1921 Morgan Silver Dollar Value (Errors, Mint Marks, & More)

The mysterious discontinuation of the Morgan Silver Dollars in 1904 and their sudden renewal in 1921 intrigue coin collectors. The 1921 Morgan Silver Dollars were struck in the final year of the series production until it was renewed in 2021!

If you’re willing to get this historical coin for your collection, join me to learn about all the features, factors, and coin errors that determine an old 1921 (Morgan) Silver Dollar value!

Key Takeaways

  • The 1921 Morgan Silver Dollars are the recontinued coins from the Morgan Dollar series, which were terminated in 1904. 
  • 1921 Silver Dollars in the highest grade Mint State can cost up to $18,500. 
  • There were no official 1921 Proof Morgan Dollar minted, except for the proof coins struck for Henry Chapman and Farran Zerbe, with the Chapman strike costing over $200,000. 
  • The 1921 Morgan Dollars bear many VAM die errors that can hike their price up to $16,000 or more. 

Brief History of Morgan Silver Dollars

  • 1878: As a result of the Bland-Allison Act, which required the US Treasury to buy a certain amount of silver each month to mint dollars, the US Mint started producing the first Morgan Silver Dollars designed by George T. Morgan. 
  • 1905 – 1920: No Morgan silver dollars were minted during this period due to a lack of silver bullion supply. 
  • 1921: After the Pittman Act of 1918, the Morgan Silver dollars started again but soon were replaced by the Peace Dollars. 
  • 2021: The US mint started minting the Morgal Dollars once again with an entirely silver composition (99.9%), which continued to date! 
1921 Morgan Silver Dollar Key Facts
Material (Composition)Silver (90%) and Copper (10%)
Minting Location Philadelphia, Denver, San Francisco
Year of Minting 1921
Weight26.73 grams (Approx.)
Diameter38.1 mm
Thickness2.4 mm
DesignerGeorge T. Morgan
Face Value$1
Mint MarksNo Mint Mark (Philadelphia Mint)“D” Mint Mark (Denver Mint)“S” Mint Mark (San Francisco Mint)
Total Mintage (All Facilities)86,730,000 
1921 Silver Dollar History

Design Features of 1921 Morgan Silver Dollar

The Morgan Dollars were designed by the Assistant Engraver of the US Mint, George T. Morgan, in 1878. The 1921 Silver dollars bear the same original design:

1. 1921 Morgan Silver Dollar Obverse Design:

You’ll find the following design features on the heads of the 1921 Silver Dollar:

  • Left profile of Lady Liberty with wavy hair
  • A tiara on Lady’s head with the word “LIBERTY” inscribed on it 
  • A sheath and leaves under the tiara (lady’s cap)
  • The mint date “1921” below the profile, at the bottom of the obverse
  • The words “E PLURIBUS UNUM” around the edge of the obverse along with 13 stars (7 on the left of the mint date, 6 on the right)
  • Morgan’s initials on the truncation line

2. 1921 Morgan Silver Dollar Reverse Design:

Look for the following design on the back of the coin:

  • An eagle with its wings spread out holding an olive branch in its right leg and a bunch of arrows in its left leg
  • Laurel wreaths tied by a ribbon surrounding the eagle 
  • The phrase “IN GOD WE TRUST” inscribed above the head of the eagle
  • The face value “ONE DOLLAR” carved along the bottom edge 
  • “UNITED STATES OF AMERICA” carved along the upper-half edge 

3. Coin Composition & Measurements:

1921 Silver Dollar Composition

The 1921 Silver Dollar comprised 90% silver and 10% copper, hence the name ‘Silver Dollar’. The US Mint continued this composition until the coins were discontinued in 1905.

Then, after a sixteen-year hiatus, the coins were restarted in 1921 with the same composition. However, these were soon replaced by Peace Dollars. Finally, the Morgan dollars were restarted again in 2021 with a new composition of 99.9% silver.

A 1921 Morgan Silver Dollar coin weighs 26.73 grams and is 38.1 mm wide and 2.4 mm thick. You’ll also see a beautiful reeded edge on both sides of the coin.

4. Special Identifying Mint Marks:

Unlike other coins from the Morgan Silver dollar series, the 1921 Silver Dollars were available with only two special mint marks as follows:

1. 1921-S Morgan Silver Dollar: The 1921 “S” Silver Dollars are the Morgan dollars minted by the San Francisco Mint. These coins feature a small “S” mint mark right below the wreath’s knot and above the words “ONE DOLLAR” on the tails. 

2. 1921-D Morgan Silver Dollar: The 1921 Morgan Silver Dollars minted by the Denver Mint can be identified by their special “D” mint mark underneath the laurel wreaths. 

3. 1921 Silver Dollar (No Mint Mark): The common 1921 Morgan Dollars, which were minted by the Philadelphia Mint, bear no special mint marks on the reverse. 

4 Factors to Value the 1921 Morgan Silver Dollar

Let’s check out which factors decide the final market value of an old 1921 Silver Dollar coin!

1. Condition and Grading

An old 1921 Silver Dollar coin’s value is greatly affected by its condition. As a simple rule, the closer to the mint state your coin is, the more valuable it is! So, if your coin has clean die lines, intact design details, letters, & digits, your coin can be worth thousands of dollars!

