1921 Silver Dollar Value Guide

The 1921 Silver Dollar Value

The 1921 high-relief silver peace dollar, which we’re calling the 1921 silver dollar for the purposes of this article, has only one circulation-strike version. Its value starts close to $150 at the lower grades, ramps up, and reaches over $100,000 at the highest grades.^1,2 

Its proof strike version starts over $20,000 and reaches $140,000, a significant increase from the circulation-strike version. This is due to the proof-strike version’s increased rarity.

An N/A for a value below indicates no publicly known examples of that version of the 1921 silver dollar with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1921 silver dollar’s melt value is approximately $17.^6,7 The melt value will fluctuate with the market.

Circulation Strike Value Chart

1921 High Relief Silver Dollar
Grade Names	Coin Values
Good – G	$148
Very Good – VG	$165
Fine – F	$212
Very Fine – VF	$262
Extra Fine – XF	$323
About Uncirculated – AU	$385-$562
Mint State – MS	$600-$103,000 (67)

Matte Finish Proof Strike (PR) Value Chart

1921 Matte Finish Proof High Relief Silver Dollar
Grade Names	Coin Values
Matte PR 60	N/A
Matte PR 61	N/A
Matte PR 62	N/A
Matte PR 63	N/A
Matte PR 64	N/A
Matte PR 65	$160,000
Matte PR 66	N/A
Matte PR 67	N/A
Matte PR 68	N/A
Matte PR 69	N/A
Matte PR 70	N/A

Satin Finish Proof Strike (PR) Value Chart

1921 Satin Finish Proof High Relief Silver Dollar
Grade Names	Coin Values
Satin PR 60	N/A
Satin PR 61	N/A
Satin PR 62	$27,000
Satin PR 63	$46,000
Satin PR 64	$79,000
Satin PR 65	$120,000
Satin PR 66	$140,000
Satin PR 67	N/A
Satin PR 68	N/A
Satin PR 69	N/A
Satin PR 70	N/A

What Makes A 1921 Silver Dollar Valuable?

1921 silver dollars, like many peace dollars, are valuable coins.

Many aspects contribute to their value, including grading, rarity, strike type, high-relief designation, error coins, and die varieties.

Let’s start with grading.

Grading

As always, circulation strike coin grades range from ungradable to mint-state 70 (MS 70).^8,9 The higher the grade, the more the coin is worth. 

Proof coins range from 60 to 70 and follow the same rule.^8,9 It is possible for proof coins to be graded below 60. This is rare, and they’re called impaired proofs in this case.¹⁰

Currently, a circulation-strike grade of 67 is worth over $100,000, while a proof-strike 66 grade is worth approximately $140,000.

Rarity

The Mint minted 1921 silver dollars approximately 1,006,473 times across all of its versions. Please see the following list for the breakdown for each version:

• 1921 High Relief: 1,006,473 minted in Philadelphia^1,2
• 1921 Matte Finish Proof High Relief: The true amount is unknown³
• 1921 Satin Finish Proof High Relief: The true amount is unknown³

The U.S. Mint minted just over 1,000,000 1921 silver dollars in Philadelphia. This makes them quite rare, especially at the higher grades. This adds to its overall value.

Proof versions of the coin are significantly more rare, exponentially increasing their value.

Mint Marks

The U.S. Mint only minted the 1921 silver dollar in Philadelphia, which had no mint mark. 

Strike Types

The 1921 silver dollar has two strike types: circulation and proof.^11-12 

The proof-strike versions (satin and matte finishes) are worth significantly more than the circulation-strike versions. 

However, even lower-grade circulation-strike versions are worth over $100 due to their rarity and appeal. This stems from a general desire for peace dollars, such as the 1921 silver dollar.

There is also increased demand for 1921 silver dollars (peace dollars) due to their level of detail.

Originally, the U.S. Mint made these silver dollars with a die adding this greater level of detail to the coins. These were high-relief coins. All 1921 silver dollars are this high-relief strike type.

