The 1921 Morgan is a significant coin in numismatic history as it represents the restart of the production of $1 silver coins by the US Mint following a 17 year hiatus. It is also the last year of the original Morgan $1 coins was issued for circulation.
First introduced in 1878, the Morgan Silver Dollar was introduced due to significant pressure from Western mining interests on Congress to stabilize the price of silver following the Civil War and the discovery of vast new silver deposits, particularly the Comstock Lode in Nevada in 1859.
1921 Morgan Silver Dollar Values
1921 Morgan Dollars are generally more common than earlier Morgans, as they were the last minted in the series. However, in uncirculated or higher-grade conditions they still hold a premium for collectors.
- Good (G-4): In this condition, the coin will show significant wear. The major design elements are present but heavily worn. Values typically range from $30 to $40.
- Very Good (VG-8): Moderate wear is visible, and the design details are clearer but still worn down. Coins in VG-8 condition often sell for around $35 to $45.
- Fine (F-12): More details on the coin’s design, such as the hair and feathers, are visible but still worn. Coins in this grade are valued between $40 to $50.
- Very Fine (VF-20 to VF-30): Details such as Liberty’s hair and the eagle’s feathers are clearer, though still worn. Coins in VF condition often sell for around $50 to $70.
- Extremely Fine (EF-40): Light wear is evident on the highest points of the coin, but overall, the details are sharp. These coins can be valued at $75 to $90.
- Almost Uncirculated (AU-50 to AU-58): These coins show only slight signs of wear on the highest points and maintain much of their original luster. Prices range from $100 to $150, though they can be higher depending on mintmark and year.
- Brilliant Uncirculated (BU): A Morgan in BU condition shows no signs of wear and retains its original mint luster. BU coins may have bag marks, dings or other minor imperfections. These coins can be valued from $150 and up.
1921 Morgan Mintage Amounts
More than 86,730,000 Morgans were minted in 1921 across all US Mint locations.
- Philadelphia Mint (No Mint Mark): The Philadelphia Mint produced the majority of the 1921 Morgan Dollars. Mintage: 44,690,000 coins.
- Denver Mint (D Mint Mark): This was the first time the Denver Mint produced Morgan Silver Dollars, as the Denver Mint did not exist during the original run from 1878 to 1904. Mintage: 20,345,000 coins.
- San Francisco Mint (S Mint Mark): The San Francisco Mint, which had been a regular producer of Morgan Dollars in previous years, also contributed to the 1921 mintage. Mintage: 21,695,000 coins.
What is the Morgan Silver Dollar?
The Morgan Silver Dollar is one of the most iconic and widely collected coins in American numismatic history. It was minted from 1878 to 1904, and then again in 1921.
First introduced in 1878, the Morgan Silver Dollar was first introduced due to significant pressure from Western mining interests on Congress to stabilize the price of silver following the Civil War and the discovery of vast new silver deposits, particularly the Comstock Lode in Nevada in 1859.
The coin was a direct result of the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase a large quantity of silver and convert it into coinage. This was intended to support the silver mining industry and to reintroduce silver currency following the demonetization of silver in 1873.
The Morgan is often associated with the American West and the silver mining boom, particularly in Nevada, where the Comstock Lode was discovered.
The coin represents the economic and political climate of the late 19th century, particularly the monetary debate of bimetalism vs. gold standard, which was a central issue in American politics during that time.
George T. Morgan
George T. Morgan was recruited to join the U.S. Mint in 1876 through the efforts of Henry Linderman, the then Director of the U.S. Mint, who was seeking to revitalize American coinage.
Linderman sought out fresh talent from Europe, where artistic skills in coin design were highly regarded. Linderman reached out to the Royal Mint in London, where Morgan was working as an assistant engraver, and offered him the opportunity to come to the United States.
Morgan, a talented and ambitious engraver, accepted the offer and was brought on as an “assistant engraver” under Chief Engraver William Barber. Morgan’s arrival marked the beginning of his long career at the U.S. Mint.
One of Morgan’s first tasks was creating a new design for the silver dollar, and his fresh perspective, combined with his European training, allowed him to craft a coin that remains highly regarded among numismatists today.
Morgan Dollar Design
The coin was crafted by George T. Morgan, an English engraver who worked for the U.S. Mint. His skill is evident in the intricate details of Lady Liberty and the eagle.
Obverse
On the front of the coin, you’ll find a stunning depiction of Lady Liberty. She wears a Phrygian cap, which symbolizes freedom, and her hair is adorned with wheat and cotton.
Above her head, the words “E PLURIBUS UNUM” (which means “Out of Many, One”) highlight the unity of the states.
Thirteen stars are arranged in a semicircle above the eagle, representing the original thirteen colonies.
Reverse
On the reverse, the Majestic bald eagle with its wings spread wide, symbolizing strength and freedom.
The eagle holds an olive branch in its right talon (for peace) and arrows in its left (to signify readiness for defense).
