1921 Morgan Dollar - Average Circulation

The US Mint stopped producing one-dollar silver coins in 1904 due a decrease in the need. The Morgan Silver Dollar was reintroduced by the US Treasury in 1921 for a short period before releasing the Peace Dollar. 

1921 Morgan Silver Dollar coins are popular amongst bullion stackers because of their silver content and historical significance. These coins retain their historical charm and show clear signs of use. 

At least 86,730,000 of these coins were minted in 1921, making it the largest known mintage year for silver dollar coins.

1921 Morgan Silver Dollar Coin Highlights:

• Circulated 90% silver coin
• Contains .7734 troy ounces of silver
• Obverse: Lady Liberty, designed by Charles Morgan
• Coins will be in circulated condition, actual coin will be determined by dealer based on available inventory.

Economies around the world were still recovering from the devastations of the first World War when the Morgan Dollar coin was reintroduced in 1921 and the public was slow to adopt their use. 

Having a $1 silver coin in common circulation helped to restore trust and faith in the economy, which led to growth and prosperity through the roaring 1920's.

More than 86 million $1 Morgan silver coins were produced by the Mint in 1921. Because of their age, even worn and circulated silver dollar coins from 1921 have numismatic value above and beyond their intrinsic melt value relative to the spot price of silver. 

Any additional numismatic value is based on their collectibility, desirability and the rarity of various coins within in the overall series and mintages when the coins were originally minted.

1921 Morgan Silver Dollar Coin - Average Condition

The premium on Morgan Dollar Silver coins in average circulation will vary from dealer to dealer. The premium that these coins carry is partially driven by the demands of the collector market. 

In today's market, the obverse of a coin in average condition will likely be missing fine details in Lady Liberty's hair and cap. Her cheek may be smooth and some areas may be worn down. The word "LIBERTY" on her headband and the date should still be visible, though possibly showing slight flattening or smoothing from circulation.

The reverse will show significant wear on the feathers on the eagle's wings and breast, with many details possibly faded or smoothed out. However, the general shape of the eagle will still be clear. The wreath around the eagle and the motto "IN GOD WE TRUST" should still be visible but with less sharpness in the details.

The rim may show some smoothing or slight dings, but the edge of the coin should still be intact, with visible reeding.

The fields, or flat areas surrounding the raised designs, will likely show scratches and general wear. Any remaining luster will be faint or completely worn off, giving the coin a more dull appearance.

Circulated Morgan $1 Coins

Circulated Morgan $1 coins are actively traded by precious metals investors, with wholesale premiums often over 25% above melt value. Fluctuations in the collectors market can cause numismatic premiums to trade independently from the silver price.

Each Morgan Dollar is made with 0.7734 oz of silver, giving it intrinsic value based on the price of silver. Investors seeking to hold physical precious metals can find Morgans a relatively affordable entry point into silver investing.

Factors Effecting Morgan Silver Dollar Values

Morgan dollars are among the most collected U.S. coins due to their design, history, and variety. Over time, these coins have shown a tendency to appreciate in value. The combination of silver content and historical rarity has made them resilient in the marketplace.

Morgan dollars are accessible to a broad range of investors, making them versatile investment vehicles that can appeal to both bullion and numismatic buyers. The large number of collectors creates strong demand, ensuring liquidity and potential appreciation over time.

Some Morgan Silver Dollars, especially those from certain mints (like Carson City) or specific years, are scarce or have low mintages, which drives up their collectible value, even in circulated condition.

Key dates, such as 1893-S or 1889-CC are highly sought after and can command large premiums, making them valuable long-term investments.

Mintage Amounts

The 1921 Morgan Silver Dollar was minted at three different locations: Philadelphia, Denver, and San Francisco. Here are the mintage numbers for each location:

• Philadelphia Mint (No mint mark): Mintage: 44,690,000
• Denver Mint (D mint mark): Mintage: 20,345,000 Note: This was the first and only year that the Denver Mint struck Morgan Dollars.
• San Francisco Mint (S mint mark): Mintage: 21,695,000

While the official mintage numbers for the 1921 Morgan Silver Dollar indicate a total of over 86 million coins minted, it's important to remember that a significant number of these coins were either damaged, melted down, or lost over time.

During the 1940s and 1950s, high demand for silver, especially for war efforts and industrial uses, saw many of these coins repurposed. Additionally, circulation led to many coins being in low-grade condition, or cull condition, which reduces their collectible value.

This reduction in the total number of surviving coins significantly impacts the available supply in today's market, especially for coins in higher grades or original condition.

Creation of the Iconic Coin

George T. Morgan became an iconic figure in U.S. numismatics with the design of the famous Morgan Silver Dollar. Morgan was an English born engraver who was recruited to work at the US Mint under the guidance of Chief Engraver William Barber.

His task of designing the new silver dollar was especially significant. The U.S. Mint was looking for a design that would mark a departure from the previous coins, and Morgan’s artistry was put to the test. His design featured Lady Liberty on the obverse, modeled after a teacher named Anna Willess Williams, putting a fresh face on the American ideals of liberty. The reverse displayed an American eagle with outstretched wings, clutching arrows and an olive branch.

Morgan’s attention to detail and his ability to capture symbolic imagery were revolutionary at the time, making the Morgan Dollar one of the most beloved and enduring designs in U.S. coinage. It wasn’t until 1917, forty years after he began working at the Mint, that Morgan was promoted to Chief Engraver.

Although Morgan designed several other coins, none rivaled the impact of the Morgan Silver Dollar. His work continues to be celebrated among both collectors and historians for its artistry and historical significance, representing an important era in American coinage.

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