This was shortly discontinued (thus contributing to its rarity) due to the dies breaking too much. This resulted in the Mint also making a small number of high-relief 1922 silver dollars, although the vast majority were low-relief, and it melted down most, if not all, of the circulation-strike high-relief 1922 silver dollars.  

The high-relief details add to the 1921 silver dollar’s (and 1922 silver dollar’s) overall value for these reasons.

Design Variations

The 1921 silver dollar has no design variations (such as the 2009 Lincoln penny’s four design variations).

Special Designations

The 1921 silver dollar has no special designations (such as a full-steps Jefferson nickel).

Error Coins

Error coins are typically worth more than non-error coins. An example of a known error that has added to the value of 1921 silver dollars is a broadstrike error (a coin struck without a collar, which normally limits its size).^13,14

Another example is lamination errors. However, these detract from the coin’s overall value instead of adding to it.¹⁴

Die Varieties

Peace dollar die varieties are some of the most popular die varieties in coin collecting.

Called VAMs (an acronym of the original researchers’ last names)¹⁵, the most popular (and most valuable) 1921 silver peace dollar varieties are the following:

• 1921 VAM-1A (die break on the reverse side)¹⁶
• 1921 VAM-1F (made with matte proof dies and has die polishing lines on both sides)¹⁷
• 1921 VAM-1H (made with satin proof dies and has die polishing lines on both sides)¹⁸
• 1921 VAM-3 (reverse side has a ray through parts of the first and second “l” in “Dollar”)¹⁹

See more in the “Die Varieties” section below to identify these coins.

Composition

The 1921 silver dollar is 90% silver. 

It will always be worth its weight in silver, although that value depends on the market. 

However, we don’t recommend melting a 1921 silver dollar (or any silver dollar) down. Selling the coin is more valuable than melting it.

How Do You Know If You Have A Valuable 1921 Silver Dollar?

The best way to know if you have a valuable 1921 silver dollar (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

Look for 1921 silver dollars that are 67 and above, as these are the rarest and most valuable for this type of coin.

Coins with a grade of 67 and above are struck very well and have minor imperfections or issues with the coin’s surface.^8,9

However, even the lower grades of a 1921 silver dollar fetch high values. So, you should still have a professional certify your coin no matter the condition.

Mint Marks

The 1921 silver dollar has no mint marks. The U.S. Mint only minted it in Philadelphia, which typically does not have one.

Strike Types

Proof strikes have greater overall detail than circulation strikes. 

They may also feature different finishes, such as satin or matte. Satin finishes sit between brilliant proofs (highly reflective surfaces) and circulation strikes.²⁰ Matte finishes feature a dull, granular look.²⁰

All 1921 silver dollars are high relief. While the best way to determine if your 1921 silver dollar is high relief (and therefore legitimate) is to consult a professional, you can compare this coin to the 1922 low-relief versions. You should see deeper detail in the 1921 version.²¹

Design Variations

The 1921 silver dollar has no design variations.

Special Designations

The 1921 silver dollar has no special designations.

Error Coins

A broadstrike error must feature the full design of the coin on both sides.¹³ A coin without the whole design present is typically an off-center strike error.²² 

Broadstrike errors result in a larger-than-normal coin. In other words, your coin would need to have all the normal features of that kind of coin and extra metal around the exterior.

Lamination errors look like marks or streaks in the metal.²³

Die Varieties

Ultimately, determining if your 1921 silver dollar is a die variety means working with a professional.

However, there are some things you can look for to help you determine if you have a die variety before working with a professional (although we still recommend working with one regardless).

Let’s start with the 1921 VAM-1A die variety.

1921 VAM-1A

One feature makes the 1921 VAM-1A the die variety that it is, and that feature appears on the coin’s reverse side.¹⁶ 

The feature is a vertical die break, appearing above the rays over the “la” in “Dollar.”

Just in case you don’t know, a die break means a part of the striking die breaks. Part of the coin’s metal fills this break while the die is striking it, resulting in a strip of raised metal on the coin’s surface.

