The Year of Two Silver Dollars
The 1921 Silver Dollar is one of the most iconic and sought-after coins in U.S. numismatics, marking a major transition in American coinage. In a single year, both the last of the Morgan Dollars and the first of the Peace Dollars were struck.
Morgan Silver Dollars made a dramatic comeback after a long hiatus due to the Pittman Act of 1918, which ordered the melting and re-minting of millions of silver dollars. In early 1921, the U.S. Mint began producing $1 coins at Philadelphia, Denver, and San Francisco. More than 86 million coins were issued from these three locations.
Later that same year, the Mint debuted the Peace Dollar, symbolizing hope and a new direction for the country. This unique high-relief coin is a key-date for collectors with less than than 1.1 million struck, all at Philadelphia.
1921 Silver Dollar Key Facts
- Both Morgan and Peace Dollars were minted in 1921—the only year this happened.
- Morgan: Philadelphia, Denver, San Francisco.
- Peace: Philadelphia only, and in high relief.
- All are .900 silver, 0.77344 troy oz silver per coin, weighing 26.73 grams.
- Morgan Dollars are common, Peace Dollars are key-date rarities.
- In worn or circulated condition, the value of a 1921 Silver Dollar is based on the silver content.
1921 Morgan Silver Dollar
The US Mint responded to shortages by restarting the production of the Morgan $1 Silver Dollar in March of that year, turning out 86,730,000 coins across three mint facilities.
- Philadelphia (no mintmark) produced the highest number of 1921 Morgan Silver Dollar coins, roughly 44,690,000 without a mintmark.
- Denver (D mintmark) minted roughly 20,345,000 1921-D coins.
- San Francisco (S mintmark) minted 21,695,000 1921-S silver coins.
At the same time, many politicians felt it would be a suitable time to change the design of the coins to have a more contemporary feel.
1921 Morgan Dollar Value and Mintage
The 1921 Morgan Silver Dollar is widely available due to its massive mintage, but condition, mint mark, and eye appeal drive the value. Here’s a breakdown by mint:
| Coin | Mintage | Good (G4) | Fine (F12) | Extremely Fine (EF40) | About Unc (AU50) | Uncirculated (MS63) | Gem Unc (MS65) |
|---|---|---|---|---|---|---|---|
| 1921 (No Mintmark, Philadelphia) | 44,690,000 | $31 | $32 | $37 | $45 | $55 | $175 |
| 1921-D (Denver) | 20,345,000 | $31 | $33 | $39 | $55 | $63 | $225 |
| 1921-S (San Francisco) | 21,695,000 | $31 | $33 | $42 | $58 | $67 | $290 |
Collecting 1921 Morgan Dollars
With more than 80 million coins struck, it is easy to find 1921 Morgan Dollars in Brilliant Uncirculated condition. Coins in finer conditions and graded specimens tend to see higher increases in numismatic premiums over time.
It’s worth noting that the availability and desirability of specific Morgan mint marks can vary among collectors and some command very high numismatic premiums due to their relative scarcity or historical significance.
Morgan Dollar Collector Guide
The Morgan Dollar Guidebook by Q. David Bowers is the definitive resource for collectors of America’s iconic Morgan silver dollar.
The expanded seventh edition (available from Amazon) covers everything from grading tips and cherrypicking rare varieties to updated market analysis and the latest certified population data. The book also explores the coin’s fascinating history, minting process, and the stories behind major Treasury releases and hoards.
With in-depth appendices on counterfeits, anniversary issues, and vibrant coin photography, this guide is considered essential reading for any serious numismatist or Morgan dollar enthusiast.
1921 Peace Dollar
The 1921 Peace Silver Dollar is the very first Peace Dollar ever made. It’s not just a first-year coin, but the only year struck in a high relief design, which was quickly abandoned in 1922 due to striking and stacking problems. That means the 1921 stands alone with a bolder, sharper design that’s visually and physically different from every later Peace Dollar. In higher grades, 1921 Peace Dollars are very scarce, especially MS63 and above.
1921 Peace Dollar Design
In 1920, the Commission of Fine Arts petitioned for an invitation-only competition to find a suitable design for the $1 coin to symbolize peace following the end of World War I. The competition invited several prominent sculptors to submit designs for the new silver dollar coin.
Among the participants were Anthony de Francisci, Hermon MacNeil, and Adolph A. Weinman. Each artist presented their proposed designs to a panel of judges for review. Ultimately, the design created by de Francisci was selected as the winning design of the Peace Dollar silver coin.
Anthony de Francisci’s design featured a portrait of Lady Liberty wearing a radiant crown on the obverse side of the coin, with the word “LIBERTY” inscribed. The reverse side showcased a perched bald eagle resting on a rock, clutching an olive branch, symbolizing peace. The inscriptions “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “IN GOD WE TRUST” were also included on the coin.
