1921 Silver Dollar Values | How Much Is a 1921 Silver Dollar Worth?
At a Glance:
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- 1921 Morgan dollars are not worth a large premium over melt value, but Peace dollars can be.
- In 1921, both Morgan and Peace dollars were circulated by the United States Mint.
- The value of a 1921 silver dollar depends on its type, mint mark, and condition.
- On this page, learn more about how much a 1921 silver dollar is worth.
1921 Silver Dollar Values | How Much Is a 1921 Silver Dollar Worth?
1921 was a very important year for American silver coinage. The United States Mint was ordered to create a silver dollar coin that would commemorate the end of World War One, and the result was the Peace dollar. Peace dollars entered circulation in 1921, which was also the last year of circulation for the Morgan silver dollar. As a result, far more Morgan dollars than Peace dollars were minted in 1921.
How much is a 1921 silver dollar worth? 1921 Morgan dollars are typically worth only a small premium over their silver melt value, while 1921 Peace dollars can be worth hundreds of dollars or more. The value of any silver dollar depends primarily on the coin’s mint mark, condition, and any special mint-made errors or varieties that it might possess. 1921 Morgan dollars generally sell for $30-50 in average condition, while 1921 Peace dollars retail for $100-500 or more, depending on condition/grade.
On this page, learn about 1921 silver dollars, mintage figures, investing tips, and more.
About the 1921 Silver Dollar
While you may hear coin dealers and collectors refer to a 1921 silver dollar, there were actually two different American silver dollars minted in 1921. One was the Morgan dollar, which was minted for circulation from 1878 until its final year of production, 1921. The other 1921 silver dollar you may see for sale is called the 1921 Peace dollar, a brand new coin that was first minted in 1921.
Although both Peace and Morgan dollars were minted in 1921, the 1921 Peace dollar is usually considered more valuable. Over 86,000,000 Morgan dollars were minted in 1921, since that year was the last year that the coin would be minted for circulation. The Peace dollar, on the other hand, was relatively limited in mintage upon its 1921 release. Just over 1,000,000 1921 Peace dollars were minted, making them far rarer (and more valuable) than the common 1921 Morgan dollar.
The 1921 Morgan Silver Dollar
Morgan dollars were discontinued after 1921 to make room for the Peace dollar, a currency coin meant to celebrate the end of World War One. As a result, the U.S. Mint released a high number of the popular coin. About 44,690,000 Morgan dollars were minted in 1921 by the Philadelphia Mint, and an additional 21,695,000 were manufactured at the U.S. Mint in San Francisco. At the Denver Mint, around 20.3 million Morgan dollars were minted in 1921.
1921-S Morgan dollars are worth slightly more than the standard “no mint mark” Morgan from Philadelphia, but neither coin is especially rare or valuable. Because of how many 1921 Morgan dollars were minted, the coin typically sells for $30-50 USD, depending on its condition.
The 1921 Peace Silver Dollar
After World War One, Congress ordered the United States Mint to produce a new $1 silver coin to commemorate the end of what was humanity’s largest war ever at the time. Despite initial controversy, the coin remained a popular annual release until it was discontinued in 1935. The Peace dollar was also not produced during the period from 1929 until 1933.
The 1921 Peace dollar was minted in lower numbers than any release in the series until 1927, when mintage figures dipped below 1,000,000 coins for the first time ever. As a result of its limited mintage, the 1921 Peace dollar remains a popular collector’s item. 1921 Peace dollars were only minted at Philadelphia and generally sell for $100 or more, depending on your coin’s condition.
Mintage Figures and Prices For 1921 Silver Dollars
Far more Morgan dollars than Peace dollars were minted in 1921, which was the first year of circulation for the Peace dollar and the last year of circulation for the Morgan dollar.
What were the mintage numbers for the 1921 silver dollar? 1,006,473 Peace dollars were minted in 1921, all of which came from the Philadelphia Mint. 44,690,000 Morgan dollars were minted in 1921 at the Philadelphia Mint, and 21,695,000 at the San Francisco Mint.
What Determines the Value of a 1921 Silver Dollar?
Like all numismatic coins, the value of a 1921 silver dollar depends on four main factors:
- Melt Value
- Condition
- Mint Mark
- Rare Errors and Varieties
Because two separate silver dollar coins were minted in 1921, the first step in evaluating a 1921 silver dollar is to figure out if your coin is a Morgan or a Peace dollar. Let’s take a closer look at how melt value, condition, mint mark, and rare errors and varieties impact the total retail value of a 1921 silver dollar.
