The 1921 Morgan Silver Dollar is a popular coin for collectors worldwide. It was an important coin that helped usher in the westward expansion of the United States. Various mints struck and minted Morgan Dollars from 1878 to 1904 and again in 1921.
The value of a Morgan Dollar depends on several factors, with the condition typically being the most significant. A circulated Morgan Dollar often holds less value than one in pristine condition due to wear and tear. Collector demand also influences the price, particularly for the highly sought-after 1921 Morgan Silver Dollar.
The 1921 Morgan Silver Dollar stands out for its unique characteristics compared to earlier silver coins. Numismatists have long appreciated Morgan Dollars for their beauty and historical significance, with the 1921 edition often highlighted in discussions about these iconic coins.
History of the Morgan Silver Dollar
The Morgan Silver Dollar was designed by George T. Morgan, an English artist. The coins were intended to commemorate the 300th anniversary of the founding of Jamestown, Virginia. The obverse on the Morgan Dollar features a profile portrait of Lady Liberty wearing a Phrygian cap, which symbolizes freedom. The reverse of the coin features an American Bald Eagle with two heads. The eagle also carries thirteen stars and an olive branch in its talons.
The Morgan Dollar was first struck in 1878 and continued to be struck until 1904. After a hiatus, production began again in 1921. Morgan Dollars were minted at the Philadelphia, San Francisco, New Orleans, Carson City, Denver and the United States Coins Mint in Manila.
The reason for discontinuing production stemmed from the Panic of 1893-1895. It was believed that using silver for coinage contributed to inflationary problems in the United States.
In the 1920s, when banks started to fail across the country, people withdrew their money and converted it into Silver Dollars for safekeeping. By 1933, there was a nationwide bank holiday declared when President Franklin D. Roosevelt took office. He closed all banks, except those with enough silver to convert into dollars.
The production of the Morgan Silver Dollar halted when President Roosevelt’s administration passed the Gold Reserve Act of 1933, which required American citizens to return their gold holdings to government officials within a month or face a $10,000 fine and ten years in jail.
In 1965, Morgan Silver Dollar production halted again briefly when the Coinage Act of 1965 was passed. The legislation changed the composition of U.S. dimes and quarters from 90% silver to a clad version that consisted of an inner layer of pure copper sandwiched between two outer layers of cupronickel alloy for added strength.
The Importance of the 1921 Morgan Silver Dollar
The 1921 Morgan Silver Dollar is significant because it was the last year that Silver Dollars were minted until 1935. The 1921 coins are also important because they were circulated during a time of great economic turmoil in the United States. The Gold Reserve Act of 1933 caused many people to panic and convert their money into Silver Dollars. This led to a brief resurgence in the popularity of the Morgan Silver Dollar.
1921 Morgan Silver Dollar Features and Popularity
Many coin collectors recognize the significance of Morgan Silver Dollars, but few understand the unique importance of the 1921 Silver Dollar, which ranks among the most popular U.S. silver coins. The initial set of Morgan Silver Dollars gained popularity due to their highly symbolic design and status as the first Silver Dollar coins with a high silver content.
The 1921 Morgan Silver Dollar has a diameter of 38 millimeters and weighs 412 ½ grains, which is 26.73 grams or .859 fine silver. One side of the well-known and collected 1921 coin features the words “E Pluribus Unum” and the year of minting. The other side has the words “In God We Trust” and the denomination of “$1.” There are many varieties of Morgan Dollars, but 1921 is one of the most popular coins.
Here are the key reasons why the 1921 Morgan Silver Dollar stands out:
- Unique Minting Year: 1921 was the only year Morgan Dollars were produced at the Denver Mint. Previously, these coins were minted at the Philadelphia, San Francisco, and Carson City Mints until 1904. The addition of the Denver Mint in 1921 adds to the coin’s uniqueness.
- Recreated Dies: The original dies used to produce Morgan Dollars were destroyed, necessitating specially recreated dies for the 1921 production. This gives the 1921 Morgan Silver Dollar a distinctive place in numismatic history.
- High Silver Content: With a silver content of .7734 oz, the 1921 Morgan Silver Dollar boasts a high value, especially considering the rarity of silver dollars during that time. Silver was a precious commodity in 1921, adding to the coin’s intrinsic value.
- Pittman Act: The 1918 Pittman Act authorized the melting and recoining of millions of silver dollars, leading to the production of the 1921 Morgan Silver Dollars. Some of these coins were even sold to Great Britain to assist in World War I efforts.
Value and Rarity of the 1921 Morgan Silver Dollar
Determining the exact value of a 1921 Morgan Silver Dollar is complex, as it involves several factors. While the silver price per ounce is a significant component, the coin’s historical context and rarity add considerable value. The mintage of only 11,442,000 pieces makes these coins notoriously difficult to find, further driving their demand among collectors.
These coins are prized for their silver content and for the unique circumstances surrounding their minting. As some of the last Morgan Dollars produced before the design was replaced, they hold significant historical importance.
To celebrate the 100th anniversary in 2021, the Treasury reissued the Morgan Silver Dollar, expanding its legacy and continuing its appeal among collectors and numismatists.
The 1921 Morgan Silver Dollar is a must-have for any serious collector due to its unique historical context, high silver content, and the rarity that ensures its lasting demand.
