The 1921 Silver Dollar, especially the Morgan and Peace series, holds a special spot in coin-collecting history. These coins are prized not just for their historical importance but also for their rarity. Let’s explore why the 1921 Silver Dollar is considered exceptionally rare and valuable.
Key Reasons Why the 1921 Silver Dollar is Rare
1. Transitional Coinage: The End of the Morgan Dollar Era
The 1921 Silver Dollar marks a significant shift in U.S. coinage. It represents the end of the Morgan Dollar series and the start of the Peace Dollar series. This transition makes the 1921 Morgan Dollar a collector’s gem, symbolizing a key moment in American coin history.
2. Limited Mintage of High-Relief Peace Dollars
The Peace Dollar series kicked off in 1921 with a high-relief design that was challenging to produce. Only a small number of these high-relief Peace Dollars were made before
the design was altered in 1922 to a lower relief. This limited production makes the 1921 high-relief Peace Dollars highly sought after by collectors.
3. Mint Mark Variations and Their Scarcity
The 1921 Morgan Silver Dollar was minted in three locations: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The San Francisco Mint produced the fewest
1921 Morgan Dollars, making these coins particularly rare. Especially rare are the 1921-S Morgan Dollars in higher grades, significantly boosting their value.
4. The Impact of the Pittman Act
The Pittman Act of 1918 required the melting of millions of silver dollars to aid the Allied war effort during World War I. This act drastically reduced the number of Morgan Dollars available to collectors today.
The silver used in the 1921 coins came from the bullion of these melted coins, adding historical value to the 1921 Silver Dollars.
5. High-Grade Specimens and Auction Records
High-grade 1921 Silver Dollars, particularly those graded MS-65 or higher, are exceedingly rare. Auction records reflect their rarity, with some coins fetching huge sums.
For example, a 1921 Morgan Dollar graded MS-68 sold for $660,000 at auction in 2021. These coins are not only rare but also a significant investment due to their historical and monetary value.
1921 Silver Dollar Values by Mint and Grade
| Coin Type | Mint Mark | MS-60 | MS-63 | MS-65 | MS-67 |
|---|---|---|---|---|---|
| 1921 Morgan Dollar | No Mint | $40 | $58 | $150 | $13,500 |
| 1921 Morgan Dollar | D | $47 | $74 | $355 | $16,000 |
| 1921 Morgan Dollar | S | $47 | $80 | $750 | $25,000 |
| 1921 Peace Dollar | No Mint | $285 | $490 | $1,800 | $84,500 |
1. Why are 1921 Silver Dollars so valuable?
The 1921 Silver Dollars are valuable due to their rarity, historical significance, and the limited number of high-grade specimens available.
2. What is the difference between the Morgan and Peace Dollar series?
The Morgan Dollar was minted from 1878 to 1904 and then briefly in 1921, while the Peace Dollar series began in 1921, marking a design transition in U.S. coinage.
3. How does the Pittman Act affect the value of 1921 Silver Dollars?
The Pittman Act led to the melting down of many silver dollars, reducing their overall number and increasing the rarity and value of the remaining coins.
4. What does “high-relief” mean in terms of Peace Dollars?
“High-relief” refers to the design on the coin being raised more prominently from the surface, which made it harder to produce and thus rarer.
5. Why are certain mint marks more valuable?
Coins minted at certain locations, like San Francisco, are rarer because fewer were produced, making them more valuable, especially in high grades.
