the 1950s and 1960s, people sold their Morgan silver dollars (because of the high silver value), it is logical to assume that the majority of the 1921 Morgan silver dollars were probably melted. This makes the 1921 Morgan silver dollar highly sought-after, and as such, it is considered highly valuable on the market.
Now, before we get into the actual market value and price information, it is essential to keep in mind the following information; there are several versions of the 1921 Morgan silver dollar, and each is recognized by either the lack of mint mark (Philadelphia Mint), or by the following mint marks; S for San Francisco Mint, and D for the Denver Mint.
The 1921 Morgan Silver Dollar – No Mint Mark, Regular Strike
- Category: Morgan Dollars (1878-1921)
- Mint: Philadelphia
- Mintage: 44,690,000
- Obverse Designer: George T. Morgan
- Reverse Designer: George T. Morgan
- Composition: Silver
- Fineness: 0.9
- Weight: 26.73g
- ASW: 0.7734oz
- Melt Value: $17.53 (8/17/2023)
- Diameter: 38.1mm
- Edge: Reeded
The record numbers of the newly resurrected 1921 Morgan silver dollar were provided by the very Philadelphia Mint. Because the previous Morgan silver hubs were destroyed, the Philadelphia Mint, as well as the San Francisco and Denver Mints, had to use new master dies for the 1921 specimen; hence the different appearance when compared to the initial Morgan silver dollar. Most of the silver dollars that came from the Philadelphia Mint ended up in circulation; which usually affects the market value and the price.
Nevertheless, according to the NGC Price Guide for August 2023, a Morgan Dollar from 1921 in the circulated condition is worth between $29.50 and $45. However, on the open market, 1921 Morgan Silver Dollars in pristine, uncirculated condition sell for as much as $17,500. Auction records show that the highest price this coin has reached was $19,975.00 (MS 67), at an auction in 2015.
The 1921 Morgan Silver Dollar – S Mint Mark (San Francisco)
- Category: Morgan Dollars (1878-1921)
- Mint: San Francisco
- Mintage: 21,695,000
- Obverse Designer: George T. Morgan
- Reverse Designer: George T. Morgan
- Composition: Silver
- Fineness: 0.9
- Weight: 26.73g
- ASW: 0.7734oz
- Melt Value: $17.54 (8/17/2023)
- Diameter: 38.1mm
- Edge: Reeded
The San Francisco Mint managed to strike almost 21,7 million 1921 Morgan silver dollars. And, despite the high mintage numbers and all of the history around silver dollar sales and melting, these remain quite common nowadays. However, this doesn’t mean they’re invaluable, or of low value. Because they’re generally fully struck examples and good luster, they can be hard to locate, which surely affects the market value and price.
Therefore, according to the NGC price Guide for August 2023, a Morgan Dollar from 1921 in the circulated condition is worth between $29.50 and $75. However, on the open market, 1921 S Silver Dollars in pristine, uncirculated condition sell for as much as $25,000. Other, more recent auctions show that the 1921-S Morgan silver dollar can be sold for up to $19,200.00 (MS 67). However, the PCGS Price Guide suggests that the average price for the 1921-S Morgan silver dollar did reach $32,500.00 in 2023.
The 1921 Morgan Silver Dollar – D Mint Mark (Denver)
- Category: Morgan Dollars (1878-1921)
- Mint: Denver
- Mintage: 20,345,000
- Obverse Designer: George T. Morgan
- Reverse Designer: George T. Morgan
- Composition: Silver
- Fineness: 0.9
- Weight: 26.73g
- ASW: 0.7734oz
- Melt Value: $17.55 (8/17/2023)
- Diameter: 38.1mm
- Edge: Reeded
Despite the lowest mintage numbers out of all three Mints, of around 20.3 million, the Denver Mint managed to produce the highest quality 1921 Morgan silver dollars. These numbers were also a record, which was never been broken since 1921. Overall, the Denver Mint produced coins that were released into circulation, but gem and above issues are also readily available nowadays. When it comes to the current market value, the NGC Price Guide for August 2023 shows that a Morgan Dollar from 1921 in the circulated condition is worth between $29.50 and $50. However, on the open market, 1921 D Silver Dollars in pristine, uncirculated condition sell for as much as $50,000. Recent auction records also show that the price for the 1921-D Morgan silver dollar can go as high as $44,063.00 (MS 67).
The 1921 Morgan Silver Dollar Error Coins
Just like in any industry, coin striking is a process of a grade scale, and as such, is susceptible to occasional errors. Moreover, some error coins are, because of this, considered to be highly rare and highly in demand, even nowadays. Let’s take a look at some auction records for regular and error 1921 Morgan silver dollars;
- 1921-S $1 Morgan Dollar–Double Struck, Second Strike 90% Off Center–AU58 PCGS – this error occurs when the first strike onto the coin is done regularly, but the coin failed to eject from the dies, hence being struck a second time as well. As a result, the design is off-center. The condition of the coin is unusually near-Mint and estimated to be around 900 USD.
- 1921-S $1 VAM 1B Thorn Head (Regular Strike) – this error usually occurs on the 1921-S Morgan silver dollars that have fewer marks. The thorn commonly appears between the letterings on the reverse side of the coin. Such a coin is estimated to be around 580 USD.
- 1921 $1 Peace VAM 3 Line Thru L (Regular Strike) – this error occurs when the ray lights on the coin go over the One Dollar lettering. Such 1921 Morgan silver dollars are super rare and often highly-priced. Auction records show that the price can go as high as $5,160.00.
Final Thoughts
And that’s it; hopefully, you’ve enjoyed this brief guide through the history and the current market value of the iconic 1921 Morgan silver dollar. We’ve tried to make it fun and informative, but if you’re looking to learn more about the market value specifically, we urge you to visit the NGC and PCGS professional coin grading services. There you’ll learn more about the market price changes and oscillations, which can be very helpful when investing in coins. We wish you the best of luck and happy coin collecting!
