The 1921 Silver Dollar: The Last Morgan and the First Peace

An exceptional situation: 1921 was the year when the United States Mint produced two different designs of the same denomination simultaneously. In particular, during that year, there was the final issuance of the iconic Morgan Dollar, as well as the introduction of a brand-new Peace Dollar, the coin meant to commemorate the end of World War I.

Indeed, it is truly captivating to explore the landscape of the 1921 coinage, for such occurrences are unique. But what makes a 1921 silver dollar rare? Which features identify these coins, and how much might they cost in 2025? Let us figure it out and learn more about interesting numismatic events together. 

The End of the Morgan Dollar

Introduced in 1878, the Morgan Dollar has long been a stable symbol of American coinage. Its production, however, had stopped by the early 20th century, only to be brought back to life one more time in 1921 before being replaced for good.

Before 1921, the last time the Morgan dollar was minted was 1904, when the demand for the coin declined. But in 1918, the Pittman Act fundamentally altered the course of events. Since other countries like Britain needed silver to stabilize their currency markets during World War I, this law required that the US government should melt down more than 270 million silver dollars to sell the silver in the end. And, in order to compensate for the loss, The Morgan Dollar was returned in 1921.

Anyway, the life of this coin was not meant to last long. As soon as it was reissued, many people believed that the design was a bit outdated, which is why they anticipated something new. The Morgan Dollar received its moment of fame and soon came to an honorable official end with the introduction of the Peace Dollar in late 1921.

Read about Peace Dollar series specimens in our next article: 1922 Silver Dollar Value.

It Was Time When the Peace Dollar Appeared

After the victory in World War I, the US planned to move forward and enter a time of peace and reconstruction. As we have stated before, the general public had already been ready to meet a new design. Demands for a new silver dollar increased, especially from prominent numismatist Farran Zerbe, who expressed the idea of a coin that would commemorate the end of the war.

So as to create a new silver dollar that would express America's commitment to peace, the US Mint launched a design competition. In December 1921, the government finally approved the new design, the Morgan Dollar had to retire after all. The first Peace dollars were struck later that month, yet because of their high-relief design, production was initially challenging, which led to a limited mintage in 1921.

Nevertheless, the Peace dollar eventually replaced the Morgan Dollar when it entered circulation in 1922 (up until 1935).

Comparison: 1921 Morgan vs. 1921 Peace Dollar

All in all, we cannot deny the fact that 1921 was a transformative year, as the US Mint produced two distinct designs simultaneously. In fact, these two coins had different meanings, different manufacturing quantities, mint locations, and completely unlike historical contexts, although they could boast the same metal composition and general specifications. Let us compare these 1921 dollar coins feature by feature.

*High-relief coins mean numismatic creations that have deeply engraved designs raised significantly above the coin's surface. Because of how hard it is to produce, this design was lowered in 1922 for easier mass production.

How Much Do These Coins Cost? 

Since the mintage numbers and the circumstances surrounding the release of these instances are different, the 1921 silver dollar value may differ respectively. Below are notable auction records for these coins, according to PCGS (Professional Coin Grading Service).

1921 Morgan Dollar Auction Records

The 1921 Morgan silver dollar value is an outstanding example of how coins may become more worthy over time. Today, the lower-grade instances of this coin are reasonably priced, but High-quality Morgans (MS66–MS67) and those with Proof-Like (PL) or Deep Mirror Proof-Like (DMPL) surfaces, may be sold for thousands of dollars.

Note: PL (Proof-Like) refers to coins that have a reflective, mirror-like surface, resembling a proof coin but struck with the use of regular production methods. DMPL (Deep Mirror Proof-Like) coins have an even higher degree of mirror-like reflections, with more pronounced depth and clarity. Moreover, do not miss these coins with 1974 Eisenhower dollars! 

To learn more about designations and other indicators used in the names of the coins, we recommend that you appeal to Coin ID Scanner, a numismatic encyclopedia with identification and management tools. Explore the coins you own, from their appearance features to their background, origins, and market potential. Make your experience as diverse as it could be.

1921 Peace Dollar Auction Records

The 1921 Peace dollar value is much higher than that of its Morgan counterpart. A new design is much rarer, especially in high grades, due to its high-relief strike, which made it difficult to mint without wear or strike weakness. As a result, well-preserved examples are of particular interest, with prices reaching $5,000-$6,000 for an MS66.

The 1921 Morgan and Peace Dollars offer a unique experience that cannot be restored. So, explore these iconic coins and find the finest instances for your collections to enter.

Sources: 

1. https://en.wikipedia.org/wiki/Morgan_dollar 

2. https://en.wikipedia.org/wiki/Peace_dollar 

3. https://www.pcgs.com/coinfacts/coin/1921-1-peace-satin-finish/7382