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One of the most coveted items in any coin collection is the 1921 Morgan Silver Dollar. This was the final year of the Morgan design before the introduction of the Peace Silver Dollar later that same year.
The United States Mint introduced this design on the Dollar coin in 1878, authorized by the Bland-Allison Act. The law reinstated the free coinage of silver after the Coinage Act of 1873 had temporarily ended the silver standard in the country. Then in 1890 the Sherman Silver Purchase Act even increased the amount of silver the Treasury was demanded to acquire to turn into coins.
After a series of repeals and Congress disputes, when all silver bullion purchased under the Sherman Silver Purchase Act was depleted in 1904, the US Mint stopped the production of Morgan Silver Dollars.
It would take more than a decade and another law, the Pittman Act in 1918, to authorize the melting and recoining of millions of silver dollars. And that long legal history led to the final coinage of circulating Morgan Silver Dollars in 1921, before the decision of changing the design.
Morgan Silver Dollar Design
The coin takes its moniker from its design creator, George T. Morgan. An English engraver, Morgan came to the United States to assume the post of Assistant Engraver recommended by C. W. Fremantle, Deputy Master of the Royal Mint in London. In time, he would go on to become the Chief Engraver of the US Mint in 1917, succeeding Charles E. Barber.
The entire design of Lady Liberty on the obverse is inspired by Anna Willess Williams, a teacher and philosophical writer who served as a model for Morgan’s drawings. Morgan wanted to portray a young Miss Liberty with American features, rather than the usual Greek Goddess. The female bust wears a crown inscribed with the words “LIBERTY”. On the outer rim, surrounding the figure is the inscription “E PLURIBUS UNUM”, thirteen 6-pointed stars representing the original colonies, and the mint year below.
The reverse portrays a bald eagle with its wings spread out. Its talons grasp an oak branch and arrows, representing America’s desire for peace, but readiness for warfare. The motto “IN GOD WE TRUST” is above the eagle. The letters on the outer circle read “UNITED STATES OF AMERICA” and “ONE DOLLAR”. There’s also a laurel wreath below the eagle.
Specimens minted in the Philadelphia Mint bear no branch mint mark, but the ones from the Denver Mint and the San Francisco Mint show the letters “D” and “S”, respectively, on the reverse, right below the laurel wreath.
This design was replaced in 1921 by the Peace Silver Dollar.
Investing in the Morgan Silver Dollar is investing in silver as well. Just like with other precious metals, adding a sensible amount of silver bullion to your investment portfolio could be a savvy way to hedge against inflation during times of economic uncertainty.
Morgan Silver Dollar - Variations
1921 $1 Morgan (Regular Strike)
Mintage: 44,690,000
Survival Estimate (All Grades): 4,470,000
Mint: Philadelphia
Composition: 90% silver, 10% copper
Auction Record: $19,975 - MS67 - On October 15, 2015, at Legend Rare Coins Auctions
1921 $1 Morgan (Prooflike)
Mintage: 44,690,000
Survival Estimate (All Grades): 750
Mint: Philadelphia
Composition: 90% silver, 10% copper
Auction Record: $6,600 - MS66PL - On April 28, 2019, at Heritage Auctions
1921 $1 Morgan (Deep Mirror Prooflike)
Mintage: 44,690,000
Survival Estimate (All Grades): 36
Mint: Philadelphia
Composition: 90% silver, 10% copper
Auction Record: $14,960 - MS65 - On February 3, 2006, at Heritage Auctions
1921-D Morgan $1 (Regular Strike)
Mintage: 20,345,000
Survival Estimate (All Grades): 2,035,000
Mint: Denver
Composition: 90% silver, 10% copper
Auction Record: $44,063 - MS67 - On April 24, 2013, at Heritage Auctions
1921-D Morgan $1 (Prooflike)
Mintage: 20,345,000
Survival Estimate (All Grades): 91
Mint: Denver
Composition: 90% silver, 10% copper
Auction Record: $5,280 - MS64PL - On June 22, 2021, at Heritage Auctions
1921-D Morgan $1(Deep Mirror Prooflike)
Mintage: 20,345,000
Survival Estimate (All Grades): 2
Mint: Denver
Composition: 90% silver, 10% copper
Auction Record: $12,650 - MS65 - On January 04, 2001, at Heritage Auctions
1921-S Morgan $1 (Regular Strike)
Mintage: 21,695,000
Survival Estimate (All Grades): 2,167,000
Mint: San Francisco
Composition: 90% silver, 10% copper
Auction Record: $19,200 - MS67 - On January 03, 2018, at Heritage Auctions
1921-S Morgan $1 (Prooflike)
Mintage: 21,695,000
Survival Estimate (All Grades): 24
Mint: San Francisco
Composition: 90% silver, 10% copper
Auction Record: $12,650 - MS65 - On January 03, 2012, at Heritage Auctions
1921 $1 Chapman (Proof)
Mintage: 40 (ordered by Henry Chapman)
Survival Estimate (All Grades): 30
Mint: Philadelphia
Composition: 90% silver, 10% copper
Auction Record: $229,125 - PR67 - On November 15, 2018, at Legend Rare Coin Auctions
Read also: Morgan Silver Dollar Coin Mintage | How Many were Made?
