The 100th Anniversary of 1921 Coins: Morgan & Peace Dollars

Tell a coin collector you own a 100-year-old coin, and it will usually get their attention. Although not every century-old coin carries major value, many may be worth a meaningful amount.

This overview provides some background on 1921 silver, nickel, and copper coins, plus a few notes about value. In evaluating 1921 coins, as with any U.S. issue, pay attention to the mintmark—or absence of one—as well as the coin’s condition.

A closer look at coins that reached 100 years old in 2021:

Morgan Silver Dollar

Morgan Dollars were first struck from 1878 through 1904, with another limited run only in 1921. Designer George T. Morgan sought an American woman instead of customary Greek-style figures. Using Anna Willess Williams as his model, he produced the memorable portrait; for the reverse, he studied nature to create a realistic American eagle.

When reviewing Morgan dollars already in your possession, one useful clue is a “CC” mintmark. The Carson City mint struck many coins overall, but generally made the fewest Morgan Dollars compared with the other mints in the United States.

As a collector piece, a Morgan Dollar in Good condition or better generally has value at least modestly above melt. In Mint condition, it may bring at least twice that amount. In 1921, Morgan silver dollars were struck only at the Denver Mint, and Denver made them in no other year.

At publication, That history makes the 1921 Morgan-D Dollar a noteworthy find for collectors. Still, a substantial supply remains, which has kept it an affordable addition to many collections.

The U.S. Mint marked the 100th anniversary of the Morgan Dollar’s final minting year by issuing a new 2021 Morgan Dollar. The new piece followed the original Morgan design, combining historic Mint assets with modern technology.

Peace Silver Dollar

After Treasury Secretary Andrew Mellon approved it, the United States Mint began making the Peace Silver Dollar in December 1921. Its design commemorated the peace declaration between the U.S. and Germany while replacing the Morgan Dollar. During that one month, the Mint struck just over 1 million Peace Dollars.

1921 was a low-mintage year, particularly beside the Morgan Dollar. Its low production total and status as this coin’s first year both help explain its stronger value. In addition, every 1921 Peace silver dollar was struck in high relief, creating bold detail and appealing contrast.

Even in average condition, the Peace Dollar was described as worth over melt value; in uncirculated condition, it could be worth 10x that amount or more. A high-relief 1921 Peace Dollar in certified uncirculated condition could bring hundreds of dollars or more.

As with the Morgan Dollar, the U.S. Mint also made an anniversary edition of the Peace Dollar. The article characterized it as an attractive additional piece for a group of 1921 coins. Both issues display “In God We Trust” along with other recognizable Peace Silver Dollar design elements.

A close inspection shows the word “Trust” spelled with the letter “v.” This was not a mistake; the spelling was chosen to commemorate the United States’ victory in World War I.

Walking Liberty Half Dollar

A 1921 Walking Liberty Half Dollar is a highly collectible piece. This issue was minted solely in Philadelphia, without a mintmark, Denver, with a D mintmark, and San Francisco, with an S mintmark.

Mintmark is especially important for this issue. Denver had the lowest mintages, so examples carrying the D mintmark tend to be more valuable.

At the time of publication, melt value for these 1921 coins was under ten dollars apiece. Collector value could nevertheless be much higher. For instance, a 1921-S Walking Liberty Half Dollar in Very Good condition was worth over $40, while its D-mintmarked counterpart was valued at nearly four times as much.

In Extremely Fine condition, the 1921-D was worth over $1,000. Uncirculated 1921-D Walking Liberty Half Dollars are rare enough that assigning a price is difficult. One example sold at auction for more than $9,000.

Standing Liberty Quarter

The Standing Liberty Quarter drew some controversy upon release. Why? Lady Liberty was shown with one breast exposed. After its first two years—1916 and 1917—the design was changed, depicting the familiar figure in chainmail, as she appears on 1921 coins.

At the time of publication, the 1921 Standing Liberty Quarter remained among the more valuable 1921 coins. Its melt value was then slightly below $5, though collector value was considerably higher. This 1921 quarter was a scarce collector find: fewer than 2 million were produced, among the lowest-mintage Standing Liberty quarters.

