Dollar that Is Worth a Fortune
Well, actually, what is a 1921 silver dollar worth? It may seem that a couple of dollar coins from your pocket can only buy a cup of coffee or gum, and the usual 1921 dollar coin seems to be nothing more than a souvenir of the past. But did you know that in 2023, 1921 S Morgan silver dollar value unexpectedly reached $32,500 at auction (for a coin in perfect condition). By the way, it was also found by accident, in the attic of a farmhouse in Montana.
The secret is that in 1921, two different types of $1 coins were minted at once: the classic Morgan dollar coin and the so-called Peace dollar, issued for the first time. These coins differ in design, history and, most importantly, value.
And if some ordinary specimens can cost about $30, then others 1921 Liberty silver dollar value can reach the price of a new car – and even higher. To understand how much is a 1921 silver dollar worth, you should know the special nuances, details of minting and factors influencing the value of the coin. Let us discuss further in detail.
1921 Silver Dollar Identification Guide
The year 1921 was a unique year in the history of American coinage: two different dollar coins were issued in the same year. And although both officially bear the name 1921 silver dollar, there are huge differences between them: in design, rarity and, of course, price.
But before we get into the value of 1921 silver dollar, we need to determine exactly which coin you’re holding. Why? The whole point is that the 1921 P Morgan silver dollar can cost a few tens of dollars, while 1921 Peace silver dollar value can reach tens of thousands of dollars.
Please refer to the table to evaluate the two types by external characteristics and understand how much is 1921 silver dollar worth in your case:
| Characteristics | Morgan Dollar (1921) | Peace Dollar (1921) |
| Image of Lady Liberty (obverse) | Profile of Liberty in Phrygian cap, with diadem crown and circular wreath decorated with cotton and wheat leaves, symbols of U.S. agriculture. Authors: George T. Morgan. | Profile of Liberty with crown of rays (a reference to freedom and light), hair fluttering in the wind. Author: Anthony de Francisci. |
| Reverse design | Eagle with outspread wings, holding arrows and olive branch. Inscriptions: UNITED STATES OF AMERICA, IN GOD WE TRUST, ONE DOLLAR. | Eagle perched on a rock, wings down, holding an olive branch, with the rising sun behind. Inscriptions: PEACE, UNITED STATES OF AMERICA, ONE DOLLAR. |
| Mint / Mint mark | Philadelphia (no mark), Denver (D), San Francisco (S) | Philadelphia only (no mint mark). |
| Edge | Reeded (~189 reefs) | Reeded (~149 reefs) |
| Silver content | 90% silver, 10% copper (coin weighs 26.73 g, pure silver ~24.06 g) | 90% silver, 10% copper (coin weighs 26.73 g, pure silver ~24.06 g) |
| Proof issues | – | – |
| Total mintage | 86,730,000 (P: 44.69 million, D: 20.345 million, S: 21.695 million) | 1,006,473 (all minted at the Philadelphia Mint) |
Interesting fact: The Peace Dollar shares its origins with the desire to commemorate the end of World War I. In 1921, it was struck for just a few days in December – and only at the Philadelphia Mint.
Even a cursory glance at the mintage suggests: the value of 1921 Morgan silver dollar will be lower on average. But if you hold in your hands a 1921 silver dollar no mint mark with the inscription “PEACE” on the reverse, it is not an ordinary find, but perhaps a very valuable numismatic trophy.
Value Drivers Explained
What affects the silver dollar 1921 value? The answer is not always obvious. At first glance, all these coins look the same – shiny metal, eagle on the reverse, Lady Liberty on the obverse. But in fact, the difference in the price of coins can be enormous. Why? It all depends on three factors: where the coin was minted, what condition it is in, and how rare or special it is. Let’s take each point in order.
Mint Marks & Scarcity
If we are talking about the 1921 silver Morgan dollar, then these pieces were produced at three US mints:
- Philadelphia (no mint mark)
- Denver (D mint mark)
- San Francisco (S mint mark)
By the way, where is the mint mark on a 1921 silver dollar? Well, you need to pay attention to the reverse of the coin: it is just below the eagle, right above the word “DOLLAR”, between the letters “D” and “O”. If you don’t find the mark, there – you see a Philadelphia coin in front of you.