1921 VAM-1F

Two factors make 1921 VAM-1F silver dollars what they are: matte proof dies and die polishing lines (AKA die polish lines).¹⁷

The Mint uses matte proof dies for some proof-strike coins, including one version of the 1921 silver dollar proof-strike coins. A dull, granular look distinguishes matte proof coins from other others.

The Mint used the same dies for these circulation-strike 1921 silver dollars.

Die polishing lines are very small raised lines on the coin’s surface. These occur when a Mint worker polishes a die used to strike those coins in order to remove dirt and other impurities that build up over time.

You can often see these lines protruding from one of the coin’s raised design elements (also called devices). 

In the 1921 VAM-1F silver dollar’s case, you can see these lines around the “We” in “In God We Trvst” on the obverse side (the front). You can also see them around the eagle’s feet on the reverse side.

Although you can see die polishing lines without magnification, it is much easier to see them with it.

It can also be difficult to tell the difference between die polishing lines and scratches, so we highly recommend securing a professional opinion for this type of die variety.

1921 VAM-1H

The 1921 VAM-1H die variety is similar to the VAM-1F variety.¹⁸ It also has die polishing lines, although in different spots, and the Mint made it using satin proof dies instead of matte proof dies.

Just like with matte proof dies, the Mint uses satin proof dies for some proof-strike coins, including one version of the 1921 silver dollar proof-strike coins.

They also used the satin proof dies for these circulation-strike 1921 silver dollars.

Satin proof coins have a finish between the highly reflective finish of brilliant proof coins and the less reflective finish of circulation-strike coins.

The 1921 VAM-1H silver dollar’s die polishing lines appear on the coin’s obverse and reverse.

On the obverse, these lines appear below the hair bun and jaw.

On the reverse, these lines appear around the eagle’s feet, above and below the “One” in “One Dollar,” and in additional locations.

1921 VAM-3

A1921 VAM-3 silver dollar features a ray passing through the first “l” in “Dollar” on the coin’s reverse side.¹⁹ The ray also passes through the lower left tip of the second “l” in the same word.

Additional Information About The 1921 Silver Dollar

History

The U.S. Mint minted Morgan dollars prior to the peace dollar. The U.S. Mint began minting these 1921 silver dollars in December of that year.

Due to the late start and issues with the high-relief dies breaking, they made only a little over a million of these coins.

The U.S. Mint created the peace dollar to celebrate the end of World War I.

The 1921 silver dollar’s design resulted from a competition. A commission invited several designers to submit their best creations. 

Anthony de Francisci based his Lady Liberty design on his wife, Teresa de Francisci, and he won.

However, the reverse side initially featured a bald eagle on a broken sword. The Mint removed the sword since many believed it showed something negative, like defeat.

Many think of the 1921 silver dollar design (and all subsequent peace dollars) as having one of the most aesthetically pleasing coin designs.

^{Sources: 11-12,24-25}

The Coin’s Obverse Side

The 1921 silver dollar coin’s obverse side features Lady Liberty, who fills much of this side. 

The word “Liberty” curves above her head in spaced-apart letters. “1921” curves below, while “In God We Trvst” (more on that spelling below) sits on either side of her neck. 

The designer’s initials, Anthony de Francisci (AF), appear merged below Lady Liberty’s neck.

^{Sources: 1-2}

The Coin’s Reverse Side

The reverse side of the 1921 silver dollar coin features a bald eagle clutching an olive branch, filling most of the space. 

The words “United States Of America” and “E Pluribus Unum” curve around the top of the coin, between the rim and the bald eagle’s head. “E Pluribus Unum” means “Out of many, one,” and is the motto of the United States Of America. 

The words “One Dollar” are split by the eagle’s tail feathers and legs. The word “Peace” appears at the bottom of the coin.

^{Sources: 1-2}

Why Does The Obverse Side Say “In God We Trvst?”

In short, this spelling comes from the Latin alphabet.²⁶ That alphabet had fewer letters than our current one. 

In that alphabet, the “v” letter served as a “u.” This is why you’ll see older buildings replacing the “u” with the “v.” 

In other words, it’s a choice based on style, which is the same reason behind this coin’s spelling of the word.

Sources

1921 Silver Dollar Value Guide Sources