1921 Silver Dollar Value: Morgan and Peace Dollar Prices

Is a 1921 silver dollar worth anything?

Yes. Even a common circulated 1921 Morgan is worth more than face value because of its silver content. Both Morgan and Peace dollars from 1921 contain 0.7734 troy ounces of pure silver. Multiply today's silver spot price by 0.7734 for a rough melt floor, then expect a small collector premium on common Morgans and a much larger premium on Peace dollars.

That is why 1921 silver dollar value today moves with the silver market. The tables below are typical retail ranges for informational purposes only. They are not a fixed appraisal, and asking prices change as spot silver changes.

Step 1: which design do you have?

Both designs show Lady Liberty on the front. Flip your coin over and check the reverse (back) to tell them apart:

• Morgan dollar: an eagle with spread wings, with wreath details around it. Liberty's portrait on the front has flowing hair under a cap. The motto E PLURIBUS UNUM curves around the top of the obverse.
• Peace dollar: an eagle standing on a mountain peak, facing a rising sun, holding an olive branch, with the word PEACE below it. Liberty's portrait on the front wears a crown of rays, similar to the Statue of Liberty.

If in doubt: Morgan dollars were massively common in 1921 (over 86 million struck), while Peace dollars were struck in far smaller numbers late in the year (just over 1 million). A 1921 dollar is statistically far more likely to be a Morgan.

Where is the mint mark on a 1921 silver dollar?

On both Morgan and Peace dollars, the mint mark is on the reverse, not next to the date.

• Morgan: look below the wreath, just above the DO in DOLLAR. You may see D (Denver), S (San Francisco), or no letter at all.
• Peace: look below the eagle's tail feathers, near the rock. In 1921, Peace dollars were struck only at Philadelphia, so there is no mint mark.
• No mint mark: means Philadelphia. For a 1921 Morgan with no mint mark, that is the highest-mintage and most common variety. For a 1921 Peace dollar, no mint mark is expected and does not make the coin common by itself.

1921 Morgan dollar value chart

1921 was the Morgan dollar's comeback year after a 17-year production gap, driven by a law (the Pittman Act) requiring the Mint to replace millions of silver dollars that had been melted down. To meet demand fast, the Mint rushed out record quantities using new, shallower dies, which is why 1921 Morgans are common and often look flatter and less crisp than earlier Morgans. That flatness is normal for the date and is not counted as wear when grading.

Because so many survive, common-date 1921 Morgans trade close to their silver melt value (0.7734 troy ounces of pure silver). Circulated examples are basically bullion coins with a modest collector premium. The 1921-D is notable as the only Morgan dollar ever struck at the Denver Mint, which adds some novelty appeal even though the coin itself is not rare.

Exceptional high-end uncirculated examples (MS65 and above, with strong strike and eye appeal) can bring considerably more. Some certified specimens have sold for $1,000 to $50,000+ at auction, but that is the extreme high end, not the typical coin.

What makes a 1921 silver dollar rare?

Most 1921 silver dollars are not rare. Over 86 million Morgans were struck, so a worn Morgan is common. A 1921 coin becomes genuinely scarce or valuable when one of these applies:

• It is a Peace dollar: only about 1 million were struck, all at Philadelphia, with a one-year high-relief design.
• It is a high-grade Morgan: MS65 and finer coins with strong strike and clean surfaces are much scarcer than mintage totals suggest.
• It has exceptional eye appeal or a recognized variety that collectors specifically chase.

A no mint mark 1921 Morgan is not rare by itself. It simply means Philadelphia, the highest-mintage mint for that year. No mint mark on a 1921 Peace dollar is normal and still leaves you with the scarcer design type.

How much silver is in a 1921 silver dollar?

Both 1921 Morgan and Peace dollars are 90% silver and 10% copper. Each contains 0.7734 troy ounces of pure silver and weighs 26.73 grams overall. Melt value is spot price times 0.7734. That formula is the same for every classic Morgan or Peace dollar, not just 1921.

1921 Peace dollar value chart

This is the scarcer 1921 design: Liberty wears a rayed crown, and the reverse eagle stands on a mountain peak above the word PEACE.

The Peace dollar launched in late 1921 to commemorate the end of World War I, using a dramatic high-relief design that was only used this one year. Later Peace dollars (1922 onward) switched to a flatter, low-relief design because the high-relief dies broke too often during striking.

A genuine 1921 Peace dollar is identifiable by unusually deep, numerous hair strands over Liberty's ear, and four distinct sun rays below the word ONE on the reverse (later years have three). Because of the low mintage and the challenging strike, 1921 Peace dollars carry a meaningful premium over melt value even in worn condition.

What 1921 Peace dollars are selling for right now

These are live eBay auctions for single 1921 Peace dollars. They are scarcer than 1921 Morgans, so you will usually see fewer listings and higher asking prices. Certified coins tend to sit at the top of the market. What a seller asks and what a coin finally sells for are not the same thing.

• 

  1921 Peace Silver Dollar, Extra Fine Circulated Coin, 26.73 gm, 90% silver

  $295Starting bid

  Ungraded · ends Aug 30, 7:38 PM EDT

• 

  1921 AU 55 DETAILS ANACS PEACE DOLLAR CLEANED #B34451

  $290Starting bid

  Graded · ends Aug 27, 5:36 PM EDT

Live auction listings from eBay, refreshed daily. Asking prices and bids are what sellers and bidders hope to get, not confirmed sale values, and listings are not checked or endorsed by us.

Quick self-check

• Check the reverse design: eagle with wings spread (Morgan) or eagle on a mountain facing a sunrise (Peace).
• Find the mint mark on the reverse, or confirm there is none (Philadelphia).
• If it is a Morgan, value comes mainly from silver content and condition. If it is a Peace dollar, you already have the scarcer 1921 type.
• Assess condition: sharp details and strong luster versus worn, flat surfaces.
• Do not clean the coin. Cleaning reduces value on both types, even common ones.