The 1921 silver dollar holds a special place in the world of coin collecting due to its historical significance and unique characteristics. Two types of 1921 silver dollars exist—the Morgan Dollar and the Peace Dollar—both produced in a transitional year for American coinage. While most of these coins range in value from $20 to $30, some rare and well-preserved examples can sell for as much as $150,000 at auction. Let’s explore the key reasons these coins are so coveted by collectors.
Reasons Collectors Prize the 1921 Silver Dollar
1. End of the Morgan Dollar Era
The 1921 Morgan Dollar marks the end of an era. First minted in 1878, the Morgan Dollar was temporarily discontinued in 1904, only to be revived briefly in 1921. This final issue is highly valued by collectors because it symbolizes the last production year of one of America’s most recognizable silver coins.
Once the Peace Dollar design was adopted later in 1921, the 1921 Morgan Dollar became even more desirable. As the coin that closed a chapter in U.S. minting history, it continues to attract significant demand from numismatists.
2. Introduction of the Peace Dollar
The Peace Dollar, introduced in 1921, was created to celebrate the end of World War I. Its high-relief design in this year distinguishes it from later Peace Dollars, which had lower relief to simplify minting. With only about one million high-relief Peace Dollars struck at the Philadelphia Mint, these coins are particularly rare.
The 1921 Peace Dollar’s limited mintage and unique design make it one of the most sought-after coins among collectors. High-quality examples of this coin can sell for over $150,000.
3. Low Mintage at the San Francisco Mint
The San Francisco Mint produced only about 21.7 million Morgan Dollars in 1921, a relatively low number compared to the Philadelphia Mint’s 44 million. This lower mintage makes the 1921-S Morgan Dollar more valuable, particularly in higher grades.
Morgan Dollars from the San Francisco Mint in mint-state condition can sell for between $8,000 and $12,000, depending on the coin’s grade and preservation.
4. High-Grade and Error Varieties
Collectors place a premium on 1921 silver dollars that are in Mint State (M.S.) or better condition. Pristine examples that have not suffered wear or damage can fetch significant sums, with prices often reaching thousands of dollars. For instance, a 1921 Morgan Dollar graded MS-68 recently sold for over $660,000 at auction, one of the highest prices ever paid for this coin.
Errors and variations, such as Van Allen-Mallis (VAM) anomalies, further enhance the value of these coins. Examples include doubled dies, misplaced mint marks, or other production errors, which make a coin more desirable to collectors.
5. The Rare Farran Zerbe Edition
The Farran Zerbe Special is one of the rarest types of 1921 Morgan Dollars. Believed to have been minted as presentation pieces for famed numismatist Farran Zerbe, these coins are distinguished by their superior strike and reflective appearance. With only a limited number in circulation, Farran Zerbe Specials can easily fetch $5,000 or more at auction, depending on their condition and provenance.
Value Breakdown of 1921 Silver Dollars
Coin Type | Mintage | Value (Circulated) | Value (Uncirculated) |
---|---|---|---|
1921 Morgan Dollar (P) | 44,690,000 | $20-$30 | $40-$660,000+ |
1921 Morgan Dollar (D) | 20,345,000 | $20-$30 | $40-$156,000+ |
1921 Morgan Dollar (S) | 21,695,000 | $20-$30 | $40-$74,000+ |
1921 Peace Dollar (High-Relief) | 1,006,473 | $100-$150 | $150-$150,000+ |
Why 1921 Silver Dollars are So Unique
The 1921 silver dollar is remarkable not just for its rarity, but also for its place in numismatic history. The year marked the end of the Morgan Dollar series and the introduction of the Peace Dollar. The limited mintage from the San Francisco Mint, coupled with the high-relief Peace Dollars, adds to the allure of these coins. Furthermore, error varieties and high-grade specimens are particularly valuable, making them highly desirable at auction.
If you’re lucky enough to own a well-preserved 1921 Morgan or Peace Dollar, it could be worth thousands—or even hundreds of thousands—of dollars depending on its condition and unique features.
FAQs:
Why are 1921 silver dollars so valuable?
1921 silver dollars are valuable due to their historical significance, limited mintage, and the fact that they mark the transition between the Morgan and Peace dollar designs. High-quality and rare varieties can command significant premiums.
What is the difference between the 1921 Morgan and Peace Dollars?
The 1921 Morgan Dollar represents the final year of the Morgan series, while the Peace Dollar was introduced in 1921 to celebrate peace after World War I. The Peace Dollar was struck in high relief that year, a unique feature compared to later issues.
How much is a 1921 silver dollar worth?
The value of a 1921 silver dollar varies widely based on condition and rarity. Circulated coins are typically worth $20 to $30, while uncirculated examples or rare varieties can sell for hundreds of thousands of dollars.