The 1921 Morgan Silver Dollar occupies a unique place in the pantheon of American coinage. Known for its intricate design and historical significance, it was the last year the Morgan Dollar was minted before the Peace Dollar took its place. With a composition of 90% silver and 10% copper, these coins hold not just monetary value but also a slice of the past, as they were part of the United States’ effort to stabilize its silver market and breathe new life into its economy following World War I.
At the heart of a 1921 Morgan Silver Dollar’s desirability is its condition. Coin collectors and investors alike seek out the best-preserved pieces, understanding that a coin’s condition can highly influence its market value. With minting occurring at three separate US Mint locations, each coin could potentially carry the unique characteristics of the Denver, San Francisco, or Philadelphia mints, with certain mint marks representing different levels of scarcity and value.
Table of Contents
1921 Morgan Silver Dollar Facts
- The 1921 Morgan Silver Dollar marks the final mintage of an iconic American coin.
- Coin condition significantly affects the value of each Morgan Silver Dollar.
- Mint locations and corresponding marks are important for collectors seeking these coins.
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Historical Context
In this section, we explore how legislation, various mints, and George T. Morgan shaped the 1921 Morgan Silver Dollar’s role in American numismatic history.
Legislation Influence
The 1921 Morgan Silver Dollar was significantly impacted by a series of legislative acts. The Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890 initially required the United States Mint to purchase large amounts of silver to be minted into dollars. However, this demand for silver dollars decreased, and production ceased in 1904. Our attention then shifts to the Pittman Act of 1918, which mandated the melting of over 270 million silver dollars and authorized the subsequent minting of new silver dollars, including the 1921 Morgan Dollars.
Mints and Mintmark Varieties
In 1921, the United States Mint struck the Morgan Silver Dollar at three different locations: Philadelphia (no mintmark), Denver (D), and San Francisco (S). Each mint produced distinct varieties identified by their mintmarks, found on the reverse side of the coin under the wreath.
| Mint | Mintmark | Mintage |
|---|---|---|
| Philadelphia | None | No mintmark, but significant production |
| Denver | D | Indicated by the “D” mintmark |
| San Francisco | S | Indicated by the “S” mintmark |
Designer: George T. Morgan
George T. Morgan, for whom the Morgan Silver Dollar is named, was a British-born engraver who became the United States Mint’s seventh Chief Engraver. Morgan’s design of the coin features a profile portrait of Lady Liberty on the obverse and an eagle clutching arrows and an olive branch on the reverse. The coin’s design aesthetics in 1921 saw a departure from earlier versions, with many features becoming less well-defined. The 1921 Morgan is the final year of the series and holds a special significance as it represents the end of an era in American coinage.
Design and Features
The 1921 Morgan Silver Dollar features intricate designs by George T. Morgan. We will focus on the coin’s design aspects and physical composition here.
Obverse Design
Liberty: The obverse, or “heads” side, showcases a portrait of “Liberty,” personified by a female figure wearing a Phrygian cap to symbolize freedom. George T. Morgan was the artist behind this iconic depiction.
Details:
- Artist: George T. Morgan
- Symbolism: Liberty with Phrygian cap
- Diameter: Approximately 38.1 mm
Reverse Design
Eagle: On the reverse or “tails” side, we find an American eagle clasping an olive branch. Contrary to the snippet errors, the eagle depicted is not two-headed but a single American Bald Eagle, surrounded by a wreath.
Details:
- Symbolism: American Bald Eagle with olive branch
- Stars: Thirteen stars represent the original colonies
Metal Composition
The 1921 Morgan Silver Dollar is composed primarily of silver with a mix of other metals to enhance durability. The specific metal composition is 90% silver and 10% copper, a standard for silver coins of the era.
Composition:
- Silver: 90%
- Copper: 10%
- Total Weight: 26.73 grams
Our exploration of the 1921 Morgan Silver Dollar design and features highlights the artistic work by George T. Morgan and the coin’s symbolic detailing representing American values of freedom and unity.
Minting and Distribution
In 1921, we saw a significant event unfold with the reissue of the Morgan Silver Dollar, initially introduced in 1878, and marking the end of this coin’s minting. Our focus here will be on the specific details of the coin’s mintage numbers and the branch mint production.
Mintage Numbers
The Morgan Silver Dollar was produced in considerable quantities in 1921. Here are the mintage figures from each mint:
- Philadelphia: No mintmark
- San Francisco: Mintmark ‘S’
- Denver: Mintmark ‘D’
| Mint Location | Mintmark | Mintage Numbers |
|---|---|---|
| Philadelphia | (None) | 44,690,000 |
| San Francisco | S | 21,695,000 |
| Denver | D | 20,345,000 |
Branch Mint Production
We recognize that the production of the 1921 Morgan Silver Dollar took place across three mints: Philadelphia, San Francisco, and Denver. Each branch mint contributed to the total mintage, with Philadelphia traditionally not using a mintmark. The San Francisco mint marked its coins with an ‘S’ while Denver used a ‘D.’ Coins from these mints can be identified by these mintmarks, which are typically found on the reverse side of the coin, beneath the wreath.
