The 1921 silver dollar can be found in two versions, the Morgan silver dollar and the peace silver dollar. While the Morgan dollar might cost you around $50 for an uncirculated piece, the peace silver dollar for the same condition is above $1000.
These coins have a rich history and are sought-after coins for collectors.
Let’s read more about the 1921 silver dollar, its details, variations, errors, and relevant information to assist you in determining the coin’s value.
1921 Silver Dollar Details
- Category: Morgan Silver Dollars
- Mintage: 86,730,000
- Composition: Silver
- Fineness: 0.9
- Mint: Philadelphia, Denver, San Francisco
- Reverse Designer: George T morgan
- Weight: 26.73 grams
- Obverse Designer: George T Morgan
The Morgan silver dollar and the peace dollar had some similar key features, but several aspects make these coins different. The most obvious differentiating factor is the design of both the Morgan and peace dollars. Let’s review the design of both coins.
Obverse Design
On the obverse or front side of the coin, a portrait of Lady Liberty is depicted facing the left of the coin. George T. Morgan, the designer of the Morgan silver dollar, made the portrait appealing by making a detailed cap that the Lady is wearing. The cap has some leaves and a sheath, depicting the US heritage.
In contrast, the obverse side of the peace dollar has a portrait of Lady Liberty with a striking crown that emits sharp rays. Liberty and In God We Trust are written in the lower middle area of the coin. Both silver dollars have the 1921 mark at the lower bottom.
Reverse Design
Most collectors are interested in evaluating the reverse side of the 1921 silver dollar. You’ll see an eagle on both silver dollar variations, but there are several striking differences. On the Morgan dollar, the eagle spreads its wings while grappling a branch of the olive tree in its claws.
The flying and holding of the tree branch are represented as a sign of freedom. In contrast, the eagle on the peace dollar sits or holds an olive branch but has calm wings. Furthermore, the branches of the peace dollar are placed on a stone.
The phrase, ‘E Pluribus Unum’ and ‘The United States of America’, are clearly written on the coin’s reverse surface around the eagle. You’ll also see ‘One Dollar’ written on the bottom half of the coin. Besides these details, two stars are on either side of the edge.
1921 Silver Dollar Value Chart |
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| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
| 1921 Silver Dollar no mint mark | $03.68 | $24.5 | $27.2 | $43.5 |
| 1921 peace dollar no mint mark | $85 | $111 | $160 | $1000 and more |
| 1921 D Silver | $23.6 | $24.5 | $27 | $47.5 |
| 1921 S Silver dollar | $23.6 | $24.5 | $27.5 | $47.5 |
1921 Silver Dollar Value and Varieties Guides
While the actual value might vary depending on the market, here’s an overview of the different 1921 silver dollar varieties and their value.
1921 Silver Dollar No Mint Mark Value
- Edge: Reeded
- Mint Mark: No mint mark
- Year of Minting: 1921
- Face Value: $1
- Quantity: 44,690,000
- Type: Morgan Silver Dollar
- Place of Minting: Philadelphia
- Price: $28 to $800
The 1921 silver dollar starts from $24 and upwards as the grade increases. If you are looking for a fine grade 1921 silver dollar, it can cost you around $24 to $30, whereas higher grades like the EF 40 start from $30.
Likewise, the MS 60 grade costs $40 and more. The average value of the 1921 silver dollar is less than the other variations only because the silver dollar was produced in massive quantities by the Philadelphia mint.
1921 Peace Dollar No Mint Mark Value
- Type: Peace Dollar
- Place of Minting: Philadelphia
- Face Value: $1
- Year of Minting: 1921
- Edge: Reeded
- Mint Mark: No mint mark
- Quantity: 1,006,000
- Price: $125 to $1600
The peace dollar is more sought after and valuable than the Morgan silver dollar. Good condition peace dollars with slightly worn rims and a clear outline can be bought or sold for more than $80.
The peace dollars in fine condition start from $111 and can go up, depending on the details. You can expect a peace dollar with an extremely fine quality to be worth more than $160. Likewise, if the coin is uncirculated, it can sell for $368.
1921 “S” Silver Dollar Value
- Type: Morgan Silver Dollar
- Mint Mark: S
- Face Value: $1
- Year of Minting: 1921
- Quantity: 21,695,000
- Place of Minting: San Francisco
- Edge: Reeded
- Price: $28 to $600 and more
A 1921 S silver dollar in good condition starts from $23, whereas the fine grade is higher than $27. The coin, in extremely fine condition, is valued at $43. However, an MS 60 grade 1921 S silver dollar’s value will start from $47, depending on the fine details.
1921 “D” Silver Dollar Value
- Type: Morgan Silver Dollar
- Year of Minting: 1921
- Price: $28 to $280
- Place of Minting: Denver
- Mint Mark: D
- Edge: Reeded
- Face Value: $1
- Quantity: 20,435,000
The 1921 D was minted in the Denver mint and was circulated massively. A 1921 D in good condition costs $23, while fine-grade pieces cost $25 and upwards. The coin’s extremely fine specimens cost $43. In contrast, the uncirculated ones cost $47.
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1921 Silver Dollar History
The 1921 version of the silver dollar has an exciting history as the coin was minted during World war 1. The silver dollar at the time was made in two versions, the Morgan silver dollar and the peace silver dollar.
