In 1921, the United States Mint produced two different silver dollar coins: the Morgan dollar and the Peace dollar. The value of a 1921 dollar coin varies significantly depending on whether it’s a Morgan or a Peace dollar, as well as its condition, mint mark, and any potential errors.
- Mintage: Over 86 million Morgan dollars were minted in 1921 across the Philadelphia (no mint mark), Denver (D), and San Francisco (S) Mints.
- Value:
– Average circulated condition: $30-$50.
– Uncirculated condition (MS65+): Can be worth hundreds or even thousands of dollars depending on the specific grade. For example, an MS67 graded Morgan Dollar sold for $19,975 in 2015.
– The San Francisco (S) and Denver (D) mints tend to be more desirable, particularly in high grades, due to lower mintage numbers and potentially better strike quality.
- Errors: While relatively few significant errors exist for 1921 Morgan dollars, some variations like the “thorn head” error or off-center strikes can increase the value considerably, potentially reaching hundreds or even thousands of dollars.
- Mintage: Only 1,006,473 Peace dollars were minted in 1921, all at the Philadelphia Mint.
- Value:
– Due to the lower mintage, 1921 Peace dollars are generally more valuable than 1921 Morgan dollars.
– Circulated condition: $100 or more.
– Uncirculated condition: Can reach into the hundreds or even thousands of dollars. An MS67 graded Peace Dollar could be worth up to $67,500.
- Features: The 1921 Peace dollar is unique for its high-relief design, which was discontinued after this year due to production difficulties. This makes it a popular one-year type coin for collectors.
- Condition/Grade: Coins in higher grades (like uncirculated or “Mint State”) are much more valuable than circulated ones. Professional grading services like PCGS or NGC can authenticate and assess the condition of a coin.
- Mint Mark: While less significant for 1921 compared to other years, the mint mark can still impact the value of Morgan dollars. Peace dollars were only minted in Philadelphia and thus have no mint mark.
- Errors and Varieties: Rare minting errors or variations can significantly increase a coin’s value for collectors.
- Silver Content: Both Morgan and Peace dollars contain 90% silver, giving them an intrinsic melt value based on the current price of silver. As of August 14, 2025, the melt value for a 1921 Morgan Dollar with 0.7734 oz of silver is $29.42.
The values mentioned are approximate and can fluctuate based on market demand and the specific characteristics of individual coins. Consulting with a reputable coin dealer or using professional grading services is recommended for accurate valuation.
