1921 Morgan Silver Dollar Value

Philadelphia made 44,690,000, more than the other two mints together. Their coins have no mint mark. A coin graded MS-64 sold for just $65 in 2025. One graded MS-67 brought $5,246 in 2026.

Denver made 20,345,000, and 1921 is the only year Morgan dollars were struck there. A worn 1921-D is not scarce, but a top coin is. One graded MS-67 sold for $18,000 in 2024.

San Francisco made 21,695,000, marked with an S. One graded MS-66 sold for $2,340 in 2025, and an MS-66+ brought $12,000 in 2023.

A real mint error can turn a common 1921 dollar into a valuable one. An ordinary coin graded MS-64 sold for $65. One struck well off center, graded MS-65, brought $10,800 in 2021, and a coin struck twice inside the collar, the second strike turned a little, sold for $2,115 in 2013.

Small flaws bring much less. A coin with debris struck into the back sold for $111.63 in 2012. If your dollar looks odd, have a grading service confirm the error before you sell it.

A few 1921 Morgans were struck as proofs for collectors. Collectors call them Chapman proofs and Zerbe proofs. A Chapman proof graded Proof-64 sold for $100,625 in 2011, and one graded Proof-65 brought $69,000 in 2018.

Zerbe proofs bring less. One graded Proof-65 sold for $9,987.50 in 2016. A 1921-S Zerbe special strike graded Specimen-65 brought $96,000 in 2022. These coins are for specialists, and a grading service has to confirm one.

Some regular coins have fields that shine like a mirror. Collectors call them deep mirror prooflike, or DMPL. One graded MS-64 DMPL sold for $10,200 in 2025, far more than a plain MS-64.

Morgan dollars were made from 1878 to 1904. Then the Mint stopped. Under the Pittman Act of 1918, the government melted 270,232,722 silver dollars. Morgan dollars came back for one more year, in 1921, and the Mint struck them in huge numbers.

The three mints made 86,730,000 of them that year. That's over 13% of all Morgan dollars ever made. Philadelphia alone struck 44,690,000. Later in 1921 the Peace dollar took over, and the Morgan design was retired.

So the date is not rare. All three 1921 coins are common, and the Philadelphia coin is the most common Morgan dollar by far.

For most 1921 Morgans, nearly all of it. The coin is 90% silver and the rest is copper. It holds 0.7734 troy ounces of pure silver, which is a little over three quarters of an ounce.

Low-grade coins are priced just above the going rate for silver. When silver goes up, your coin goes up with it. When silver drops, so does the coin. The tables above show real sales for each mint.

This is good news in one way. A 1921 Morgan is never worth only a dollar. Even a worn, scratched one is worth its silver. See how it compares with other dates on our Morgan dollar page.

Condition does almost all the work. Prices rise sharply for coins in the high Mint State grades. Those are coins that never went into circulation and have very few marks.

Two Philadelphia coins show it. One graded MS-64 sold for $65 in 2025, and one graded MS-67 brought $5,246 in 2026. Neither had an error or a rare mint mark. The higher one was simply closer to perfect, and very few 1921 Morgans are.

Here is what to look at on your own coin.

• Wear. Look at Liberty's hair and cheek, and at the eagle's chest. If the high spots are smooth and flat, the coin circulated. Most did.
• Shine. A coin that was never spent has a frosty glow that moves when you tilt it under a lamp. A dull gray coin has lost it.
• Marks. Silver dollars were shipped in heavy bags and knocked into each other. The fewer nicks on the face and in the open fields, the better.
• Cleaning. A coin that was polished or rubbed looks bright but flat, with fine lines across it. Buyers pay less for it.

One thing can fool you. A new master die was made for 1921, and its design has slightly less relief than the earlier coins. A 1921 Morgan can look a bit flat even when it has no wear. Judge it by the shine, not only by the detail.

If your coin has full shine and almost no marks, don't clean it and hold it by the edge. A grading service can tell you what grade it is. Our coin value guide explains the grade names in plain words.

Turn the coin over and find the word DOLLAR at the bottom. The mint mark is a small letter above the space between the D and the O. A D means Denver. An S means San Francisco. No letter means Philadelphia.

Two different silver dollars carry the 1921 date. The Morgan came first, and the Peace dollar replaced it later that year. They have different values, so check which one you have.

On a Morgan, the eagle on the back has its wings spread wide, with a wreath under it. On a Peace dollar, the eagle sits on a rock with its wings folded, and the word PEACE is below it. If yours says PEACE, go to our Peace dollar page.

If you're not sure, photograph both sides and the Coin Value Checker app will name the coin and show an estimated value range. You can also look it up by name.