1921 Morgan Silver Dollar Value Guide

The 1921 Morgan Silver Dollar Value

The 1921 Morgan silver dollar has consistent values across its circulation-strike versions between Good and About Uncirculated. 

Consistency even exists to some degree within the Mint-State grades. However, this consistency starts to fall away with the highest grades.

This is especially true for the 1921-D Morgan silver dollar, the rarest of all three circulation-strike versions.

The Chapman proof version is significantly more valuable as is the Zerbe specimen version.

An N/A for a value below indicates no publicly known examples of that version of the 1921 Morgan 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 Morgan silver dollar’s melt value is approximately $18. Please note the melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1921 Morgan Silver Dollar	1921-D Morgan Silver Dollar	1921-S Morgan Silver Dollar
Good – G	$31	$32	$32
Very Good – VG	$32	$33	$33
Fine – F	$33	$33	$34
Very Fine – VF	$34	$35	$38
Extra Fine – XF	$40	$41	$46
About Uncirculated – AU	$43-$55	$48-$60	$52-$76
Mint State – MS	$61-$12,000 (67)	$67-$42,000 (67+)	$80-$28,000 (67)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1921 Prooflike Morgan Silver Dollar	1921-D Prooflike Morgan Silver Dollar	1921-S Prooflike Morgan Silver Dollar
MS 60 PL	$165	$482	N/A
MS 61 PL	$222	$750	$2,800
MS 62 PL	$317	$1,100	$4,000
MS 63 PL	$505	$1,400	$7,200
MS 64 PL	$850	$3,900	$12,000
MS 65 PL	$2,000	$6,200	$22,000
MS 66 PL	$7,000	N/A	N/A
MS 67 PL	N/A	N/A	N/A
MS 68 PL	N/A	N/A	N/A
MS 69 PL	N/A	N/A	N/A
MS 70 PL	N/A	N/A	N/A

Circulation Strike Deep (Mirror) Prooflike (DPL/DMPL) Value Chart

	Coin Names And Coin Values
Grade Names	1921 Deep (Mirror) Prooflike Morgan Silver Dollar	1921-D Deep (Mirror) Prooflike Morgan Silver Dollar	1921-S Deep (Mirror) Prooflike Morgan Silver Dollar
MS 60 DPL/DMPL	$725	N/A	N/A
MS 61 DPL/DMPL	$1,300	N/A	N/A
MS 62 DPL/DMPL	$2,100	N/A	N/A
MS 63 DPL/DMPL	$5,000	$5,700	N/A
MS 64 DPL/DMPL	$16,000	$10,000	$19,000
MS 65 DPL/DMPL	$28,000	$17,000	N/A
MS 66 DPL/DMPL	N/A	N/A	N/A
MS 67 DPL/DMPL	N/A	N/A	N/A
MS 68 DPL/DMPL	N/A	N/A	N/A
MS 69 DPL/DMPL	N/A	N/A	N/A
MS 70 DPL/DMPL	N/A	N/A	N/A

Specimen Strike (SP) Value Chart

	Coin Names And Coin Values
Grade Names	1921 Specimen Morgan Zerbe Silver Dollar	1921-S Specimen Morgan Zerbe Silver Dollar
SP 60	N/A	N/A
SP 61	$5,000	N/A
SP 62	$7,800	N/A
SP 63	$12,000	N/A
SP 64	$13,000	$100,000
SP 65	$15,000	$125,000
SP 66	$37,000	N/A
SP 67	N/A	N/A
SP 68	N/A	N/A
SP 69	N/A	N/A
SP 70	N/A	N/A

Proof Strike (PR) Value Chart

1921 Proof Morgan Chapman Silver Dollar
Grade Names	Coin Values
PR 60	N/A
PR 61	N/A
PR 62	$30,000
PR 63	$43,000
PR 64	$62,000
PR 65	$94,000
PR 66	$142,000
PR 67	$260,000
PR 68	N/A
PR 69	N/A
PR 70	N/A

Cameo (CA/CAM) Proof Strike (PR) Value Chart

1921 Cameo Proof Morgan Chapman Silver Dollar
Grade Names	Coin Values
PR 60 CA/CAM	N/A
PR 61 CA/CAM	N/A
PR 62 CA/CAM	N/A
PR 63 CA/CAM	N/A
PR 64 CA/CAM	$82,000
PR 65 CA/CAM	N/A
PR 66 CA/CAM	N/A
PR 67 CA/CAM	N/A
PR 68 CA/CAM	N/A
PR 69 CA/CAM	N/A
PR 70 CA/CAM	N/A

What Makes A 1921 Morgan Silver Dollar Valuable?

While not as sought after by collectors, 1921 Morgan silver dollars are still valuable. Of the contributing factors to a 1921 Morgan silver dollar’s value, grading, rarity, strike type, and its special designations contribute the most. Die varieties and error coins also contribute to the coin’s value.

