A Defining Shift in American Silver Dollar History
Few years in U.S. numismatics are as transformative as 1921, a moment that marked both the conclusion of the Morgan Dollar era and the launch of the Peace Dollar series. This rare overlap created one of the most fascinating turning points for collectors, blending the legacy of 19th-century coinage with a new symbol of postwar optimism. For modern collectors, bullion buyers, and numismatic investors, 1921 silver dollars offer exceptional historical relevance, artistic depth, and long-term collectible value.
In this Bullion Hunters guide, we explore the essential differences between the 1921 Morgan Silver Dollar and the 1921 Peace Silver Dollar, including mintage totals, market values, grading considerations, and the factors that influence their popularity in today’s precious metals market.
Two Silver Dollar Designs Struck in the Same Year
The Mint’s output in 1921 was unprecedented: the United States issued two entirely different silver dollar designs within a single calendar year:
- Morgan Silver Dollar — brought back briefly after production ended in 1904.
- Peace Silver Dollar — introduced as a tribute to America’s return to peace after WWI.
Although both contain 0.7734 troy ounces of silver and feature a 90% silver alloy, the coins differ dramatically in rarity, artistic style, and collector premiums. These distinctions strongly influence their desirability and market pricing.
The 1921 Morgan Dollar – A Farewell to a Classic Series
Created by George T. Morgan, the Morgan Dollar is instantly recognizable for its neoclassical Liberty portrait and powerful eagle reverse. Its final appearance in 1921 closed out more than four decades of numismatic history and remains one of the most accessible entry points for collectors.
1921-S Morgan Silver Dollar
Mintage Numbers
- Philadelphia: 44,690,000
- San Francisco: 21,695,000 (S mint mark)
- Denver: 20,345,000 (D mint mark — the only year a Morgan Dollar was struck at Denver)
With over 86 million coins produced, the 1921 Morgan Dollar is widely available, making it a popular and affordable coin for beginners.
Typical Values
- Circulated: $30–$50
- Uncirculated (MS60–MS63): $60–$150
- MS65+: $200–$500+, depending on strike and eye appeal
The 1921 Peace Dollar – A High-Relief Symbol of a New Era
Designed by Anthony de Francisci, the Peace Dollar emerged as a national emblem of unity and calm following the First World War. The 1921 issue is especially important because it was struck in high relief, a format used only in its debut year.
1921 Peace Dollar
Mintage Numbers
- Philadelphia Mint only: 1,006,473 coins
- No mint marks for this year
- High-relief dies discontinued after 1921
The combination of low mintage and unique high-relief production makes the 1921 Peace Dollar one of the most sought-after silver dollars ever produced.
Typical Values
- Circulated: $100–$300
- Uncirculated (MS60–MS63): $400–$800
- MS65+: $1,000–$100,000+, depending on certification and visual quality
What Drives the Value of 1921 Silver Dollars?
1. Silver Weight and Melt Value
Each coin contains 0.7734 oz of silver, meaning its baseline value tracks the spot price of silver. However, collector premiums far exceed melt value for most examples.
2. Condition and Grade
- Heavily circulated coins trend near melt value.
- Premiums increase sharply for Mint State grades, especially MS65 and above.
- PCGS and NGC grading enhances buyer confidence and resale value.
3. Mint Mark Significance
- Morgan Dollars minted in Denver and San Francisco carry slight premiums.
- Peace Dollars from 1921 have no mint mark since all were struck in Philadelphia.
4. Varieties and Errors
- 1921 Morgan Dollars show minor die variations, but no widely recognized rare errors.
- All 1921 Peace Dollars are considered a unique subtype due to their high-relief striking.
Collecting Strategy: Start with Morgans, Then Pursue Peace Dollars
The 1921 Morgan Dollar is often the best starting point for new collectors — affordable, historically rich, and widely available. As your collection grows, the 1921 Peace Dollar offers the next step up in value and rarity, providing a visually striking addition that stands out in any portfolio.
Investment Perspective on 1921 Silver Dollars
While not guaranteed investments, 1921 silver dollars consistently attract strong collector demand due to their:
- Historical importance
- Iconic designs
- Scarcity in higher Mint State grades
- Intrinsic silver price value
Peace Dollars, especially in certified high-end grades, frequently show notable appreciation because of their low mintage and exceptional numismatic appeal.
The Enduring Legacy of the 1921 Morgan and Peace Dollars
The year 1921 captures a remarkable dual narrative in U.S. coinage: the closing chapter of the Morgan Dollar and the hopeful introduction of the Peace Dollar. Together, they offer collectors a unique blend of heritage, symbolism, and silver bullion value. Whether you're a seasoned numismatist or beginning your journey, 1921 Morgan and Peace Dollars remain foundational pieces in the world of silver coin collecting.
Images sourced from: USA Coin Book
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