The value of a 1921 Morgan silver dollar is primarily determined by its condition, also known as its grade, and its mint mark. As the final year of issue and a coin struck in very large numbers, the 1921 Morgan is the most common date in the series. A distinguishing feature of this year's issue is a characteristically shallow and less detailed strike compared to Morgan dollars from earlier years.
For coins in circulated condition, ranging from Good to Extremely Fine, the value is closely tied to their intrinsic silver content. These coins typically trade for a small premium over their silver melt value, generally falling within the $25 to $32 range. Because they are so common, most 1921 Morgan dollars found in circulation will be valued within this bracket.
The value increases significantly for coins that are in uncirculated, or Mint State (MS), condition. A lower-grade uncirculated coin, such as one graded MS-60 to MS-63, can be worth between $45 and $70. As the grade improves, the price climbs substantially. For example, a 1921 Morgan in MS-64 condition is valued around $90, while a high-quality MS-65 example can command approximately $175. Exceptional specimens in even higher grades, such as MS-66 or MS-67, are far scarcer and can be worth several hundred or even thousands of dollars to collectors.
In addition to condition, the mint of origin is a factor. The 1921 Morgan was produced at three mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). While all three are common, the Denver and San Francisco issues can sometimes command slightly higher prices in higher uncirculated grades compared to the Philadelphia issue.
