1921 Morgan Dollar Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

The 1921 Morgan Dollar holds a well-earned place among the most recognized coins in American numismatic history. As the final year of the classic Morgan design, 1921 offers collectors a broad range of survivorship and condition levels — from affordable circulated examples to high-grade rarities that command meaningful premiums.

Understanding 1921 Morgan Dollar value starts with one key principle: condition matters above all else.

For most collectors entering the market, the standard 1921 No Mint Mark Morgan Dollar averages around $84 in Good to Fine grades, climbing to approximately $105 in Mint State. Rarer classifications tell a more dramatic story — a Proof-Like (PL) example averages $2,028 in MS, while a Deep Mirror Proof-Like (DMPL) can reach an average of $8,168 at the same grade level.

Beyond condition, factors such as mint mark, surface quality, and variety type all play a significant role in determining what your coin is actually worth. This guide walks you through everything you need to know — from the coin’s historical background and physical characteristics to a full breakdown of current average market values across all major types and grades.

 

1921 Morgan Dollar  Value By Variety

The 1921 Morgan Dollar was struck across three mints — Philadelphia, Denver, and San Francisco — each producing distinct varieties that vary considerably in average market value depending on surface classification and grade.

Additionally, a small number of 1921 Morgan Dollars exist in Proof and Cameo Proof grades, represented by coins that passed through the hands of dealer Samuel Hudson Chapman, making them among the most historically significant and valuable examples in the entire series.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Rarest Silver Dollar Coins Worth Money (Most Expensive)

 

Top 10 Most Valuable 1921 Morgan Dollar Worth Money

When it comes to the most valuable 1921 Morgan Dollars sold since 2000, the Chapman Proof examples dominate the top of the chart — and by a significant margin.

The 1921 Chapman PR 67 holds the highest recorded sale at $240,000, followed by the PR 66 at $132,000 and the PR 65 at $114,000. This consistent premium across Chapman Proof grades reflects both their extreme rarity and their unique provenance through dealer Samuel Hudson Chapman.

Even at PR 62 — the lowest Chapman Proof grade in this chart — the coin still realized $36,000, underscoring how strongly the market values this category regardless of grade.

Outside the Chapman Proof series, the 1921-D MS 65 achieved $50,400, making it the highest-ranking non-Chapman example on the list. This highlights that high-grade Denver Mint coins can also command serious collector premiums when the condition is right.

 

History Of The 1921 Morgan Dollar

The Morgan Dollar was first introduced in 1878, born out of the Bland-Allison Act, which restored silver dollar production in the United States. It witnessed the end of the Wild West era, the expansion of the railroad, and the beginnings of the Industrial Revolution. Production continued steadily until 1904, when the government’s silver reserves were exhausted and minting came to a halt.

For 17 years, no Morgan Dollars were struck. Then came World War I — and with it, a dramatic shift in U.S. silver policy.

The global conflict placed immense strain on the economies of America’s allies, particularly Great Britain, which faced a severe silver shortage. To help stabilize their currency, the U.S. Congress passed the Pittman Act of 1918. The act authorized the melting of over 270 million Morgan dollars, with the resulting bullion sold to Britain at a favorable price to support its continued participation in the war.

Critically, the Pittman Act also required the U.S. Mint to replace every melted coin with a newly struck one. To satisfy this obligation, production of the Morgan Dollar resumed in 1921 at Philadelphia, San Francisco, and — for the first time — Denver. Later that year, the Philadelphia Mint switched production to the Peace Dollar.

This made 1921 both the Morgan Dollar’s final chapter and a pivotal moment in American coinage history.

Also Read: Top 100 Most Valuable Morgan Silver Dollar Coins Worth Money List

 

Is Your 1921 Morgan Dollar Rare?

Not all 1921 Morgan Dollars are created equal. Factors like mint mark, surface classification, and die variety can push a coin from common to genuinely scarce. The best way to find out where yours stands is to check it with our Coin Value Checker App — just enter your coin’s details and get an instant rarity assessment.

 

Key Features Of The 1921 Morgan Dollar

The 1921 Morgan Dollar carries the same iconic design framework established in 1878.

However, because the original dies had been lost, new hubs were created from scratch — resulting in a shallower relief that visually sets the 1921 issue apart from earlier Morgan Dollars.

The Obverse Of The 1921 Morgan Dollar

The obverse features a left-facing portrait of Lady Liberty, designed by George T. Morgan. The design was based on drawings Morgan completed of teacher Anna Willess Williams, whom he considered to have a perfect profile.

The motto “E PLURIBUS UNUM” runs along the upper rim, while the date 1921 appears centered at the bottom. Thirteen stars are evenly distributed around the portrait, symbolizing the original 13 colonies.

On the 1921 issue specifically, Liberty’s portrait is notably shallow, the cheek is almost flat, and the hair lines appear bolder compared to earlier Morgan Dollars.

The Reverse Of The 1921 Morgan Dollar

The reverse is dominated by a heraldic eagle with wings spread across the upper half of the coin. The motto “IN GOD WE TRUST” appears between the upper tips of the eagle’s wings.

The eagle clasps an olive branch in one talon, representing peace, and arrows in the other, symbolizing the nation’s readiness to defend itself. The eagle sits above a wreath that encircles roughly two-thirds of the coin, with “UNITED STATES OF AMERICA” and “ONE DOLLAR” inscribed along the rim.

On the 1921 reverse, the eagle appears notably flat with minimal breast feather detail — a direct result of the shallower relief dies used that year.

Other Features Of The 1921 Morgan Dollar

The mint mark, if present, appears on the reverse just below the eagle’s tail feathers — “D” for Denver and “S” for San Francisco. Coins struck at Philadelphia carry no mint mark.

