LemonTrades
TL;DR
- Every 1921 silver dollar holds 0.7734 troy ounces of silver. Its melt value at today’s price is live below.
- The 1921 Morgan dollar is the most common Morgan: about 86.7 million were made. Worn ones sell for a little over melt value.
- The 1921 Peace dollar is much scarcer, about 1 million made, in high relief. Even worn examples usually sell for well over $100.
- LemonTrades follows the silver price for you, with alerts on sharp moves and the likely cause.
Check the design first: a woman in a liberty cap with an eagle on the back is a Morgan. A woman with a spiked crown, and an eagle perched on a rock marked “PEACE,” is a Peace dollar.
Morgan vs Peace, 1921
| 1921 Morgan | 1921 Peace | |
|---|---|---|
| Made | About 86.7 million | 1,006,473 |
| Mints | P (no mark), D, S | Philadelphia only |
| Design | Liberty head; eagle with spread wings | Liberty with spiked crown; eagle on a rock |
| Typical value, worn | A little above melt | Usually well over $100 |
| Why | Made in huge numbers after the 1918 melt | First-year Peace dollar, high relief, struck in just days |
Why there are so many 1921 Morgans
Under the Pittman Act of 1918, the US melted about 270 million silver dollars, mostly to sell the silver to Britain. The law then required the Mint to replace them, so in 1921 it struck Morgans again for the first time since 1904, at three mints. Late that year it switched to the new Peace design.
What makes a 1921 dollar worth more
- The Peace dollar: any 1921 Peace is the one to look for.
- Condition: an uncirculated 1921 Morgan with full shine sells for well above a worn one.
- Mint mark: on Morgans it’s on the back, above the “DO” of DOLLAR. D and S coins are a little scarcer in top condition.
- Varieties and errors: some die varieties sell for much more to specialists.
Condition matters most: a worn coin and a sharp, uncirculated one of the same date can differ by ten times or more. Look for wear on the highest points of the design, and never clean a coin you might sell; cleaning cuts its value.
Selling a 1921 dollar
To sell, compare offers from two or three coin dealers, or have a valuable coin graded by PCGS or NGC first. Bulk common coins sell close to melt value: see junk silver. Is it real? See is silver magnetic.
More: the 1922 silver dollar, how much silver is in a Morgan dollar and every US silver coin.
Sources
Education, not financial advice. Collector values vary with condition and demand; get a valuable coin checked by a reputable dealer or grading service. See our disclaimer.
