For American silver dollar enthusiasts, 1921 stands out as a uniquely significant year. It marked a changing of the guard as the classic Morgan dollar resumed production one final time after a 17-year hiatus, struck alongside the debut of the Peace dollar commemorating the end of World War I. The 1921 silver dollars are highly prized as the key inaugural issues in the Peace series and the conclusion of the long-running Morgan series.
With multiple mints striking dollars that year and scarce varieties for astute collectors to pursue, assembling a complete set of 1921 silver dollars poses an exciting challenge. Understanding the nuances of these historic coins is essential in order to build a collection with solid value. In this guide, we‘ll walk through the background of the 1921 dollars, the factors that determine their worth, and smart collecting strategies to acquire exceptional pieces.
Minting of the 1921 Morgan and Peace Dollars
The story of 1921 silver dollars traces back to the Pittman Act of 1918, which required the U.S. Mint to strike millions of silver dollars to replace those melted during World War I. The Morgan dollar, last produced in 1904, was revived for this purpose. Its iconic design featuring a profile of Liberty remained unchanged, but the relief was slightly lowered to prolong die life for high-volume minting.
Ultimately, the Morgan dollar‘s return proved short-lived. The Peace dollar‘s design was finalized later that year, and production of the new coin began at the end of 1921, resulting in a low mintage. The two coexisting 1921 silver dollars make it a standout year for collectors, marking a transition between two beloved and extensively collected series.
Mints and Mintages
Three mints struck Morgan dollars in 1921. The main facility in Philadelphia produced the highest volume that year at over 44 million coins, distinguished by the lack of a mintmark. The Denver Mint, in its first year striking silver dollars, contributed over 20 million pieces with a "D" mintmark. San Francisco minted over 21 million coins marked with an "S".
For the Peace dollar, its inaugural year saw production only at the Philadelphia Mint. The high-relief design proved difficult to fully strike, and with the transition coming late in the year, only a little over 1 million were coined. The relative scarcity of this single-year high-relief issue makes the 1921 Peace dollar a key to the series.
Grading and Valuation
As with all collectible coins, the condition or grade of a 1921 silver dollar is paramount in determining its value. Coins are graded on the Sheldon scale from 1 to 70, with higher numbers indicating better condition. Professionals assess factors like wear, luster, contact marks, and eye appeal to assign a numeric grade.
Mint State (MS) coins grading 60 through 70 show no wear from circulation, only varying degrees of contact marks and blemishes from minting and handling. Uncirculated 1921 dollars represent the upper end of survivor quality and command the highest premiums. A baseline Mint State specimen might grade MS-60 to MS-63, while exceptional coins with minimal marks and strong visual appeal reach the coveted grades of MS-65 and above.
Circulated 1921 dollars are more affordable and still desirable for their history. Grades like XF (Extremely Fine), VF (Very Fine), F (Fine), and VG (Very Good) indicate varying degrees of even wear on the high points of the design. A coin graded Good shows heavy wear with only the main design elements remaining clear.
Price Ranges for Circulated and Mint State 1921 Dollars
Common date circulated 1921 Morgan dollars, such as those from Philadelphia or San Francisco, typically sell for around $30-35 in XF condition. Mint State examples are valued at $60-75 in MS-60 to MS-63, $125-175 in MS-64, and $350-500 and up in MS-65 or better. High-end pieces with superior eye appeal break four-figure prices.
The 1921 Peace dollar, due to its much lower mintage, commands higher premiums in all grades. Circulated specimens trade for $100 and up, while Mint State examples often start around $500 in MS-60 and can range into the thousands in pristine condition. The finest 1921 Peace dollars have sold for over $100,000 at auction.
Key Varieties
Certain scarce varieties of 1921 silver dollars are especially prized by collectors as they combine the base rarity of this date with even more limited subsets.
For the 1921 Morgan dollar, the Denver Mint issue stands out as the rarest, with choice uncirculated specimens fetching a healthy premium over common P-mint or S-mint coins. Particularly rare are the so-called "Chapman Proofs," a small number of sandblast Proof-like coins believed to have been struck as presentation pieces by the Denver Mint. Only about a dozen are known and they rank among the most valuable Morgan dollars of any date.
Within the 1921 Peace dollar mintage, some pieces show a higher relief strike from freshly-made dies that were soon reworked to reduce the design‘s depth. These "high relief" coins are coveted for their boldly rendered details, while later strikings appear slightly soft by comparison. The rarest Peace dollars show a "satin finish" texture distinct from typical specimens.
Advice for Collectors
When hunting for 1921 silver dollars to add to a collection, the two key factors to balance are grade and eye appeal for the budget. Circulated coins offer an accessible entry point and still carry strong historical significance. Mint State coins provide superior technical quality and long-term value appreciation.
Seek coins that are proble-free for the assigned grade, avoiding major distractions like heavy marks, weak strikes, or unappealing toning. A coin that is visually attractive with pleasing luster and color can be worth a premium over a "average" example in the same numerical grade. Buying coins certified by leading grading serivces like PCGS or NGC provides assurance of quality and authenticity.
Develop an eye for spotting the scarcer varities like the 1921-D Morgan or satin-finish Peace dollar. Building a relationship with reputable dealers who specialize in silver dollars can provide access to cherrypicked coins that represent solid value. Take the time to comparison shop and don‘t be afraid to ask questions.
Proper storage protects the surface quality of collectible coins. House 1921 silver dollars in non-reactive plastic holders or album slides, avoiding contact with potentially damaging materials like PVC. Store them in a cool, dry place to prevent spotting or tarnish over time. Avoid the temptation to clean coins, as this can permanently reduce their value in the eyes of collectors.
Popularity and Significance
The 1921 silver dollars have remained perennial favorites among collectors for generations. They cap off the Morgan series and kick off the Peace series, giving them a unique and important place in the history of American numismatics. As large silver coins with impressive, classic designs, they have undeniable physical presence.
For a collector of Morgan dollars, the 1921 issues are essential as the last of the series and the only ones minted in Denver. The high-quality uncirculated pieces surviving from the huge mintages represent excellent value in a historic coin.
In the Peace dollar series, the high-relief 1921 issue stands alone and is a necessity for a complete collection. Its dramatic design, with a looming profile of Liberty on the obverse and a perched eagle on the reverse, showcases the artistic aspirations of the freshly introduced coin.
Conclusion
A century after they were struck, the 1921 Morgan and Peace silver dollars remain among the most sought-after American classics. Learning the nuances of their grades, values, and varieties opens up many exciting collecting possibilities. By understanding what to look for and carefully tracking the market, a numismatist can assemble a set with strong appeal and solid value.
Whether you are drawn to the 1921 silver dollars by their beauty, history, or rarity, they make a prized addition to any collection. These enduring coins are sure to fascinate generations to come just as they captivate collectors today.