During the first World war, the Pittman act was passed in 1918, which ordered the melting of around 350 million silver dollars. The obtained silver was then sold to Britain to stabilize its currency’s value. A total of 270,232,722 silver dollars were melted. The act also ordered the melted coins to be replaced with new ones.
The act played a pivotal role in the resurrection of the Morgan dollar. However, at the time, mints in the US had already destroyed the dies and relevant tools used to produce the Morgan dollar. Therefore, new dies were made to mint the new coins. These new dies are the reason the new Morgan dollars are distinct in appearance from its earlier issues.
The 1921 Morgan silver dollar designer was George T. Morgan, whereas Anthony de Francisci designed the peace silver dollar. While the Morgan silver dollar was minted to commemorate the founding of Jamestown, Virginia, the peace silver dollar represented peace that came after the war. Philadelphia, San Francisco, and Denver mints produced the coin with a record number minted in Philadelphia.
The San Francisco mint produced 21,695,000 coins, Denver minted 20,345,000 coins, and the Philadelphia mint struck 44,690,000 Morgan silver dollars and was the only mint to produce 1,006,000 peace silver dollars. Collectors value the peace silver dollar more than the Morgan dollar because the coin was one of the first versions of the peace dollar.
The Morgan dollar was the first standard silver dollar minted since Coinage Act was passed. The act stopped the previous design’s production and ended the silver’s free coinage. While the minting of the coin started in 1921 and was circulated in public, large quantities of uncirculated Morgan dollars were found in treasury vaults in the year 1960. At the time, silver certificates were issued to exchange for silver coins. The treasury also found a massive stash of rare coins, which caught the eye of collectors. Many people came forward with their certificates and exchanged them for those sought-after silver dollars.
While some of the found coins were circulated, large quantities of coins were exchanged by people to hoard the rare coins. This hoarding of coins influenced the treasury to ban the exchange of silver certificates. The reverse design of the Morgan dollar was used again in 2006 to commemorate the San Francisco mint.
Although the new Morgan dollars can be easily found in higher grades at affordable prices, these coins don’t have a clear outlook because they were minted using different dies while ignoring accuracy. These coins are more valuable and rare for the peace of silver dollars as most collectors don’t want to trade or sell the coin due to its monumental history.
Also Read: Top 19 Most Valuable Morgan Dollars Worth Money
1921 Silver Dollar Grading
Good: The coins show evident wear and flattening on both coin sides with little to no details on the eagle’s feathers. The Morgan dollars in good grades are similar to bullion, whereas the peace dollars are worth more.
Fine: Although a fine-grade piece has wear, several vital details make it more valuable. Certain areas on Lady Liberty’s face and the Eagle’s have several flattened areas.
Extremely Fine: These coins lose their luster and shine. Nevertheless, the silver dollar in extremely fine condition will look sharp and has all the relevant details.
Uncirculated: These coins are in mint condition and graded as MS 60. These coins retain the shine and luster like newly minted coins.
Also Read: Top 19 Most Valuable Silver Eagles Worth Money
1921 Silver Dollar Errors
Besides the rarity and historical value of 1921 silver dollars, a few errors increase the coin’s worth manifolds. Here are a few rare errors to look for.
1. 1921 Silver Dollar Off-Center Strike Error
While minting the coins, a displaced die or planchet causes the die to hit the wrong location, imprinting the image off-center. The portrait will be seen displaced from the center and can be on either edge, while there’s a possibility some words or phrases might not be printed at all.
The more the image is off-center, the higher the coin’s value. On average, you can find an off-center 1921 silver dollar starting from $875.
2. 1921 “S” Morgan Dollar Thorn Head Error
The thorn head error is seen in Morgan dollars produced in the San Francisco mint. You’ll see the thorns on the coin’s reverse side between the lettering. If you want to purchase the thornhead error silver dollar, it will cost around $350.
3. 1921 Peace Dollar Line Through L Error
The ray lines are clearly seen on the One Dollar lettering at the lower bottom corner of the coin. It’s a minting error and is rarely found. Pieces with this error can cost you at least $465.
4. 1921 “D” Morgan Dollar Missing R Error
It’s an extremely rare error as mint artisans are trained to avoid making errors in the final images during the die-making process. In the phrase ‘In God We Trust, the word trust misses the letter R in this error. This imprinting error can also occur when using excessive force during coin minting. These coins start from $150 and can go upwards.
Besides these errors, one other rare Morgan silver dollar has a different number of reeds. The original Morgan dollar has 189 reeds, but these pieces have 157 reeds. Coin collectors and historians believe these coins were minted using an experimental die, which was later replaced with the die with 189 reeds.
1921 Silver Dollar FAQs
How much is the 1921 silver dollar worth?
A 1921 silver dollar in circulation can range from $28 to $45. However, the coins in pristine condition can fetch you $17500 or more. In a nutshell, the value is directly affected by the coin’s condition.
What makes 1921 silver dollars rare?
Many coins minted after 1804 were trial coins, but the 1921 silver dollar is rare because it had two versions. One was the Morgan dollar, and the other was the peace dollar.
Where is the mint mark on the 1921 silver dollar?
The mint mark on the 1921 silver dollar can be located on its reverse side under the center of the wreath. Why is the peace dollar more valuable than the Morgan silver dollar?
The peace dollar is a one-year coin minted in a limited amount to portray peace and harmony. Due to the extremely low mintage and the coin’s representation of peace after the war, the peace silver dollar has a high value and demand. In contrast, the Morgan silver dollar was minted in massive quantities, making it the least popular coin to collect in the series.