The value of a 1921 silver dollar with no mint mark depends critically on which of the two distinct types of silver dollars produced that year it is: the Morgan dollar or the Peace dollar. The absence of a mint mark signifies that the coin was struck at the Philadelphia Mint. The year 1921 is unique in American numismatics as it was a transitional period where both designs were issued.
First is the 1921 Morgan silver dollar. This was the final year of issue for the Morgan series, which was resurrected for a single year after a hiatus since 1904. The Philadelphia Mint produced over 44 million of these coins, making it an extremely common issue. In circulated conditions, a 1921 Morgan dollar with no mint mark typically carries a value based primarily on its intrinsic silver content, plus a small numismatic premium. Its value increases with its condition, and uncirculated or "Mint State" examples command higher prices from collectors. However, due to its high mintage, it remains one of the most accessible dates in the Morgan series.
The second type is the 1921 Peace silver dollar. This coin represents the first year of the Peace dollar series, created to commemorate the end of World War I. All 1921 Peace dollars were struck at the Philadelphia Mint and thus have no mint mark. With a mintage of just over one million, this coin is significantly rarer than its Morgan counterpart from the same year. Furthermore, it was minted in a distinctive high-relief design that was used only in 1921, making it a one-year type coin. Consequently, the 1921 Peace dollar is a key date in the series and is considerably more valuable than the 1921 Morgan dollar in any condition. Even in lower grades, it carries a significant premium, and its value escalates sharply for higher-grade, uncirculated specimens.
To determine which coin you possess, you must examine the obverse design. The Morgan dollar features a classic profile of Lady Liberty in a cap, whereas the Peace dollar depicts a more modern-looking Liberty with a radiate tiara. A definitive valuation requires accurately identifying the coin type and then assessing its physical condition, or grade.