1921 $1 Chapman (Proof with Cameo effect)
Mintage: 40 (ordered by Henry Chapman)
Survival Estimate (All Grades): 10
Mint: Philadelphia
Composition: 90% silver, 10% copper
Auction Record: $72,000 - PR64CAM - On April 25, 2021, at Heritage Auctions
1921 $1 Zerbe Special Strike (Special Strike)
Mintage: 200 (ordered by Farran Zerbe)
Survival Estimate (All Grades): 100~125
Mint: Philadelphia
Composition: 90% silver, 10% copper
Auction Record: $64,625 - SP67 - On September 04, 2017, at Goldberg Auctioneers
1921-S $1 Zerbe Special Strike (Special Strike)
Mintage: 25 (ordered by Farran Zerbe)
Survival Estimate (All Grades): 25
Mint: San Francisco
Composition: 90% silver, 10% copper
Auction Record: $117,500 - SP65 - On August 08, 2013, at Heritage Auctions
Complete 1921 Silver Dollar Value Chart
The coin values chart below is a comprehensive list of all 1921 Morgan Silver Dollar variations. It includes regular strikes (MS), deep mirror proof-like (DMPL), proof-like (PL), proof (PR), proof with cameo effect (CAM), and Special Strikes (SP), along with the various mints where they were minted.
|
Description |
Design |
G-4 |
F-12 |
XF-40 |
AU-55 |
MS-60/65 |
MS-66/67 |
|
1921 |
MS |
$31 |
$31 |
$39 |
$52 |
$275 |
$12,500 |
|
1921 |
PL |
|
|
|
|
$2,150 |
$23,500 |
|
1921 |
DMPL |
|
|
|
|
$22,500 |
|
|
1921-D |
MS |
$31 |
$32 |
$42 |
$55 |
$550 |
$25,000 |
|
1921-D |
PL |
|
|
|
|
$7,500 |
|
|
1921-D |
DMPL |
|
|
|
|
$12,500 |
|
|
1921-S |
MS |
$30 |
$30 |
$46 |
$59 |
$725 |
$12,500 |
|
1921-S |
PL |
|
|
|
|
$8,500 |
|
|
1921 Chapman |
PR |
|
|
|
|
$88,500 |
$250,000 |
|
1921 Chapman |
CAM |
|
|
|
|
$80,000 |
|
|
1921 Zerbe |
SP |
|
|
|
|
$15,000 |
$47,500 |
|
1921-S Zerbe |
SP |
|
|
|
|
$135,000 |
|
Note: the values listed above are based on the PCGS price guide and the latest market updates. It uses the Sheldon Coin Grading System.
G = Good / F = Fine / XF = Extremely Fine / AU = About Uncirculated / MS = Mint State
Read also: How Much are Morgan Silver Dollars Worth?
Why collect 1921 Morgan Silver Dollars?
Morgan Silver Dollars are full of numismatic history and interest. They are some of the most collected coins among numismatists and many collectors in the United States and arguably the world. And the 1921 versions do not shy away from that, especially ones in uncirculated condition.
Even if you cannot get your hands on some of the most valuable variations, bear in mind that most 1921 Morgan Silver Dollars, including those in circulated condition, could be worth more than their melt value, depending on the condition of the specimen. Any coins in extremely fine condition and above, showing slight wear marks, could already pose a good margin for profit over the spot silver price.
Keep in mind that there are two types of 1921 silver dollars, as the US Mint began production and issuing of the Peace series that same year, discontinuing the Morgan Dollars design. Only Peace Silver Dollars would be minted for the following years, until 1935.
You can check the melt value of the silver content on the Morgan Dollar by using our Junk Silver Melt Value Calculator. This spreadsheet allows you to check the bullion silver price (intrinsic value) for Silver Dollars, along with a variety of other coins, including the Peace Dollar, that are worth way more than their face value.
Also, check out our Junk Silver FAQs if you want to find more information on 90% constitutional silver with no numismatic value (for instance, coins showing traces of heavy wear and not from key dates).
In a nutshell, 1921 Morgan Dollars are highly sought-after in the coin collecting market and could be easy to liquidate in case you decide to do so. And here, at SD Bullion, you can find the best deals on the morgan and peace series, along with other silver coins at the lowest premiums over the spot silver price.