As for the Peace dollar, all 1921 coins were produced by the Philadelphia Mint, so all these pieces have no mint mark.
Finally, to see how the minting location affects the value 1921 silver dollar (assuming the coin is in circulated condition), please refer to the table below:
| Coin | Mintage Figures | Estimated Value |
| 1921 Morgan silver dollar no mint mark | 44,690,000 | $30 – $50 |
| 1921 Morgan silver dollar D | 20,345,000 | $34 – $75 |
| 1921 Morgan dollar S | 21,695,000 | $36 – $80 |
| 1921 Peace Dollar (Philadelphia) | 1,006,473 | $100 + |
Even without errors and special stamps, the price depends on where and in what quantity the coin was issued. This is especially true for the 1921 Peace dollar – its mintage is 20 times less than the regular Morgan.
Condition Is King
Condition is another of the most important factors to consider when looking for an answer to the question of what is the value of a 1921 silver dollar. Collectors use a special grading scale (from G to MS70), and even a little wear can bring down the price several times over.
If your coin is in uncirculated condition, it is already a significant plus. For example, a 1921 Morgan silver dollar uncirculated in a high grade can cost 3-10 times more than a similar but worn coin. The price is influenced by such nuances as the luster of the coin and strike sharpness.
Let’s compare the effect of condition on price:
| Coin | Grade | Estimated Cost | Comments |
| Morgan 1921 (no mint mark) | Circulated | $30 – $50 | General condition, wear and tear |
| 1921-D Morgan $1 | MS65+ | $175 – $11,500+ | Shine, clarity, eye appeal |
| 1921-S Morgan $1 | Circulated | $36 – $80 | Wear and tear, preservation of parts |
| Peace Dollar 1921 | MS63 | от $1,000 | Shine, minimal storage marks |
| Peace Dollar 1921 | MS65 | до $150,000+ | Near perfect condition, rare |
Interesting fact: The value of Morgan coins can also surprise you: one of the most impressive examples of 1921 D Morgan silver dollar value was recorded at Heritage Auctions auction, where a coin in exceptional MS67+ condition sold for $50,400. This price was due to its incredible preservation, crisp relief and complete lack of handling marks.
This is an excellent example of how the most valuable 1921 Morgan silver dollar value is formed not just because of rarity, but also because of the condition and attractiveness of a particular specimen. Even with a large mintage, truly exceptional Morgan $1 pieces can be worth hundreds of times more than their common counterparts.
Rarity Factors
Sometimes the real value lies in the details that are not immediately apparent. Collectors know that rarity is one of the main drivers of price. And even among seemingly ordinary coins, there are some real jewels. Here are three examples where rarity skyrockets – along with price.
- High Relief Peace Dollars
You must have noticed that a 1921 silver dollar value no mint mark can reach almost a fortune – more than $150,000, but why? This high price is because of the combination of several points that make the coin rare:
- Circulation: only about 1 million pieces.
- Uniqueness: it is the first Peace coin issued to commemorate the end of the First World War.
- Relief: the coin was minted in high relief, which caused many technological difficulties. Due to production problems, this variant was quickly abandoned.
- Condition: most of the coins are preserved with obvious traces of circulation. But the MS65+ specimens are worth their weight in gold.
It is not surprising that this dollar cost in high grade can reach six-figure sums.
- Zerbe Proofs
- Circulation: ~24 copies, but 10-12 pieces have survived.
- Minting: special technique with improved detail and mirror surface
- Fakes exist! Only certified pieces are of value
How much is a 1921 Morgan silver dollar worth (if it goes about this special issue)? Well, Zerbe proof Morgan silver dollar value 1921 can start from $50,000+.