Even in Very Good condition, it was worth roughly $150. It was struck only in Philadelphia, leaving every example without a mintmark. In uncirculated condition, an example could sell at auction for more than $1000.

Mercury Dime

Among 1921 coins, the Mercury Dime has long appealed to collectors. Adolph Weinman designed the Winged Liberty image, but its resemblance to the Roman god Mercury soon led people to call it the Mercury Dime.

Because this silver dime is quite small, its melt value is less than $2. Its collector value, however, can be much greater. In Very Good condition, it was valued above $70. In Uncirculated condition, values could range from $1,200 to $3,500 or higher.

How does a mintmark affect this coin’s value? The no-mintmark Mercury Dime, made at Philadelphia, has substantial collector interest. Denver, the only other mint that produced them, made examples worth still more. Locating a quality 1921 Mercury Dime can be challenging, but that difficulty adds to the appeal for collectors.

Buffalo Nickel

The Buffalo Nickel is another collector favorite among 1921 coins. Also known as the Indian Head Nickel, this 5-cent piece was designed by James Earle Fraser during the Mint’s effort to make American coinage more attractive.

Buffalo Nickels were struck only in Philadelphia and San Francisco. The San Francisco mintmark is scarce for this issue, since only about 1.5 million 1921-S pieces were produced. For example, a 1921 Buffalo Nickel without a mintmark in Good condition was worth about $2.50, while an S-mintmarked example exceeded $25. In Fine condition, the Philadelphia piece rose only to $5, whereas the San Francisco example reached over $100.

At the Uncirculated grade, the difference became even more striking. Philadelphia Mint nickels were $95, while examples with the S mintmark were worth over $1,500.

Lincoln Wheat Penny

Many adults remember sorting a grandparent’s jar of pennies as children, hoping to spot wheat pennies. The Lincoln Wheat Penny is enjoyable to collect and, in certain cases, may be worth considerably more than expected.

The 1921-S Wheat Pennies are scarcer, making them more valuable 1921 coins than no-mintmark examples. Condition also matters: higher-grade pieces were valued above $100, and uncirculated examples could bring hundreds of dollars or more.

Color is another point to consider when evaluating copper coins. Lower-condition pennies may be brown, while better ones can look orange. Red is the most desirable color. One penny graded MS-68 Red by PCGS sold for $36,000 in 2019.

Among several error coins, there are also errors to consider in 1921 pennies.

The original article offered this starter list:

·        1921 Doubled Die Penny – the E PLURIBUS UNUM inscription and wheat stalks both show doubling.

·        1921 Wheat Penny with Die Breaks or Cracks – values may range from one dollar into the hundreds.

·        1921 BIE Penny – a well-known error where a die crack between B and E in Liberty creates the appearance of an I.

·        Off-Center 1921 Penny – greater off-center percentage generally means greater value.

·        1921 Penny with Missing Letters – often caused by a weak die or soft strike; it can be worth over $100.

The original article invited readers to ask Atlanta Gold & Coin’s coin experts.

Older coins may be fascinating as well as financially meaningful. Finding out that you own a scarce and valuable 1921 coin can be an enjoyable discovery and may add to a collection’s appeal. Still, identifying a coin’s value is not always straightforward. Likewise, collectors seeking particular 1921 coins may have needed assistance locating them.

At the time of publication, Atlanta Gold & Coin Buyers stated that its precious-metals and coin specialists could help. The original article said the team aimed to provide the results readers sought, using accurate, fair, and transparent pricing so people could understand the reasoning behind a coin valuation. It also reported that the business We buy old and rare coins and paid among the industry’s highest rates.

When this article was originally published, it reported that Atlanta Gold & Coin had many older American coins in its coin inventory and could help readers locate a particular 1921 Peace or Morgan dollar. At publication, readers were invited to contact the business with questions about 1921 coins or to request an estimate for a coin they owned. The article expressed appreciation for the opportunity to serve them.