The Year of Two Different Dollars
1921 was a unique year for the US silver dollar program. The Mint saw the return of the Morgan Silver Dollar, as well as the start of production for the Peace Silver Dollar. During this time in history, it was very uncommon for the Mint to produce two different types of designs for the same denomination coin in one year.
For the majority of the year, the Mint produced the Morgan Silver Dollar, while the design for the Peace Dollar was being finalized. After Anthony de Francisci's design for the Peace Dollar had been approved, the Mint went to work, quickly implementing the design for production.
In the last months of 1921, the Morgan Silver Dollar was finally retired, and Francisci's Peace Dollar was finally put into production. This change marked the end of the Morgan Dollar as the official US Silver Dollar design, which was used from 1878 till 1904, and again in 1921.
Similar to the Morgan Dollar, the Peace Dollar would continue to be minted until 1928, when it was discontinued due to a lack of silver. It would later be reintroduced in 1934 and 1935 before being officially discontinued.
All 1921 coins are fully detailed with hand written stats, current melt values, both instrinsic & numismatic, prices,production numbers, and all other stats are current values that represent average marketplace or based off current silver or gold spot. We take pride in providing the most accurate coin values and stats online.
- Like all other Morgan Dollars minted, the 1921 features a composition of 90% silver and 10% copper. The coin weighs 26.73 grams and has a diameter of 38.1mm or 1.5 inches. Reeding, or small bumps on the edge of the coin, is present and denticles can be.
- The 1921 Morgan Dollar is also a popular last-year type among numismatists. By December 1921, The United States Treasury had replaced the Morgan Silver Dollar with the Peace silver dollar (1921-1935). Other Years From This Coin Series 1878.
About the 1921 Morgan Silver Dollar
After being on a hiatus for 16 years, George T. Morgan's silver dollar had finally begun minting again in 1921. The reason for the 16-year gap between minting was due to the lack of silver blanks necessary to create the Morgan Dollar. The re-minting of the Morgan Dollar was short-lived and only lasted for about three-fourths of a year before being officially discontinued.
During this short minting run, the Morgan Dollar was minted in great numbers, with approximately 44,690,000 examples struck. This makes 1921 the year that the most Morgan Dollars were minted, far surpassing the next closest mintage of 21 million in 1889.
Like all other Morgan Dollars minted, the 1921 features a composition of 90% silver and 10% copper. The coin weighs 26.73 grams and has a diameter of 38.1mm or 1.5 inches. Reeding, or small bumps on the edge of the coin, is present and denticles can be found on both the obverse and reverse.
About the 1921 Peace Silver Dollar
Because of the Peace Dollar's minting at the end of 1921, not many examples were produced. Only 1,006,000 coins were produced and distributed to the public. This low mintage makes the 1921 Peace Dollar much rarer than the 1921 Morgan Dollar.
Despite the low mintage, the 1921 Peace Dollar was greeted with positive reviews by the public. This increasing consumer demand and wide acceptance by the public led the mint to begin producing large quantities in the following years.
The Peace Dollar shares the same 90% silver, 10% copper composition as the Morgan Dollar. Even the weight and diameter were kept the same so the mint could use the same silver blanks that were used to produce the Morgan Silver Dollar. Reeding is present on the edges, but no denticles can be found on the obverse or reverse.
Value of the 1921 Silver Dollars
Although produced in the same year, the 1921 Morgan and Peace Dollars have very different values. This difference in price mainly comes from the difference in mintage numbers for the two coins.
Since a huge number of Morgan Dollars were minted in 1921, the prices tend to be much lower than other dates in the series. An average grade 1921 Morgan Silver Dollar tends to have a slight premium above the coin's silver content, valued at about $22. This value changes if the coin is in Uncirculated condition, increasing to around $35. If graded at MS-63, the 1921 Morgan Dollar is estimated to be worth $55.
The 1921 Peace Dollar is almost the exact opposite of the 1921 Morgan Dollar when it comes to mintage numbers and value. Because of its very low mintage, the 1921 Peace Dollar is much rarer and in turn much more valuable than the 1921 Morgan Dollar.
Even 1921 Peace Dollars that are in Good condition are valued at $70 and those in Extremely Fine condition are worth $105. Uncirculated examples sell for about $230 and MS-63 graded examples are valued at $440.
When it comes to coins and the prices that collectors place on them, prices are normally related to how rare the coin is compared to other dates in the series. This can clearly be seen with the 1921 Morgan and Peace Dollars, where the more common Morgan Dollar is priced much lower than the much rarer Peace Dollar.
This is the story of the 1921 Morgan dollar, the last coin of the 19th century. It was an old design nobody expected to see again.
What Is a 1921 Morgan Dollar Worth?