Melt Value
Melt value is the single most important factor in determining the baseline value of a collectible coin. 1921 Morgan and Peace dollars were minted using 90% pure silver. Even silver dollars in the worst possible condition are still worth at least their melt value in pure silver. To find the melt value of a silver dollar, multiply its silver weight by the current spot price of silver.
Remember, you’re looking for the silver weight – not the coin’s total weight. You can find a coin’s silver weight by multiplying its silver purity in decimals (i.e. .90 for 90% silver) by the coin’s total weight.
Coins like the 1921-P Morgan dollar that are in bad condition usually sell for little more than their melt value in silver. Once you know your coin’s melt value, it’s time to take a look at its condition.
Condition
The condition of a coin plays an important role in helping coin appraisers determine its value. As time goes on, the number of surviving specimens of coins in good condition decreases. As a result, 1921 silver dollars in MS66 condition or higher can sometimes be worth thousands of dollars or more. By contrast, silver dollars that have been heavily weathered over time are often worth only a little bit more than the value of the silver they contain.
Finding the condition of your coin can be tricky. It is possible to grade silver coins at home, but we recommend reaching out to a professional coin grading service if your coin may be a coveted high grade.
Mint Mark
Usually, the mint mark of a silver coin is an essential component in its value on the secondary market. This is because some mints produce more of a given coin during a specific year than others. As a result, some Morgan dollars minted at the Carson City Mint are worth a considerable premium over melt value, since Carson City minted only a small number of coins during the Morgan dollar’s minting run.
Mint marks play only a minimal role in determining the value of 1921 silver dollars, though, since the valuable 1921 Peace dollar has no mint mark and was produced exclusively at the Philadelphia Mint. 1921 Morgan dollars can vary minimally based on mint marks, since the San Francisco Mint produced just under half the number of Morgan dollars as the Philadelphia Mint during the same year.
Rare Errors and Varieties
A rare number of 1921 silver dollars possess mint-made errors. If you find one of these coins, it will likely be worth a considerable amount of money over spot price. Compared to other years in the Morgan and Peace dollar series, 1921 features very few valuable errors. The vast majority of silver dollars minted in 1921 feature no marketable errors.
There are similarly few unique varieties among surviving 1921 silver dollars. The 1921 Peace dollar is technically a high relief coin and is the only circulating high relief in the series, since the U.S. Mint considered the manufacturing process too difficult and abandoned the higher relief after 1921. This is hardly a rare variety, though, since all 1921 Peace dollars feature this high relief.
1921 Morgan or Peace Dollar – Which is More Valuable?
The 1921 Peace dollar is typically more valuable than the 1921 Morgan dollar. Peace dollars were minted in relatively low numbers in 1921, but over 86 million Morgan dollars were produced during that same year. As a result, the surviving supply of 1921 Peace dollars is lower than the supply of Morgan dollars.
Pro Tip: 1921 Morgan Dollars Are a Great Way To Start Collecting!
For new coin collectors, the 1921 Morgan dollar is a fantastic way to start buying silver dollars. The coin was minted in extremely high numbers; more than 86 million Morgan silver dollars were minted between the Philadelphia and San Francisco Mints. As a result of this high number of minted coins, it is possible to find high-grade 1921 Morgan dollars for a far cheaper fee than rarer coins from the series.
If you’re building a collection of silver coins, the 1921 Peace silver dollar is a rarer addition to your growing portfolio than a Morgan from the same year.
Are 1921 Silver Dollars a Good Investment?
1921 silver dollars can be a good investment for coin collectors of all budgets. The 1921 Morgan is an accessible, affordable coin to collect because of its high survivorship and low value in relatively good grades. For collectors with a bit more money to spend, the high relief 1921 Peace dollar boasts a limited mintage, high popularity among collectors, and a unique appearance that was not replicated on subsequent releases of the classic silver dollar.
If you’re expecting to profit from buying and selling silver dollars, be warned – making money in numismatics is difficult to do. While it is possible to “cherry pick” 1921 silver dollars for a lower price than they’re worth, most of the 1921 Morgan and Peace dollars you find are unlikely to appreciate considerably in value anytime soon.
Still, collectors who are able to accurately and quickly assess the condition of a coin may be able to profit from buying and selling 1921 Peace and Morgan silver dollars.
Final Thoughts: How Much is a 1921 Silver Dollar Worth?
Two different silver dollars were circulated in 1921, and each coin comes with its own market value. The 1921 Morgan dollar was minted in high numbers (over 86,000,000 coins) and is typically worth anywhere from $30-50 per coin in average condition. 1921 Peace dollars are more valuable, with most coins in low to average condition selling for $100 or more on the secondary market.
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About The Author
Michael Roets
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.