By the time 1921 had rolled around, the Morgan Silver Dollar series had been in hibernation since 1904. Under provisions of the Pittman Act of 1918, 270,232,722 silver dollars were melted. With silver bullion supplies restored, the United States Mint was authorized to begin striking the Morgan Dollar once more. However, as dies for the Morgan Dollar and other obsolete coins had been destroyed in 1910, the United States Mint needed to make entirely new Morgan Dollar dies. That means there are a few minor differences in the design of the 1921 Morgan Silver Dollar versus those made in 1904 and before.
The 1921 Morgan Silver Dollar was produced in three mints: Denver, Philadelphia, and San Francisco. The New Orleans Mint used an "O" and the San Francisco Mint an "S”. The main mint in Philadelphia did not use a mintmark. Proof examples of Morgan Dollars from all years, including 1921, are rare which makes them expensive.
1921 Morgan Silver Dollar Mintage Figures
- 1921: 44,690,000; $30+
- 1921-D: 20,345,000; $30+
- 1921-S: 21,695,000; $30+
1921 Morgan Silver Dollars are plentiful in all grades, and they are most often encountered in the higher circulated grades (Extremely Fine 40 and above), though there are plenty of lower-grade circulated examples available. Morgan Dollars from 1921 are generally available for a relatively small premium over the prevailing silver bullion value. The 1921 Morgan Dollar is commonly offered in magazine and television advertisements aimed toward those who aren’t necessarily active members of the numismatic community; as a result, many unsuspecting individuals have overpaid for this coin. The 1921 Morgan Dollar is also a popular last-year type among numismatists. By December 1921, The United States Treasury had replaced the Morgan Silver Dollar with the Peace silver dollar (1921-1935).