Mintage: 44,690,000Circulated Grades
| Very Fine | Extremely Fine | About Uncirculated |
|---|---|---|
| $25 | $25 | $30 |
Uncirculated Grades
| Mint State 61 | Mint State 63 | Mint State 65 | Finest Known (MS67) |
|---|---|---|---|
| $35 | $50 | $125 | $19,975 |
Uncirculated Grades
| Mint State 61 | Mint State 63 | Mint State 65 | Finest Known (MS67) |
|---|---|---|---|
| $35 | $50 | $125 | $19,975 |
What Is a 1921-D Morgan Dollar Worth?
Mintage: 20,345,000Circulated Grades
| Very Fine | Extremely Fine | About Uncirculated |
|---|---|---|
| $25 | $32 | $40 |
Uncirculated Grades
| Mint State 61 | Mint State 63 | Mint State 65 | Finest Known (MS68) |
|---|---|---|---|
| $50 | $60 | $250 | $44,063 |
What Is a 1921-S Morgan Dollar Worth?
Mintage: 21,695,0001921 E Pluribus Unum Dollar Coin
Circulated Grades
| Very Fine | Extremely Fine | About Uncirculated |
|---|---|---|
| $30 | $35 | $40 |
Uncirculated Grades
| Mint State 61 | Mint State 63 | Mint State 65 | Finest Known (MS67) |
|---|---|---|---|
| $50 | $75 | $575 | $19,200 |
The information on this page does not constitute an offer to buy or sell the coin(s) referred to. Proof and prooflike examples of this issue may have greater or lesser 'finest known' and different record auction prices.
Where Is the Mintmark on a 1921 Silver Dollar?
It's important to know whether or not your coin has a mintmark. On both the Morgan silver dollar and Peace silver dollar, the mintmark is found on the reverse.
For the Morgan dollar, this location is centered at the bottom of the design. It is placed just below the tail feathers of the eagle.
This also raises the question of fakes. The Red Book warns that collectors should be wary of altered mintmarks. How can you tell if a 1921 silver dollar is real?
Our guide to spotting counterfeit coins will give you some useful tips for identifying real silver dollars. For a modest fee, you can always submit your coin to third-party grading services such as NGC and PCGS to have the coin authenticated, as well.
We also have Morgan silver dollars for sale that are already certified by the leading third-party graders:
What Makes The 1921 Morgan Dollar Special?
The 1921 Morgan dollar was the last year for the design. It was also the last U.S. coin design of the 19th century to be struck. 1921 Morgan dollar mintages at all three U.S. Mint locations (Philadelphia, Denver, and San Francisco) were the highest of the series. Plentiful mintages and a low, flat strike means that the 1921 Morgan dollar is one of the least popular coins in the series.
1921 Dollar Coin Mint Mark
By contrast, the 1895 issue is the rarest Morgan dollar. Only proofs were minted that year, and just 880 of them were produced.
Why Did We Make Silver Dollars In 1921?
The Morgan dollar was never that popular with the public. It was invented by Congress as a subsidy for the politically powerful silver mining industry in 1878. No one had ever expected to see new Morgan dollars after the last ones were struck in 1904. In fact, the master hubs were destroyed in 1910, when the U.S. Mint cleared out the hubs and dies that were no longer used.
Events in WWI in 1918 led to the resumption of Morgan dollar production in 1921. The British were suffering a silver shortage that jeopardized the entire Allied side in WWI. They had issued more silver certificates in India than they had silver to back them. If India revolted, the British would have to make peace with Germany. The British government appealed to the U.S. to sell them silver.
Even though it risked losing the war, the 'silverite' faction in Congress refused to back the melting of silver dollars. This faction had forced the creation of the Morgan dollar in the first place. They demanded that every silver dollar melted was replaced after the war in return for their support. (See 'The 1918 Pittman Act: Boondoggle Or Necessary Morgan Dollar Massacre?' for the full story.)
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. As long as silver prices were above a dollar, the silver miners preferred to sell their ore on the open market. Once it dropped below that, they clamored for the government to buy their silver. That moment came in 1920.
The 1921 Morgan Dollar: Falling Flat
The 1918 'deal with the silver devil' had come due. The government was once again buying silver for more than the market price. (Silver prices would hit a low of 53 cents an ounce in March 1921.)
Since the master Morgan dollar coin hubs had been destroyed in 1910, Chief Engraver of the Mint 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. This would be the last-ever year for the Morgan dollar (for real, this time, as the Peace dollar would replace it in December). The emphasis at the Mint was not to commemorate this, but to shove them out the door as quickly as possible. They would never see the light of day, anyway.
Silver dollars were stored in Treasury Department vaults to back the paper silver certificates that circulated. Theoretically, you could ask to exchange your certificate for actual silver dollars, but this was rarely done. The big silver coins just sat stacked in canvas bags inside locked vaults.