Inscriptions
The top edge of the reverse features the words “UNITED STATES OF AMERICA,” while the bottom proudly states “ONE DOLLAR,” making it clear what the coin is worth.
The edge of the Morgan Silver Dollar is reeded, meaning it has notches. The reeding is a feature added to coins to reduce counterfeiting and wear.
Morgan Key Dates
The Morgan series has many key dates that are highly sought after by collectors due to their rarity, historical significance, or unique characteristics.
1878 (First Year of Issue)
This is the inaugural year for the Morgan Dollar and is highly collectible. Several varieties exist, including the 7 Tail Feathers and 8 Tail Feathers variations, which refer to the number of feathers on the eagle’s tail depicted on the reverse.
1893-S (San Francisco Mint)
The 1893-S Morgan Dollar is considered the rarest and most valuable in the series. With a mintage of only 100,000, it is highly sought after and commands high prices, particularly in higher grades. The highest-selling Morgan Silver Dollar ever auctioned was the 1893-S Morgan Silver Dollar for $735,000 in 2018. The 1893-S is known for its rarity and high-grade condition, making it one of the most valuable and sought-after coins in the world.
1889-CC (Carson City Mint)
The 1889-CC is another rare coin, minted at the Carson City Mint, which makes it especially desirable. The Carson City mint is known for producing some of the most collectible Morgans. Only 350,000 coins were minted, and it is one of the most valuable Carson City Morgans.
1895 (Philadelphia Mint – Proof Only)
Often referred to as the “King of Morgan Dollars,” the 1895 Morgan Dollar is famous for having no known regular strike versions. Only 880 proof coins were minted, making it extremely rare. Many believe that any 1895 Morgan Dollar found today is from the proof mintage.
1904 (Last Pre-Hiatus Year)
The 1904 Morgan Dollar is notable as it was the last year the Morgan dollar was struck before production halted. After 1904, no Morgans were produced until 1921.
Morgan Silver Dollar Mint Marks
- None: Philadelphia Mint (no mint mark)
- CC: Carson City Mint
- S: San Francisco Mint
- O: New Orleans Mint
- D: Denver Mint (used only in 1921)
Notable Morgan Error Coins
Many Morgan error coins are classified under the Van Allen-Mallis (VAM) system, developed by Leroy Van Allen and A. George Mallis in the 1960s.
The VAM system identifies distinct characteristics or anomalies in the dies used to strike Morgan (and later Peace) silver dollars. These varieties can include small changes or errors in the coin design, such as doubled die features, overdates, or misplaced mint marks.
In general, Morgan VAMs that are rare or in high demand can be worth much more than regular coins. However, not all VAM varieties command a premium; it depends on the rarity, the grade, and the specific characteristics of the variety. Collectors with a keen interest in U.S. Mint history or unique coin features are often willing to pay more for these special Morgan Dollar varieties.
Some of the most sought-after VAM varieties include the 1878-P 7/8 Tail Feathers, the 1879-P Reverse of 1878, and the 1887-P Doubled Ear.
Clashed Dies
Clashed die errors occur when the obverse and reverse dies strike each other without a planchet in between, leaving impressions from one die on the other. A popular example is the 1889-P Morgan Silver Dollar with a clashed “E” visible on the reverse.
Off-Center Strikes
Off-center strikes occur when the planchet is not properly aligned between the dies during the striking process, resulting in an off-center design. These errors can range from slightly off-center to dramatically misaligned, and they generally sell for thousands at auction.
Double Strikes
Double strikes occur when a coin is struck twice by the dies, creating a doubled or overlapping design. These errors are highly sought after for their distinctive appearance and rarity.
Die Breaks and Cuds
Die breaks and cuds are mint errors resulting from cracks or breaks in the die. These errors can create raised lines or blobs on the struck coins, adding a unique touch to your collection.
Morgan Dollar GSA Hoard
The Morgan GSA Hoard was large collection of uncirculated Morgan Silver Dollars that were discovered stored in U.S. government vaults in the 1960s and early 1970s. These coins had been left over from the production of Morgan dollars between 1878 and 1904, and later in 1921, and were forgotten for many years. The hoard is named after the General Services Administration (GSA), the federal agency responsible for cataloging and selling these coins to the public.
Origins and Discovery
The coins in the GSA hoard were primarily from the Carson City Mint (marked with the “CC” mint mark), which was known for producing fewer Morgan dollars than other U.S. mints.
In the 1960s, during an audit of U.S. Treasury vaults, these coins were rediscovered, amounting to millions of uncirculated Morgan dollars. Recognizing their potential numismatic value to collectors, the U.S. government sold the coins to the public in a series of auctions that ran from 1972 to 1980.
Many of the coins from the hoard were in mint-state condition, which is extremely rare for coins of this age. The fact that they had been stored away for decades means they were preserved in near-original condition.
During the auctions, the coins were sold in special GSA packaging, which included black plastic holders, often referred to as “GSA holders.” Keeping coins in their original GSA packaging adds to their collectible value today.
