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In 1921, the year of the two silver dollars, I
marked the end of an unpopular silver dollar and the start of a new
one. It was the beginning of a coin revolution in America. On one
hand, the Morgan Silver Dollar was no longer produced. On the
other, the Peace Silver Dollar was being minted for the first time.
With its new design, it brought a sense of modernity to the
American coinage system. It was the start of a new era in the US
and I was proud to be part of it.
##What Is a 1921 Morgan Silver Dollar
Mint State 61
Mint State 63
Mint State 65
I’m often asked how much a 1921 (P) Morgan
Dollar is worth. Well, the good news is these coins were produced
in large quantities in 1921, so they’re not particularly rare. In
fact, 44,690,000 of these coins were struck in Philadelphia, and
they don’t have a mintmark, so we just call them 1921 (P). If
you’ve got one of these coins in circulated condition, it won’t be
worth too much – probably less than $30. However, if you have one
in MS65 or better, then you can expect the value to jump.
1921-D Morgan silver dollar. Image:
I find myself asking how much my 1921-S Morgan
Dollar is worth. After all, only 20,345,000 of these silver dollars
were minted at the Denver Mint. So, it’s not as common as some of
the coins made in Philadelphia. This is reflected in its prices,
especially when it comes to uncirculated (i.e. mint state) grades.
The auction record for this coin, graded Mint State 68, was a
whopping $44,000! That’s a lot for a coin!
1921-S Morgan silver dollar. Image:
Do I Have a Rare 1921 Morgan Silver Dollar? I’m
often asked if the 1921 Morgan Silver Dollar is rare. The answer is
no. In fact, with a mintage of over 86 million coins, it’s one of
the most common silver dollars ever minted. That being said, its
scarcity varies depending on the mintmark. 1921-S Morgan Dollars,
which were minted in San Francisco, are the most desirable and can
bring over $19,000 at auction. Look for the mintmark on the reverse
of the coin, just below the tail feathers of the eagle, to see
where it was produced.
As a coin collector, I’m particularly
passionate about Morgan dollars. Especially, those minted between
1878 to 1893 and stamped with the distinctive Carson City mintmark.
These rare coins are highly sought after, and I’m always on the
lookout for them. It’s the small, yet significant detail on the
reverse side of the coin, just below the eagle, that makes them
stand out. I’m enthralled with them and never miss an opportunity
to add one to my collection!
I’m always cautious when it comes to buying
coins, especially when it comes to counterfeits. So when I
purchased my 1921 silver dollar, I wanted to make sure it was real.
I read up on the *Red Book*’s warning about altered mintmarks and
checked out Gainesville Coins’ guide to spotting counterfeit coins.
I also decided to go the extra mile and have my coin authenticated
by a third-party grading service: NGC or PCGS. Gainesville Coins
also offers Morgan silver dollars that have already been certified
by these leading third-party graders. The 1921 Morgan dollar is
special because it was the last year for the design and the last
19th century U.S. coin to be struck. What’s more, the mintages from
all three U.S. Mint locations were the highest of the series. But
even with its high production rate, the 1921 Morgan dollar is still
one of the least popular coins in the series because of its low,
flat strike. On the other hand, the 1895 issue is the rarest Morgan
dollar. So why did the U.S. Mint make silver dollars in 1921? Well,
it turns out that the British were in need of silver to back their
silver certificates issued in India. If India revolted, the British
would have to make peace with Germany. So the British government
appealed to the U.S. to sell them silver, and the Morgan dollar was
A pile of Morgan
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?”I remember in 1920 when the Pittman Act from 1918 had
come due. I was living in a silver mining state, so I experienced
first-hand the clamor for the government to buy silver. They were
willing to pay $1 an ounce, which was more than the open market was
going to give. The Treasury Department had to make new Morgan
dollar coin hubs, since the original master hubs had been destroyed
in 1910. The coins they produced looked flat and lifeless, but the
Mint was just trying to get them out of the door as quickly as
possible. I remember wondering why Congress had brought back the
silver dollar in the first place. I soon found out it was part of
the “deal with the silver devil” they had made in 1918. They
promised the silver mining states that all 270 million silver
dollars melted to support the war effort would be replaced. Now,
those silver dollars sat in canvas bags in Treasury Department
vaults, rarely exchanged for paper silver certificates.
1921 Morgan silver
I had heard rumors that the Morgan Dollar was no
longer in production after 1904, but I was surprised to learn that
they started striking them again in 1921. To make sure the coins
could be produced quickly, the Mint created new master hubs and
dies cut in low relief. This allowed them to produce over 86
million 1921 Morgan Dollars at the Philadelphia, Denver, and San
Francisco Mints. They knew the coins wouldn’t be circulated, so the
low relief helped extend die life and speed up production.
I’ve got a real surprise for the coin collector
in me – the 1921 Morgan Dollar is one of the most common of all
common-date coins, with an incredible number of them out there.
Millions of these coins have been melted down for their silver
value, but that still doesn’t stop them from being one of the
cheapest Morgan Dollars around. Even with all that melting, the
1921 Morgan Dollar remains one of the most attainable and valued
coins in the market.
