The Year of Two Different Dollars

1921 was a unique year for the US Silver Dollar program. The Mint saw the return of the Morgan Silver Dollar, as well as the start of production for the Peace Silver Dollar. During this time in history, it was very uncommon for the Mint to produce two different types of designs for the same denomination coin in one year.

For the majority of the year, the Mint produced the Morgan Silver Dollar, while the design for the Peace Dollar was being finalized. After Anthony de Francisci’s design for the Peace Dollar had been approved, the Mint went to work, quickly implementing the design for production.

In the last months of 1921, the Morgan Silver Dollar was finally retired, and Francisci’s Peace Dollar was finally put into production. This change marked the end of the Morgan Dollar as the official US Silver Dollar design, which was used from 1878 till 1904, and again in 1921.

Similar to the Morgan Dollar, the Peace Dollar would continue to be minted until 1928, when it was discontinued due to a lack of silver. It would later be reintroduced in 1934 and 1935 before being officially discontinued.

About the 1921 Morgan Silver Dollar

After being on a hiatus for 16 years, George T. Morgan’s silver dollar had finally begun minting again in 1921. The reason for the 16-year gap between minting was due to the lack of silver blanks necessary to create the Morgan Dollar. The re-minting of the Morgan Dollar was short-lived and only lasted for about three-fourths of a year before being officially discontinued.

During this short minting run, the Morgan Dollar was minted in great numbers, with approximately 44,690,000 examples struck. This makes 1921 the year that the most Morgan Dollars were minted, far surpassing the next closest mintage of 21 million in 1889.

Like all other Morgan Dollars minted, the 1921 features a composition of 90% silver and 10% copper. The coin weighs 26.73 grams and has a diameter of 38.1mm or 1.5 inches. Reeding, or small bumps on the edge of the coin, is present and denticles can be found on both the obverse and reverse.

About the 1921 Peace Silver Dollar

Because of the Peace Dollar’s minting at the end of 1921, not many examples were produced. Only 1,006,000 coins were produced and distributed to the public. This low mintage makes the 1921 Peace Dollar much rarer than the 1921 Morgan Dollar.

Despite the low mintage, the 1921 Peace Dollar was greeted with positive reviews by the public. This increasing consumer demand and wide acceptance by the public led the mint to begin producing large quantities in the following years.

The Peace Dollar shares the same 90% silver, 10% copper composition as the Morgan Dollar. Even the weight and diameter were kept the same so the mint could use the same silver blanks that were used to produce the Morgan Silver Dollar. Reeding is present on the edges, but no denticles can be found on the obverse or reverse.

Value of the 1921 Silver Dollars

Although produced in the same year, the 1921 Morgan and Peace Dollars have very different values. This difference in price mainly comes from the difference in mintage numbers for the two coins.

Since a huge number of Morgan Dollars were minted in 1921, the prices tend to be much lower than other dates in the series. An average grade 1921 Morgan Silver Dollar tends to have a slight premium above the coin's silver content, valued at about $22. This value changes if the coin is in Uncirculated condition, increasing to around $35. If graded at MS-63, the 1921 Morgan Dollar is estimated to be worth $55.

The 1921 Peace Dollar is almost the exact opposite of the 1921 Morgan Dollar when it comes to mintage numbers and value. Because of its very low mintage, the 1921 Peace Dollar is much rarer and in turn much more valuable than the 1921 Morgan Dollar.

Even 1921 Peace Dollars that are in Good condition are valued at $70 and those in Extremely Fine condition are worth $105. Uncirculated examples sell for about $230 and MS-63 graded examples are valued at $440.

When it comes to coins and the prices that collectors place on them, prices are normally related to how rare the coin is compared to other dates in the series. This can clearly be seen with the 1921 Morgan and Peace Dollars, where the more common Morgan Dollar is priced much lower than the much rarer Peace Dollar.