1921 Silver Dollar: Investing in a Piece of American Numismatic History

It should come as no surprise that there are many questions about what the 1921 silver dollars are worth, given how common they are. However, determining the value of a 1921 silver dollar can occasionally be more challenging than simply looking it up online.

This is so because 1921 silver dollars come in two distinct types (or designs):

  • One type of dollar coin from 1921 is typically only marginally more valuable than silver.
  • Another variety of dollar coins from 1921 is relatively uncommon and has a value that normally exceeds $100.

What kind of 1921 silver dollar do you own? What’s the value of your 1921 silver dollars? Continue reading to find out the value of your 1921 Silver dollar.

Why Did the U.S. Mint Silver Dollars In 1921?

The public never really embraced the Morgan dollar. In 1878, Congress created it as a subsidy for the politically significant silver mining sector. After the last Morgan dollar was struck in 1904, no one had ever anticipated seeing new ones. The master hubs were abandoned in 1910 when the U.S. Mint disposed of obsolete hubs and dies.

Morgan dollar production was resumed in 1921 as a result of the events in World War I in 1918. The entire Allied side in World War I was in jeopardy due to the British silver shortage. In India, they had printed more silver certificates than silver to back them. If India rebels, Britain would be forced to make peace with Germany. The British government pleaded with the Americans to sell them silver. The British government pleaded with the Americans to sell them silver.

The “Silverite” bloc in Congress refused to support the melting of silver dollars despite the possibility of losing the war. This faction compelled the Morgan dollar to be created in the first place. In exchange for their support, they requested that every melted silver dollar be replaced after the war. 

Following the war, the 270 million silver dollars coins that were melted down had to be replaced, and the 1918 Pittman Act required the U.S. Mint to purchase silver at $1 per ounce. The silver miners had to sell on the open market as long as silver prices were more than a dollar. They cried out for the government to buy their silver once it fell below that level. 1920 marked that turning point.

1921 Morgan Dollar Mintages

Everyone had assumed that 1904 was the year the last Morgan dollar was produced. During a U.S. Mint clean-up in 1910, the die hubs were scrapped and thrown away. New dies, and master hubs had to be made when, out of the blue, the decision was made to resume production of Morgan dollars in 1921.

The new dies were made in low relief because they would only be used for a year, and the coins would never be used in circulation. This increased die life and permitted high production rates. The 1921 Morgan dollar was struck by the Denver, Philadelphia, and San Francisco Mints in excess of 86 million pieces.

Since there were so many 1921 Morgan dollars produced, they could never become anything other than the most prevalent common-date coin. The 1921 Morgan dollar is still one of, if not the lowest-priced Morgan dollar available, even though millions of them have probably been melted for their silver value.

SEE: 1922 Silver Dollar Value

The 1921 Dollar Design

1921 Silver Dollar Features

The Peace dollar couldn’t be more distinguishable from the Morgan dollar. On the coin’s obverse, Lady Liberty appeared more youthful and vibrant than the staid, matronly appearance of her equivalents on the Morgan dollar. On the reverse, a bald eagle from the United States watched the sun’s first rays emerge above the horizon while perched on a mountaintop. 

Since Philadelphia was the location of the 1921 Peace dollar’s minting, they have no mintmark. Keeping track of mintmark’s location for upcoming years is crucial. The mintmarks, either “D” or “S,” are situated beneath the eagle’s tail on the reverse, just like the Morgan dollar. But on the Peace dollar, the mintmark is located to the bottom-left rather than in the middle.

Anthony de Francisci won a competition with eight other designers to create the Peace dollar in November 1921. De Francisci used his wife as the bedrock for his Liberty design because of the contest’s time restrictions. Only ten days were given to the artists to submit their ideas. In November that year, Germany and the U.S. signed a peace agreement. To commemorate the occasion, mint authorities wanted to issue the coin by the end of the year.

What Makes the 1921 Peace Dollar Special?

The first U.S. coin struck in response to public demand was the 1921 Peace dollar. Additionally, it was the final high-relief coin made with circulation in mind. The Peace dollar was the last coin produced during the “American Renaissance of Coinage” (1907–1921). Similar to its predecessors, its relief had to be reduced to increase the lifespan of the coin dies.

What is the Value of The 1921 Silver Dollar?

Bullion prices have pushed it higher. The value of your 1921 silver dollar is at least $17.60. Like with any coin, the condition and mint mark determine the value of a 1921 silver dollar.

Value of 1921 Dollar Based on Mint Mark

It is vital to consider the mint that struck your 1921 silver dollar. At the time, mintmarks were used to distinguish between the different mints; today, each is valued and collected separately. There are parts covering both mintmark identification and condition assessment below the value chart, and these specifics are necessary for an accurate 1921 Morgan silver dollar value.

