When assessing what is the value of a 1921 silver dollar coin, it is crucial to distinguish between two distinct coin types: the Morgan Dollar and the Peace Dollar. Both were minted in 1921, but their historical significance, mintage figures, and aesthetic differences lead to significant variations in their market value. The coin’s condition, known as its grade, is the primary determinant of its worth, alongside the presence of any rare errors or varieties.
The 1921 Morgan Silver Dollar
The 1921 Morgan Silver Dollar holds a unique place in numismatic history as the final year of its original production run, which began in 1878. After a hiatus, production resumed briefly in 1921 before being replaced by the Peace Dollar later the same year. This makes the 1921 Morgan Dollar a significant collectible.
Value by Condition (Grade)
The condition of a 1921 Morgan Silver Dollar directly impacts what is the value of a 1921 silver dollar coin.
- Average Condition (Circulated): Coins that have seen extensive circulation will exhibit wear on their high points, such as Lady Liberty’s hair and the eagle’s feathers. These coins are typically valued for their silver content with a small premium.
- Typical Value: $30-$50 USD. This range reflects the coin’s intrinsic silver melt value plus a minimal collector’s premium.
- About Uncirculated (AU): An AU coin shows only slight traces of wear on the highest points of the design, with much of the original mint luster remaining.
- Typical Value: $70-$150 USD. The increased value comes from the coin’s superior preservation and eye appeal.
- Mint State (Uncirculated, MS60-MS63): These coins show no signs of wear and retain their original mint luster. The lower end of the Mint State scale (MS60-MS63) may have some bag marks or slight imperfections from the minting process, but no circulation wear.
- Typical Value: $60-$500 USD. The range is broad because even within these grades, slight differences in luster and contact marks influence value.
- For example, an MS65 graded 1921 Morgan Dollar, which is a desirable collector grade indicating strong luster and minimal imperfections, might be worth around $175.
- An MS67 graded coin represents a much higher quality uncirculated specimen, with excellent luster and very few contact marks. Such a coin could reach values of $13,000 or more, demonstrating the exponential increase in value for top-tier grades.
Significant Errors and Varieties
Certain production errors can dramatically increase what is the value of a 1921 silver dollar coin. These anomalies are highly sought after by collectors.
- Thornhead: This error is caused by a die gouge that appears as a “thorn” extending from Liberty’s head. It is a distinctive and recognized error.
- Value: Can range from hundreds to thousands of dollars, depending on the prominence of the “thorn” and the overall coin grade.
- Off-Center Strike: Occurs when the coin blank is not perfectly centered in the coining press, resulting in a portion of the design being missing and a blank area on the coin.
- Value: Varies based on the degree of the off-center strike. A slight off-center strike might add a small premium, while a dramatic one can make the coin worth $150 to $1,500 or more. The more off-center, the higher the potential value.
- Missing “S” in “TRUST”: A less common but identifiable error where the letter “S” in the word “TRUST” on the obverse (front) of the coin is missing or weakly struck due to a filled die.
- Value: Can sell for $500 or higher, depending on the clarity of the error and the coin’s condition.
The 1921 Peace Silver Dollar
The 1921 Peace Silver Dollar is a landmark coin, being the first year of issue for this iconic design. It was minted to commemorate the end of World War I, symbolizing peace. The 1921 Peace Dollar is a high-relief coin, meaning its design elements are more raised than subsequent Peace Dollar issues. This high relief made them difficult to strike properly, leading to many weakly struck examples and making well-struck coins more valuable.
Value by Condition (Grade)
The condition of a 1921 Peace Silver Dollar is paramount in determining what is the value of a 1921 silver dollar coin. The high-relief nature of the 1921 issue means that even slight wear can significantly impact its appearance and value.
- Average Condition (Circulated): Circulated 1921 Peace Dollars, even with wear, command a higher premium than their Morgan counterparts due to their status as a first-year, high-relief issue.
- Typical Value: Generally sells for $100 or more. This base value reflects its historical significance and lower mintage compared to some Morgan Dollar dates.
- Uncirculated (MS60-MS63): Uncirculated 1921 Peace Dollars are highly prized. Even at the lower end of the uncirculated scale, these coins show no wear and retain original luster. Finding well-struck examples in these grades can be challenging due to the high-relief design.
- Typical Value: Values could be in the $400-$800 range. An uncirculated specimen with an MS-63 grade, representing a solid uncirculated coin with good eye appeal, usually sells for around $1,000.
- High-End Mint State (MS65 and Higher): These coins are exceptional examples, exhibiting full luster, sharp details, and very few, if any, distracting marks. These are condition rarities for the 1921 Peace Dollar due to the striking difficulties.
- Typical Value: Can be worth thousands, with some pristine examples reaching $100,000 or more. The highest values are typically achieved when coins are certified by reputable third-party grading services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation), which confirm authenticity and grade.
Key Factors Determining Value
Several factors beyond the coin type contribute to what is the value of a 1921 silver dollar coin.
- Condition/Grade: This is the single most important factor. Coins are graded on a 70-point scale, with MS70 being a perfect coin. The higher the grade, the greater the value. Uncirculated coins, showing no signs of wear, consistently command the highest prices. Professional grading by PCGS or NGC provides impartial assessment and enhances buyer confidence.
- Mint Mark: The mint mark indicates where the coin was produced.
- Morgan Dollars were minted in Philadelphia (no mint mark), San Francisco (“S”), and Denver (“D”) in 1921. While less impactful on 1921 values compared to earlier dates, Morgan Dollars from San Francisco (“S”) or Denver (“D”) might be worth slightly more than those from Philadelphia due to relatively lower mintage figures for those branches in 1921.
- Peace Dollars from 1921 were exclusively minted in Philadelphia and therefore have no mint mark.
- Errors and Varieties: As discussed, specific production errors or die varieties can create unique and rare coins that are highly desirable to collectors, significantly increasing their value. These are distinct from typical wear and tear.
- Silver Melt Value: All 1921 silver dollars contain 0.77344 troy ounces of pure silver. This intrinsic metal content provides a baseline value, often referred to as the melt value. Even coins in poor condition will be worth at least their silver melt value.
- As of August 21, 2025 (a future date for illustrative purposes), the melt value of a Morgan or Peace dollar is approximately $29.55, assuming a silver price of around $38.20 per troy ounce. This value fluctuates daily with the market price of silver.
- Rarity and Demand: The overall rarity of a specific coin, combined with collector demand, plays a significant role. Even if a coin has a high mintage, if few examples survive in high grades, those high-grade examples become rare and valuable. Popularity within the collecting community also drives demand.
- Strike Quality: Particularly for the 1921 Peace Dollar, the quality of the strike (how sharply the details are impressed) is a critical factor. Due to the high-relief design, many 1921 Peace Dollars were weakly struck, especially on the high points of the design. A well-struck example with sharp details is far more valuable.
- Eye Appeal: Beyond the technical grade, a coin’s overall eye appeal—its luster, toning, and absence of distracting marks or corrosion—can influence its market value. A coin with exceptional eye appeal for its grade will often fetch a premium.
Consulting Professionals
Market prices for coins are subject to change based on factors like current silver prices, collector demand, economic conditions, and new discoveries. For what is the value of a 1921 silver dollar coin you own, it is recommended to consult with a professional coin grading service like PCGS or NGC. They provide expert authentication and grading, which is essential for accurately appraising and selling valuable coins. Local coin dealers can also offer preliminary assessments and guidance.
How much is a 1921 $1 coin worth today?
According to the NGC Price Guide, as of August 2025, a Morgan Dollar from 1921 in circulated condition is worth between $41.50 and $45.