The 1921 Morgan Silver Dollars from the San Francisco and Denver mints are particularly notable for collectors, especially those in higher Mint State grades, which denote coins in near-original condition. Coins without mintmarks are from the Philadelphia mint, which produced the highest volume of these silver dollars in 1921.
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Coin Grading and Condition
In our discussion of the 1921 Morgan Silver Dollar, we recognize that assessing a coin’s grade and condition is crucial in determining its value. Our focus will be on understanding these grades and the diverse factors constituting a coin’s condition.
Understanding Coin Grades
When we examine coin grades, we primarily categorize them between Circulated and Uncirculated conditions. Circulated Grades range from Good (G-4), where the coin shows considerable wear and only the main features are visible, to About Uncirculated (AU-50 to AU-58), where the coin shows only traces of light wear at the highest points. The specific grades within this range are:
- Good (G-4): Significant wear with design and legend visible yet faint in areas.
- Fine (F-12): Moderate to considerable even wear. Entire design is bold with overall pleasing appearance.
- Extremely Fine (XF or EF-40): Light wear on the coin’s high points; all design details are sharp.
Uncirculated coins fall into grades from MS-60 to MS-70. A coin in an uncirculated condition has no trace of wear but may exhibit contact marks. Brilliant Uncirculated (BU), often attributed to coins in the MS-60 to MS-63 range, means they feature full mint luster but may have noticeable imperfections.
Condition Factors
When we assess the condition of a 1921 Morgan Silver Dollar, several factors play a role:
- Luster: The original sheen or glow from the mint, which diminishes with handling and wear.
- Strike: The sharpness and clarity of the coin’s design, which can affect grading, especially for uncirculated coins.
- Contact marks: These are blemishes on the coin’s surface from handling or contact with other coins.
- Eye appeal: This subjective assessment pertains to the overall appearance and attractiveness of the coin.
By considering these aspects, we can determine the grade and hence the potential value of a 1921 Morgan Silver Dollar. It’s also important to remember that grading is ultimately subjective, and different experts may slightly vary in their assessments.
Collecting and Numismatic Value
Collecting the 1921 Morgan Silver Dollar has been a passion for numismatists for years due to its historical significance and numismatic value. We focus primarily on the market demand and key dates that influence a collector’s pursuit of this coin.
Market Demand
The 1921 Morgan Silver Dollar is abundantly available because of its high mintage, but specific variants and conditions can attract substantial collector interest. For us, analyzing market trends is essential:
- Mint State (MS) Coins: High-grade examples (MS65 and above) command premium prices.
- Condition: Coins with minimal wear and strong luster are more coveted.
- Silver Value: As prices of silver fluctuate, so does the baseline value of these coins.
Factors like historical context and precious metal content drive market demand for the 1921 Morgan Silver Dollar. Despite being widely circulated, coins in exceptional condition retain high numismatic value.
Key Dates for Collectors
Identifying key dates and varieties is crucial for us as collectors and can significantly affect the numismatic value:
- The 1921-D Morgan Silver Dollar: Coins from the Denver mint (indicated by the ‘D’ mintmark) add variety to a collection.
- High-grade 1921 Morgans: Given the commonality of the 1921 Morgan Silver Dollar, higher-graded coins are points of focus for investment and collection.
By referring to resources like the “Red Book,” we can stay informed on the most current valuations and mintages for these coins. Understanding these aspects is vital for our collecting and investment strategies.
Economic Factors Influencing Value
When we examine the 1921 Morgan Silver Dollar, we must consider various economic factors that directly affect its value. Among these, bullion prices and the coin’s intrinsic melt value are pivotal.
Impact of Bullion Prices
The value of any silver coin, including the 1921 Morgan Silver Dollar, is inherently tied to the prevailing silver bullion value. Fluctuations in the market price of silver affect the baseline value of silver coins. For instance, when silver prices rise, so does the value of the silver dollar due to its silver content. Conversely, a drop in silver prices would typically lead to a decrease in the coin’s bullion-related value.
It’s important to note that the bullion market is influenced by various macroeconomic factors such as supply and demand, global economic health, and investment trends. As investors often consider silver and gold as safe-haven assets during economic downturns, increased demand during such periods can push bullion prices higher, subsequently affecting the value of silver coins.
Silver Content and Melt Value
The 1921 Morgan Silver Dollar consists of 90% silver and 10% copper, with a total weight of 26.73 grams. It’s essential for collectors to understand the melt value—the worth of the coin based solely on its metal content. Here’s a breakdown of the coin’s silver content:
| Composition | Silver Weight | Copper Weight | Total Weight |
|---|---|---|---|
| 90% Silver, 10% Copper | 24.057 grams | 2.673 grams | 26.73 grams |
To calculate the melt value, we multiply the silver weight by the current silver bullion value per gram. If silver is trading at $0.70 per gram, the melt value of the 1921 Morgan Silver Dollar would be approximately 24.057 grams multiplied by $0.70, equalling around $16.84. It’s crucial to keep in mind that the market value of collectible coins often exceeds their melt value due to their numismatic worth.