Here’s how to appraise your old 1921 Morgan Silver Dollar based on its condition grades:

Coin’s Condition/Coin’s NameFeatures1921 Silver Dollar (No Mint)1921 S Morgan Silver Dollar1921 D Morgan Silver Dollar
Good to Very Fine (VF)Partially worn out higher portions, eagle’s feathers, tails, liberty’s hair, reeded edge, etc. $5 – $30$20 – $35$30 – $40
Extremely Fine (XF) to Mint State (MS 65)Light & minimal wear on the higher reliefs, 50-60% original luster present, lesser contact marks $35 – $350$40 – $875$45 – $600
MS 65+ Graded or UncirculatedNear perfect shine, minimum or no contact marks, no worn out details $180 – $10,000$500 – $18,400$700 – $18,600 

Old coins graded by trusted third-party coin grading services, like PCGS, NGC, and ANACS, hold more value than ungraded and uncertified ones.

2. The 1921 Morgan Silver Dollar Proof Coins

The US Mint didn’t officially strike any special 1921 Proof Morgan Silver Dollars. There were only Proof-Like coins for collectors, except two special Proof versions minted for numismatist Farran Zerbe and Philadelphia coin dealer Henry Chapman.

1. The 1921 Morgan Dollar – Chapman: Reportedly, a set of around 10 or more 1921 Proof Silver Dollars was sold to Chapman in 1921. Shiny and contrasting, these proof coins are the most expensive 1921 Silver Dollars ever, with a price tag of $80,000 – $240,000, according to the PR grades! 

2. The 1921 Morgan Dollar Zerbe Special Strike: Another special set of 1921 Morgan Dollar proofs were struck for Zerbe. The unique feature of these proof coins is that there are 17 berries on the laurel wreaths on the reverse. Based on 60+ SP grading, these coins can cost from $8,000 to $64,000. 

1921 Chapman Proof Morgan Dollar Value

3. Unique Errors in 1921 Morgan Silver Dollar

Although there are no errors listed for the 1921 Morgan Dollars in The Red Book (US Coins Guidebook), the 1921 Morgan Dollars had several VAM anomalies as they were minted in a rush!

Below are some visible anomalies that can make the 1921 Silver Dollar precious:

1. 1921 Morgan Dollar Obliterated “S” Error (VAM TRU_T Variety): This error coin can be spotted by the faded or wiped out “S” in the word “TRUST” on the reverse. The highest grade TRU_T variety Morgan coins can cost up to $2,400. 

2. 1921 S Silver Dollar Thorn Head Error (VAM 1B Thorn Head): The 1921-S thorn head error can be easily spotted as the carved lines or “thorns” protruding from Lady Liberty’s head towards the letters.

In some S-mint Morgan dollars, the thorn is the line between the leaves on the Lady’s head and her bun, across the letters, and across the denticles.

3. 1921 Morgan Dollar Off-Center Strike Error: This error happens when the coin planchet is misplaced when pressed by the mint die or doesn’t fully fit in the striking chamber. The result is a coin with its design being off-center. 

Extremely rare and difficult to find, the 1921 Morgan Dollar Off-Center coin values from $800 – $16,000 or more, depending on the grade and the percentage of off-center strike.

Other common errors to look for in 1921 Silver Dollars:

  • Missing “R” Error: Wiped off “R” from “TRUST” on the reverse.
  • Struck On End Error: Partial edge of the coin gets struck through something else that got between the planchet and die. 
  • Obverse Struck Through: No design details on the obverse (lady Liberty, letters, digits, etc., due to several reasons) with a clear, flawless reverse.
1921 Morgan Silver Dollar VAM Errors

4. 1921 Morgan Silver Dollar Coin Mintage & Rarity

The 1921 Morgan Silver Dollars were minted by three different facilities: the Philadelphia Mint, San Francisco Mint, and the Denver Mint.

The mintage of the 1921 D Silver Dollar and the 1921 S Silver Dollar was nearly half the mintage of no-mint Silver dollars, making them more valuable. Nonetheless, even with high mintage, regular 1921 Silver Dollars aren’t really considered rare.

A medium grade (MS50 – MS65) 1921-D Morgan Dollar will cost from $50 – $600, while a high grade (MS65+) coin can be worth as much as $18,600.

1921 Silver Dollar Coins Mintage
1921 Morgan Silver Dollar (No Mint)44,690,000
1921 S Morgan Silver Dollar21,695,000
1921 D Morgan Silver Dollar20,345,000

A Counterfeit 1921 Morgan Silver Dollar

Out of different 1921 Morgan Silver Dollar versions, the S-mint coins are most likely to be available as counterfeits. Here are a few features that will help you spot a fake 1921 Silver Dollar:

  • Glued or drilled fake stamped mint marks
  • Wrong mint year 
  • Magnetic coin (original Silver coins aren’t attracted to natural earth magnets)
  • Modified shape of Lady Liberty’s eye 

After a long hiatus of over fifteen years, when the 1921 Morgan Dollars made its way back into circulation, it attracted a lot of attention. That’s why collectors are still after the Silver Dollar. Like this, the 1881 Morgan Silver Dollar is another solid attraction for old coin freaks. Want to know more about this silver dollar’s values & errors? Hop on to my next blog now!

Judith Miller
Judith Miller

Judith is an antique expert with nearly 20 years of experience in the field of antique identification and valuation. She has reviewed over 30 thousand vintage items and has worked with numerous antique shops. She enjoys seeing new places, attending antique shows and events, and sharing her knowledge with people! Know more about me

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