Let’s start with grading.

Grading

Grading will always add to or take away from a coin’s value. 

However, even the lowest grades of the circulation-strike 1921 Morgan silver dollars are worth over $30. 

The highest reach values in the tens of thousands.

The Chapman proof coins start there and advance up to over $250,000.

The Zerbe proof coins start in the low thousands and reach over $35,000.

Rarity

The Mint minted 1921 Morgan silver dollars approximately 86,730,050 times across all of its versions. Please see the following list for the breakdown for each version:

• 1921: 44,690,000 minted in Philadelphia^1,6
• 1921-D: 20,345,000 minted in Denver^2,9
• 1921-S: 21,695,000 minted in San Francisco^3,12
• 1921 Specimen Zerbe: Approximately between 20 and 200, although the true amount is unknown^5,17
• 1921-S Specimen Zerbe: Approximately 20 or more, although the true amount is unknown^18,19
• 1921 Proof Chapman: Approximately 10 to 30, although the true amount is unknown^4,20

The 1921 Morgan dollar’s minting amount makes them the least rare out of all Morgan dollars. This, along with their poorer strike quality compared with the other Morgan dollars, detracts from their value among collectors.^1,6

Please note we are using the low-end estimates for the 1921 specimen Zerbe, 1921-S specimen Zerbe, and 1921 proof Chapman Morgan silver dollars for the purposes of the minting total.

Mint Marks

The U.S. Mint minted the 1921 Morgan silver dollar in Philadelphia, Denver, and San Francisco.^1-3,6,9,12 

It minted the fewest 1921 Morgan silver dollars in Denver (the one with the “D” mint mark). As a result, the Denver coins are worth significantly more than the San Francisco (the one with the “S” mint mark) and Philadelphia versions, but only at the highest grades.

Strike Types

Three strike types exist for the 1921 Morgan silver dollar: the circulation-strike coins, the Chapman proof-strike coins, and the Zerbe specimen-strike coins.^23,24

The Chapman proof-strike coins far exceed the other two in terms of value. 

The Zerbe specimen coins come in second, with the exception of the highest grades for the “D” and “S” versions of the circulation-strike coin.

The Chapman proof coins, named for coin dealer Henry Chapman, somehow got into his hands from the Mint. Many suspect George T. Morgan had them made and then sold them to Chapman.^4,15 

The Mint approximately made between 10 and 30, although the true amount is unknown.

The Mint made the specimen Zerbe coins for influential numismatist Farran Zerbe. They did so because he wanted to promote the 1921 Morgan dollar, but the Mint was late with the release. They made the Zerbe coins as a favor.^5,17

The Mint made approximately between 20 and 200 of the Philadelphia version and approximately 20 or more of the San Francisco version, although the true amount is unknown.

Design Variations

The 1921 Morgan silver dollar has no design variations.

Special Designations

The 1921 Morgan silver dollar has two special designations: prooflike and deep (mirror) prooflike.^1-3,6-14

Prooflike coins are circulation-strike coins with a similar quality to proof coins, while deep (mirror) prooflike coins have even more similarities.

Both prooflike and deep (mirror) prooflike 1921 Morgan silver dollars are more valuable than the other circulation-strike versions.

Error Coins 

Error coins typically increase the value of a coin. 

Strike errors are typical for the 1921 Morgan silver dollar, including off-center strikes, double strikes, and broadstrikes.^25,26

Off-center strikes feature an incomplete coin design to the side in some way. Typically, the distance off-center is referred to as a percentage. Examples include 25% off-center, 20% off-center, and more.

Double-strike coins feature a correct first strike and a second strike, typically off-center, even to a minor degree. 

Broadstrike coins happen when they’re struck without a collar. This increases the coin’s size, sometimes quite noticeably. 

These errors significantly increase the value of a 1921 Morgan silver dollar.

Die Varieties

Many popular (and valuable) 1921 Morgan dollar die varieties exist. We’ve provided you with a few below:

• 1921 VAM-3F (die gouge on the reverse side through the bottom of the eagle’s right wing)²⁷
• 1921-D VAM-1B (die break on the reverse side (the front) just above the “R” in “America,” called “Capped R”)²⁸
• 1921-S VAM-1B (die gouge between leaf and back of cap on the obverse side, with potential additional die gouges, called “Thornhead” series)²⁹

Composition

The 1921 Morgan silver dollar is made from 90% silver. As a result, it will always be worth its silver weight. This does depend on a fluctuating precious metals market, though.

Additionally, we recommend not melting a 1921 silver dollar down. These coins are worth more intact than they are melted down, even at the lower grades.

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

The best way to know if you have a valuable 1921 Morgan 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 Morgan dollars with a grade of 67 and above, as these are the rarest circulation-strike coins. 

Coins with a grade of 67 are well-struck with minor issues you can see without magnifying them.

Mint Marks

Philadelphia-minted (AKA 1921) Morgan silver dollars have no mint mark on the coin’s reverse side.