The mintmarks on these 1921 silver dollars indicate which branch mint struck your coin. Philadelphia’s primary mint did not use a mintmark but look on the back of the coin above the D.O. in DOLLAR for marks identifying the other mints. Denver used a “D” mintmark, and San Francisco used an “S” mintmark. Historical records made it clear that the Denver mint only ever produced Morgan silver dollars in 1921.

1921 (P) Morgan Dollar Worth

Philadelphia struck 44,690,000 Morgan dollars in total in 1921. They are the most typical problem you will encounter from that year and date. Due to the lack of a mintmark on these coins, we will refer to them as 1921 (P) here.

Most 1921 (P) Morgans still in circulation cost less than $30. MS65 and higher grades have higher values.

1921-D Morgan Dollar Worth

The Denver Mint produced 20,345,000 silver dollars of the 1921-D Morgan design. Their prices reflect the fact that they are more expensive than Philadelphia-made alternatives.

The 1921-D Morgan’s price increases significantly once you reach uncirculated (also known as the mint state) grades. This coin, graded Mint State 68, set an auction record by earning more than $44,000.

1921-S Morgan Dollar Worth

In 1921, the San Francisco Mint produced 21,695,00 Morgan dollars. This was a little bit more than the quantity created at Denver’s other branch mint. Low mint state 1921-S Morgan dollar grades are highly sought after. This issue’s auction record sold for more than $27,000, just like the 1921 (P).

Value of 1921 Dollar Based on Preservation Condition

The main factor in maximizing your coin’s potential is its preservation state. Despite being an extremely old coin, 1921 Morgan dollars are still widely available in circulated, worn condition. Today’s collectors concentrate on items that are in the best “uncirculated” condition.

It is possible to assign a “Grade” by evaluating the various wear stages. The value of your 1921 Morgan silver dollar increases with the amount of detail still present.


All original, as-minted details must be preserved for the coin to be considered “uncirculated.” None have been taken out due to wear. Because silver dollars are manufactured and stored in contact with other coins, nicks and abrasions are acceptable.

The mint luster on the surface, including the neckline, her chin, and hair below and above the ear, confirms the uncirculated grade. Once in circulation, these parts are the first to deteriorate and show a dull and smooth texture.

Extremely Fine

The condition of silver dollars is rated as “extremely fine” once they exhibit minor wear. Flattening is visible in the hair behind Liberty’s neck and above her forehead. The bends of her cap are also worn and have lost some of their roundness. Your coin is still very crisp and sharp in this state.


Most of the smaller design details have now merged due to circulation. Silver dollars in “fine” condition are described as having noticeable, moderate wear. Both the hair above and below the ear on Liberty are noticeably ruffled, with wide flat spots replacing the earlier fine lines.

When viewed from the back, the wreath’s leaves are now very flat, the eagle’s neck’s majority of feathers have merged, and even the tip of the wings lacks any detail.


The entire design has been condensed to a few elements due to noticeable, heavy wear. A silver dollar in “good” condition has significant wear. Most of the detail has been lost, leaving Liberty as a low-relief outline. 

The only curls left are a few that are now flattened and visible behind her ear and neck. On the reverse, the eagle shows a few feathers near the legs. In this situation, your silver dollar’s value largely depends on the price of silver bullion.

SEE: What is the Value of a Bicentennial Quarter?

 Is the 1921 Silver Dollar Rare?

The simple answer is no. In 1921, over 86 million Silver dollars were struck at the three branch mints combined. This year’s silver dollar mintage is by far the highest in American history for a single year.

Additionally, the last year that Morgan dollars were produced was 1921. These coins are widely available on the market and are frequently found in nearly uncirculated conditions.

 Where Can I Find the Mintmark on a 1921 Silver Dollar?

It’s crucial to be aware of the mintmark on your coin. The mintmark can be seen on the reverse of the Peace and Morgan silver dollars.

This area is situated in the bottom center of the design for the Morgan dollar. It is positioned just below the eagle’s tail feathers. If your silver dollar does not bear a mintmark, it was produced in Philadelphia.

This also raises the issue of fakes, and the Red Book cautions collectors to be wary of modified mintmarks. 


You can always send your coin to a third-party grading service, like NGC or PCGS, for a small fee to have the coin authenticated.

1921 Peace Dollar Price Chart

IssueVery FineExtremely FineAbout UncirculatedMint State 61Mint State 63Mint State 65Finest Known
1921 (P)$36$42$52$75$125$285$19,975 (MS67)
1921-D$36$45$55$85$250$600$44,063 (MS68)
1921-S$43$50$59$75$90$825$19,200 (MS67)

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