- Mint Errors, Denver
Coins with minting errors are real favorites of collectors. And the 1921 D Morgan silver dollar can contain unusual defects that will significantly increase the value of the coin. For example, the following error specimens are found:
- Off-center strikes – the image is off-center. With 10-15% offsets, such coins can be worth $300-600, especially in good condition.
- Clipped planchets – part of the blank is missing. Such a defect can increase the price by 5-10 times compared to a regular coin. For example, with a base price of $40, a defective specimen can go for $200-400.
1921 Morgan Dollar Value Breakdown
So, it’s time to turn to the exact numbers and answer the question “what is a 1921 Morgan silver dollar worth”? We have already looked at the factors that determine the value, now let’s get to the numbers:
| Grade | Commentary | Cost Range |
| Good (G-4) | Heavy wear and tear | $25–35 |
| Extremely Fine (XF-40) | Clear details, light wear | $35–50 |
| Uncirculated (MS-63) | No signs of handling | $60–120 |
| Gem (MS-65) | Excellent shine and touch | $200–600 |
| Superb (MS-67) | Almost perfect, rare | $2,500–10,000+ |
1921 Peace Dollar Valuation
The 1921 Peace Dollar is a completely different story. We already know that it is particularly rare, the first coin in the high relief series, so the coin’s price values are different as well (especially in excellent condition). Please refer to the table below:
| Grade | Comments | Cost Range |
| Circulated | Often with heavy wear and tear | $100–500 |
| MS60 | Uncirculated but with defects | $1,000–2,500 |
| MS65 | Near perfect, very rare, only 10-15 known to exist | $150,000+ |
| MS67 (рекорд) | A few, absolute record sale at auction in 2022 | $360,000 |
Spotting Fakes & Key Authenticity Tests
Counterfeits of 1921 Morgan and Peace Dollars are more common than you might think – especially on online platforms. To avoid getting caught, do some simple but reliable checks:
- Weight: An original 1921 dollar should weigh 26.73 grams. Even a slight deviation is a red flag. Use jewelry or numismatic scale accurate to the hundredths.
- Magnetic Test: A 90% silver coin should not be attracted to a magnet. If it reacts to a magnet, it is obviously a fake, most likely made of a cheap alloy.
- Edge: Genuine specimens have a clear reeded edge with a minimum of 149 incisions. Smooth or irregular edge indicates falsification.
- Date Font: Fakes often have thick, uneven or blurred numerals in the date, especially on “1921”.
These quick tests will help determine authenticity and understand what is a 1921 Morgan silver dollar worth – before you sell or buy.
How to Identify 1921 Silver Dollar Coin
Not sure if it’s Morgan or Peace? It’s simple:
The 1921 Morgan dollar – with the classic Liberty bust and spread-winged eagle. The Peace dollar has a modern Liberty profile and a rayed wreath.
Then we look at the mint marks:
- No letter is a Philadelphia coin (Morgan or Piece).
- “D” is Denver (Morgan specimens).
- “S” – San Francisco (also only Morgan). By the way, the 1921 S silver dollar value is usually higher in the MS65 and higher categories.
And to avoid guessing the rest of the nuances, use Coin Identifier. Just point your camera at the coin and the app will identify the coin, its historical background, condition, rarity, and even give you an approximate price.
Where to Sell for Maximum Profit
Selling a coin well, as well as finding a decent one, is an entire art. Here’s where to look to maximize your profit:
- Auctions (Heritage, Stack’s Bowers) – best for rare and high-grade coins where you can get full market value.
- eBay – suitable for coins in XF-MS63 condition. Convenient, but requires quality photos and description.
- Local dealers or numismatic clubs – convenient for a quick appraisal or sale, but prices are often below market value.
Remember, it’s important to understand the exact type and condition of the coin before the deal – otherwise it is easy to overprice.
Finally, 1921 $1 coins are true classics of American numismatics. Whether it is a Morgan or a rare Peace Dollar, their value depends on the details: condition, rarity, minting errors. And once you understand these nuances, you will be able to easily confidently distinguish an ordinary specimen from a truly valuable find.