Look for a small “D” between the laurels and the “Do” of “Dollar” on the reverse side of the coin to determine if you have a Denver-minted (AKA 1921-D) Morgan silver dollar.

Look for a small “S” between the laurels and the “Do” of “Dollar” on the reverse side of the coin to determine if you have a San-Francisco-minted (AKA 1921-S) Morgan silver dollar.

Strike Types

Chapman proof coins have a mirror-like finish with an extremely high level of quality. In other words, they are like other proof coins.^4,15

The Zerbe specimen-strike coins fall between a proof and a circulation coin. They don’t have the mirror finish of proof coins, and it is believed the Mint struck them on circulation-strike planchets with polished dies.^5,17

Design Variations

The 1921 Morgan silver dollar has no design variations.

Special Designations

Determining prooflike and deep (mirror) prooflike coins from proof coins can be challenging. Most important to remember is that the Mint manufactures prooflike and deep (mirror) prooflike coins like any other circulation-strike coin, not with the extra care and steps for proof coins. 

As a result, prooflike and deep (mirror) prooflike coins show some level of reflective finish, similar to proof coins, but they won’t have other characteristics.

Error Coins

Error coins always look unusual in some way as compared to non-error coins. 

For off-center strikes, look for an incomplete coin design struck to one side on either the obverse or reverse side of the coin.

When it comes to double-strike coins, look for duplicate features on the coin. For example, a double-strike 1921 Morgan silver dollar may feature duplicate letters or stars on the obverse.

Broadstrike coins feature a full design with extra material around it. In other words, the coin’s design is complete, but the coin is larger than normal.

Die Varieties

Determining if you have a die variety comes down to consulting with a professional. 

However, here are some details for each of the aforementioned top VAMs to get you started.

1921 VAM-3F

Look for a long die gouge on the eagle’s wing on the reverse side of this coin.²⁷ It will be on the lower right wing.

1921-D VAM-1B (“Capped R”)

One feature distinguishes the 1921-D VAM-1B Morgan silver dollar die variety from others.²⁸ That feature is a die break just above the “R” in “America” on the coin’s reverse side.

Later die state coins (those minted later with that die) show a more distinctive die break, looking like the “R” is wearing and tipping a cap.

1921-S VAM-1B (“Thornhead” Series)

The 1921-S VAM-1B has many versions.²⁹ What’s most important is determining if you have a VAM-1B of the 1921-S Morgan silver dollar. This boils down to one defining feature.

On the obverse side of the coin, look for a die gouge going from the leaf to the back of the cap on Lady Liberty. This gouge is your best indicator that you have this variety. 

You’ll find more die gouges depending on what version of this variety you have.

Additional Information About The 1921 Morgan Silver Dollar

History

The U.S. Mint stopped striking Morgan silver dollars in 1904 because the silver supply was decreasing. They struck no more between 1905 and 1920.

In fact, many believed they would not strike Morgan dollars again, leading the Mint to destroy the old equipment.

This changed with the Pittman Act in 1918. This act required the U.S. to melt down Morgan dollars to aid the United Kingdom and their need for silver during World War I. 

However, the act also required the Mint to replace all melted coins. 

This meant minting new Morgan dollars, which required recreating the old equipment. 

However, the Mint replaced the 1921 Morgan silver dollar with the 1921 peace silver dollar in December. They minted this coin to honor the end of World War I.

^{Sources: 1,6,23-24,30}

The Coin’s Obverse Side

Lady Liberty’s profile fills most of the 1921 Morgan silver dollar’s obverse side. “E Pluribus Unum” curves between her head and the rim at the top of the coin, with dots between “E” and “Pluribus” and “Pluribus” and “Unum.” This is the motto of the United States, and it means “Out of many, one.” “1921” sits at the bottom of the coin. Stars fill the gaps between “E Pluribus Unum” and “1921.”

^{Sources: 1,4}

The Coin’s Reverse Side

The reverse side of the 1921 Morgan silver dollar showcases a bald eagle clasping arrows and an olive branch. “In God We Trust” rests above the eagle’s head. Laurels curve around the eagle. “United States Of America” and “One Dollar” curve around the coin’s rim, separated by stars.

The 1921-D Morgan silver dollar, minted in Denver, has a small “D” mint mark between the laurels and “One Dollar.” The 1921-S Morgan silver dollar, minted in San Francisco, has a small “S” mint mark in the same location.

^{Sources: 1-3,6,9,12}

Is The Mint Minting Morgan Dollars Now?

The Mint started minting Morgan dollars (and peace dollars) again in 2021 to celebrate the 100th anniversary of shifting from the former to the latter.³⁰ 

Production stalled in 2022 due to logistics issues but resumed again in 2023.

The Mint minted less than 1 million in 2021 and again in 2023. Both mintings sold out immediately.

Sources

1921 Morgan Silver Dollar Value Guide Sources