The 1921’s high relief means the details—Liberty’s hair, the eagle’s feathers—are sharper and more dramatic than in any other year. If you put a 1921 side-by-side with any later Peace Dollar, you can see the difference immediately.
1921 Peace Dollar Value & Mintage
The 1921 Peace Silver Dollar was only minted at Philadelphia, with a total mintage of just over 1 million. This coin is highly collectible, especially in higher grades.
| Coin | Mintage | Circ | Very Fine (VF20) | Extremely Fine (EF40) | About Unc (AU50) | Unc (MS63) | Gem Unc (MS65) |
|---|---|---|---|---|---|---|---|
| 1921 (Philadelphia) | 1,006,473 | $40 | $160 | $200 | $350 | $1,000 | $4,000+ |
High relief 1921 Peace Dollars are rare and command strong premiums, especially at MS63 and above.
Collecting 1921 Peace Dollars
Because it’s the first year of minting, a one-year high relief, and a key date, every serious Peace Dollar or silver dollar collection needs the 1921 to be considered “complete.” That creates constant collector demand and high prices, especially for coins in uncirculated or certified grades.
In total, just 1,006,473 1921 Peace Dollar coins were minted at the Philadelphia Mint, making it a single-mint issue and the rarest.
Peace Dollar Collector Guide
A Guide Book of Peace Dollars by Roger W. Burdette is a comprehensive reference for collectors of America’s last 90% silver dollar, issued from 1921 to 1935.
Now in its fourth edition (available from Amazon), the book dives deep into the Peace dollar’s origins, history, design, and production, including detailed coverage of every date, mintmark, and even the mysterious 1964-D issue.
Burdette examines market values, certified populations, notable die varieties, errors, patterns, and famous collections, while also exploring the impact of hoards, meltings, and the ANA’s influence on the coin’s creation. Packed with expert analysis, biographies, collecting tips, and a full breakdown of Van Allen-Mallis varieties, it’s an essential guide for any Peace dollar enthusiast.
Collector Demand
The 1921 Silver Dollar has historical significance that attracts both seasoned collectors and new buyers. Many collectors are driven to build complete sets that cover every year and mintmark, making the 1921 issues, especially the Peace Dollar, a “must-have” for anyone serious about silver dollars.
Because of this steady collector interest, both 1921 Morgan and Peace Dollars have enjoyed consistent numismatic premiums, often selling for far more than their melt value.
The 1921 Peace Dollar, with its low mintage and unique high-relief design, draws premium prices and fierce competition among collectors, especially for high-grade or certified coins.
Meanwhile, the sheer abundance of 1921 Morgans makes them popular with investors and accessible for new collectors, but demand for top-condition or well-struck examples keeps their market values firm.
Silver dollar coins often have greater collector appeal than smaller denominations. This collector demand influences the market value and potential appreciation of silver dollar coins over time with numismatic premiums.
Is the 1921 Silver Dollar Rare?
- 1921 Morgan Silver Dollar: Not rare in circulated or even low Mint State grades. Tens of millions were produced, and most survived.
- 1921 Peace Silver Dollar: Yes—by comparison. With just over a million minted, and only at Philadelphia, the 1921 Peace Dollar is a key-date coin. High-grade examples are genuinely scarce.
Where is the Mint Mark on a 1921 Silver Dollar?
1921 Peace Dollar Mint Mark:
All 1921 Peace Dollars were struck in Philadelphia—no mint mark.
1921 Morgan Dollar Mint Mark:
The mint mark (if present) is located on the reverse, just above the “DO” in “DOLLAR” at the bottom, beneath the wreath.
- No mint mark = Philadelphia
- “D” = Denver
- “S” = San Francisco
How Much is a 1921 Silver Dollar Worth?
- 1921 Morgan Silver Dollar Value:
- Circulated examples: $30–$40
- Nice uncirculated: $55–$290+ (mint mark and eye appeal matter)
- 1921 Peace Silver Dollar Value:
- $250+ in Very Fine
- $800+ in Mint State
- Truly rare (and pricey) in Gem grades
Numismatic premiums, eye appeal, and grading by services like PCGS/NGC can push values higher, especially for sharply struck or beautifully toned coins.
How Much Does a 1921 Silver Dollar Weigh?
- Standard weight: 26.73 grams
- In troy ounces: 0.859 troy ounces
- Approximate Silver Weight: 0.7734 oz
How Much Silver is in a 1921 Silver Dollar?
- Silver Content: Each 1921 Silver Dollar (Morgan or Peace) contains 0.77344 troy ounces of pure silver (approx. 24.06 grams), with a .900 fine silver composition.