I’ve always been fascinated by the 1921 Peace
Dollar; it’s a classic piece of American history. It was the first
coin design to come out of the United States in response to public
demand and it was a beautiful representation of a new era. Although
it may not be worth a fortune, it certainly has a special place in
my heart. It may be worth a few hundred dollars depending on its
condition, but it’s priceless to me.
1921 Peace dollar
##1921 Peace Dollar Price Chart##
Mint State 61
Mint State 63
Mint State 65
Finest Known (MS67)
I’m interested in the 1921 Peace dollar. It’s
the first circulating U.S. coin to be produced based on public
demand, and the last high relief coin to be released. It’s also the
last coin design of the ‘American Renaissance of Coinage’ period,
which ran from 1907 to 1921. The relief had to be lowered for it to
last longer. That said, this page isn’t an offer to buy or sell
these coins. Proof and prooflike examples can have higher or lower
“finest known” auction prices.
1921 high relief Peace silver dollar.
Image: USA CoinBook
I was the last silver dollar issued by the
United States, the Peace Dollar in 1935. After that, the Eisenhower
Dollar was circulated in 1971 but it was made with no silver, just
like modern quarters and dimes. There were some silver Eisenhower
Dollars produced for collectors, but they weren’t available for
public use. The Peace Dollar was different from the Morgan Dollar
in many ways. Lady Liberty on the obverse was much more youthful in
comparison to the Morgan Dollar. On the reverse was an American
bald eagle perched on a mountaintop with the sun’s first rays
rising above the horizon. All 1921 Peace Dollars were minted in
Philadelphia, so there was no mintmark. After 1921, the Peace
Dollar had either a “D” or “S” mintmark on the bottom-left instead
of centered at the bottom rim. The Peace Dollar was designed by
Anthony de Francisci who won a design competition in November 1921.
Due to the time constraint, de Francisci used his wife as the model
for Liberty. The artists had only ten days to submit their designs
and the Mint wanted the coin to be released by the end of the year
to mark the signing of the peace treaty between the US and
Peace Dollar reverse design
I remember the controversy surrounding the Peace
dollar – the design on the reverse was meant to be an eagle
standing on a broken sword, with an olive branch in its talons. It
was meant to represent an end to war, but people were outraged –
they thought it symbolised the ‘defeated soldier’. Before the
design was seen by the public, news of the sword spread and the US
Mint, Treasury Department and Congress were flooded with
complaints. In response, Chief Engraver Morgan and de Francisci
reworked the design, changing the sword into part of the olive
branch and mountain. No Peace dollars with the original reverse
were ever struck. The Peace dollar was an exciting new addition to
the “American Coin Renaissance” that began in 1907 with the
Saint-Gaudens eagle and double eagle gold coins. The Peace dollar
was the first new silver dollar design since 1878, and every US
circulation coin bore designs from professional sculptors. It was a
major milestone for the US Mint and a testament to the power of art
in the form of coins.
1921 Peace silver dollar (high
I was excited to learn about the 1921 Peace
Dollar. Anthony de Francisci’s design was chosen on December 13,
1921, after a competition was held among eight artists. The US Mint
approved his high relief design on December 20th and the first
coins were struck on December 28th. The Peace Dollar was the last
US coin to be minted in high relief and the Mint had to make an
emergency change to remove a broken sword on December 23rd.
Production ended on December 31st with 1,006,473 coins minted and
released into circulation on January 3, 1922. It’s amazing to think
this coin is still highly valued today due to its unique
##100 Years Later…## The [US
Mint](/category/565/us-silver-coins) 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.I’m not offering to buy or sell
the coins mentioned here. The stats I’ve included are only for
coins in mint condition. Special proof and prooflike examples of
these coins may have different prices, even if they’re the finest
known.I’m a coin collector and I’m always looking for ways to
determine the value of my coins. I recently learned about
Gainesville Coins, the numismatic experts, and all the great
resources they have. They have a wealth of information on American
Gold Eagle Values, Silver Eagle Values, Lincoln Wheat Penny Values,
Standing Liberty Quarters, No Date Buffalo Nickels, Rare Coins
Worth Money, Walking Liberty Half Dollar Values, Mercury Dime
Values, and Canadian Quarters Worth Money. I’ve been able to
determine the worth of my coins and find the most valuable rare
coins with their help. It’s amazing the kind of research they have
and the information they provide. I’m so thankful for Gainesville
Coins and their expertise!
Posted In: blog
Frequently asked questions
What is the value of a 1921 one dollar
The value of a 1921 one dollar coin depends on
the condition and the type of coin. Uncirculated coins with no wear
are generally worth more than circulated coins. Most 1921 one
dollar coins are worth between $100 and $200.
Are 1921 one dollar coins rare?
Yes, 1921 one dollar coins are considered to be
rare. They were only minted in limited quantities and are now
highly sought after by collectors.
What is the difference between a 1921 one
dollar coin and a 1921 silver dollar coin?
The 1921 one dollar coin is a United States one
dollar gold coin, while the 1921 silver dollar coin is a United
States silver dollar coin. The 1921 gold coin is made of 90% gold
and 10% copper, while the 1921 silver dollar is made of 90% silver
and 10% copper.
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