The value of a 1921 Morgan silver dollar minted in Philadelphia (indicated by the absence of a mint mark) is highly dependent on its physical condition, or grade. As the final year of the Morgan dollar series, this coin was produced in vast quantities, with a mintage exceeding 44.6 million, making it extremely common in most conditions.
For circulated examples, which show signs of wear from use in commerce, the value is closely tied to its silver content, with a modest numismatic premium. In lower grades such as Good (G4) or Very Good (VG8), a 1921-P Morgan dollar is valued at approximately $32 to $34. The value increases incrementally with better preservation, reaching around $37 for Very Fine (VF20) condition and approximately $41 for an About Uncirculated (AU50) specimen. The base melt value of the silver in the coin is approximately $20.24, establishing a foundational price.
The coin's value appreciates more significantly in uncirculated, or Mint State (MS), grades. A typical uncirculated example in MS60 condition is valued in the range of $60 to $62. As the grade improves, the value climbs steadily; an MS63 coin is worth around $78 to $80, while an MS65 specimen commands a price of approximately $167 to $175. It is important to note that many 1921 Morgan dollars were poorly struck with incomplete details, so well-struck examples are more desirable to collectors.
The value escalates dramatically for coins in the highest states of preservation. While common up to the MS65 grade, the 1921-P Morgan becomes much scarcer in higher conditions. A coin graded MS66 is valued at around $425, and an exceptional MS67 example can be worth as much as $2,500. These substantial price increases reflect the rarity of finding this common date in nearly flawless condition.