Silver’s volatility means the melt value of the 1921 Morgan Silver Dollar can shift. Nevertheless, the melt value provides a base from which the coin’s numismatic premium is added, ultimately determining its overall worth to collectors and investors.
Investment and Trading
When venturing into the realm of Morgan Silver Dollars, understanding the intricacies of trading and investment is crucial. We focus on helping you navigate the buying and selling process, as well as providing clear insight into coin values and price charting for these historic dollars.
Buying and Selling Morgan Dollars
When we look to buy or sell Morgan Dollars, we consider factors like the coin’s condition, mint mark, and rarity which could influence its market value. For instance, coins in mint or prooflike condition often command higher prices. It’s essential for us to verify the authenticity of Morgan Dollars before any transaction. Trusted platforms or coin dealers with a history of positive transactions can offer both security and fair pricing.
- Where to buy/sell: Coin shows, auctions, online marketplaces, specialized coin dealers
- Authentication: Certification by professional coin grading services
Coin Values and Price Charting
In pricing Morgan Silver Dollars, we keep a close eye on current market conditions, as metals fluctuate in value. We commonly refer to a value chart updated with precious metals pricing; for example, with silver at $22.90, the base value of a Morgan Dollar is $20.90. Yet, collector demand can drive the value much higher, especially for coins in uncirculated condition.
1921 Morgan Silver Dollar Value Chart
| Condition | Value Range |
|---|---|
| Circulated | $25 – $45 |
| Uncirculated | $100 – $300+ |
| Prooflike | $200 – $500+ |
Note: These values are approximate and can vary based on the coin’s specific characteristics and the current silver market.
- Key Factors: Condition, rarity, silver content, market demand
- Resources: Online pricing guides, historical value charts, financial analyses
By keeping up to date with the Treasury’s releases and market trends in coin values, we ensure that our pricing knowledge stays accurate and relevant for investment and trading purposes.
Preservation and Storage
When preserving our 1921 Morgan Silver Dollars, especially those in Uncirculated Condition or Mint State, we pay close attention to maintaining the condition of the coin because the value significantly depends on it. We ensure that these coins are handled carefully, using cotton gloves to prevent oils from our skin from tarnishing the coin’s surface.
Proper storage is crucial in protecting our Morgan Silver Dollars from environmental factors such as humidity and exposure to pollutants. For this purpose, we use the following protective storage options:
- Coin Flips: These are inexpensive and suitable for temporary storage. However, we choose PVC-free materials to avoid damage over time.
- Coin Capsules: These hard plastic cases provide a more secure means of storage. They’re ideal for preserving our coins in Mint State by guarding against scratches and contact with other coins.
- Coin Albums: If we wish to display our collection while keeping it safe, coin albums with clear slides are our go-to. This keeps our coins organized and easily viewable without direct handling.
As for the environment where we store these coins, we aim for stability:
- Temperature and Humidity: A cool, dry place is ideal. Excessive heat or humidity can lead to oxidation or other forms of corrosion.
- Safety: We use safes or safety deposit boxes for high-value items to protect against theft and environmental fluctuations.
To summarize our approach, we meticulously handle and store our 1921 Morgan Silver Dollars with the appropriate protective materials and environmental conditions to maintain their pristine state and value.
Adjacent Series and Comparisons
In this section, we explore the Morgan Silver Dollar in the context of its successor and other coins in the series. We’ll focus on the design and production differences between the Morgan and Peace Silver Dollars and note the variations across Silver Dollar Coins.
Morgan vs. Peace Silver Dollars
The Morgan Silver Dollar was last minted in 1921 before it was replaced by the Peace Silver Dollar later that same year. There are notable distinctions between the two:
- Design: Morgan Dollars feature a profile of Lady Liberty on the obverse and an eagle with outstretched wings on the reverse. Peace Dollars, in contrast, display a portrait of a crowned Liberty and a perched bald eagle at rest.
- Mintage: 1921 marked the only year both Morgan and Peace Dollars were minted, with the Peace Dollar symbolizing the return to peace after World War I.
Other Silver Dollar Coins
When comparing the 1921 Morgan Silver Dollars to other Silver Dollar Coins, it is important to look at mintage and rarity:
- Mintage Location and Volume: There was a high production of Morgan Silver Dollars at the Philadelphia, San Francisco, and Denver mints in 1921, with the Denver mint (mint mark ‘D’) producing fewer coins, making them less common.
- Collectibility: The design changes in the 1921 Morgan Dollars, such as a slightly lower relief, set them apart from Morgans minted in previous years. These coins often capture the interest of collectors for their historical significance and design variations.
Morgan Silver Dollars and their peers offer an intriguing snapshot of the United States numismatic heritage, each series reflecting societal shifts and artistic tastes of their respective eras.
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