The luster on most 1921 examples tends to be satiny rather than frosty, and many show additional weakness in the lower wreath leaves on the reverse.

Also Read: Top 80+ Most Valuable Sacagawea Dollar Worth Money (2000-P to Present)

 

1921 Morgan Dollar Mintage & Survival Data

In 1921, a total of over 86 million Morgan Dollars were struck across three mints. The Philadelphia Mint led production with 44,690,000 coins, followed by San Francisco at 21,695,000 and Denver at 20,345,000.

Despite these large mintage figures, the survival rate across all three mint varieties sits consistently around 10% — meaning roughly nine out of every ten coins have been lost to time, melting, or circulation damage.

The Proof and DCAM examples tell a very different story. Only 40 of each were originally produced. Today, approximately 30 Proof examples are estimated to survive — a 75% survival rate — while just 10 DCAM specimens remain, representing a survival rate of only 25%.

This contrast makes clear why condition and variety matter so much when assessing 1921 Morgan Dollar value. Common circulation strikes are relatively accessible, but certified Proof and DCAM examples are genuinely rare by any standard.

Also Read: Top 40+ Most Valuable Presidential Dollar Coins Worth Money

 

The Easy Way to Know Your 1921 Morgan Dollar Value

Knowing the exact value of your 1921 Morgan Dollar doesn’t have to be complicated. The key factors are straightforward: identify your mint mark, assess the coin’s condition, and check whether it belongs to a special variety such as PL, DMPL, or a VAM type. Each of these details can meaningfully shift the value — sometimes by thousands of dollars.

The quickest and most reliable way to get an accurate estimate is to use our Coin Value Checker App, where you can look up your coin’s details and receive an instant value assessment based on up-to-date market data.

 

1921 Morgan Dollar Value Guides

1921 No Mint Mark Morgan Dollar — Struck at the Philadelphia Mint, which traditionally did not use a mint mark, this is the most common of the three 1921 varieties with a mintage of 44,690,000. While widely available in circulated grades, high-grade certified examples remain meaningfully scarcer and attract strong collector interest.

1921-D Morgan Dollar — The year 1921 was the only year the Denver Mint ever produced the Morgan Silver Dollar, making any example with a “D” mint mark a true one-year-only issue. This unique distinction makes it a priority piece for collectors building a complete Morgan set.

1921-S Morgan Dollar — The San Francisco Mint produced approximately 21.7 million Morgan Dollars in 1921 — roughly half the output of Philadelphia. Coins from San Francisco are generally more desirable due to their lower mintage and are considered slightly scarcer than the Philadelphia issue.

1921 Proof Morgan Dollar — Only around 40 Proof examples are believed to have been produced, most of which were offered in early 1922 by dealer Henry Chapman — and are thus known as Chapman Proofs today.

1921 CAM Morgan Dollar — Among the most visually striking and rare of all 1921 Morgan Dollar varieties, the Cameo Proof examples display the deep mirror fields and frosted device contrast characteristic of the finest Proof coinage. With only an estimated 10 surviving examples, the 1921 CAM represents the pinnacle of the entire 1921 Morgan Dollar series.

The 1921 Morgan Dollar spans a wide spectrum — from highly accessible circulation strikes to some of the rarest Proof coins in American numismatic history. Understanding which variety you have is the essential first step in assessing its true market value.

Mint mark, surface classification, and certification status all play a significant role, and the difference between varieties can translate into a substantial difference in value.

 

1921 No Mint Mark Morgan Dollar Value

The 1921 No Mint Mark Morgan Dollar was struck at the Philadelphia Mint — the only facility that did not use a mint mark. With a mintage of 44,690,000, it accounts for over 13% of the entire Morgan Dollar series, making it the most common date in the series and the most accessible entry point for new collectors.

That said, high-grade examples are a different story. DMPL (Deep Mirror Proof-Like) specimens are exceptionally rare, with only 19 certified examples on record in total.

The highest certified grade from both major grading services is MS67+. An MS67 example sold at Legend Rare Coin Auctions in October 2015 set the auction record at $19,975.

Auction prices for this coin have shown notable variation over time, reflecting its grade-sensitive market.

Market activity data shows relatively consistent trading volume across recent months, with occasional spikes in collector interest.

 

1921-D Morgan Dollar Value

The 1921-D holds a unique distinction in the entire Morgan Dollar series — it is the only Morgan Dollar ever struck at the Denver Mint. Denver didn’t begin operations until 1906, two years after the original Morgan series ended, making 1921 the one and only opportunity for Denver to participate.

The business strike mintage came in at 20,345,000 — the lowest of the three 1921 mints, though still a substantial figure. Examples are common through MS65, but genuinely scarce in MS66 and very rare in MS67 or higher. Proof-Like coins are rare, and DMPL examples are exceedingly rare.

The finest known example is an MS68 (NGC), with the auction record standing at $44,063 for an MS67.

Auction records for the 1921-D reflect its one-mint-only status, with top-grade examples commanding notably stronger premiums.

Monthly trading volume for this variety stays active across the board, driven by steady collector demand for its unique Denver Mint origin.

 

1921-S Morgan Dollar Value

The 1921-S was struck at the San Francisco Mint with a mintage of 21,695,000 — the middle figure among the three 1921 issues, but in practice the hardest to find in quantity.

While individual coins are not rare, original bags of 1921-S are few and far between. It is estimated that somewhere between 10 to 15 million were melted under the 1942 Silver Act alone. That post-mint attrition makes the 1921-S noticeably more elusive than its mintage numbers suggest, especially in higher grades.

The 1921-S is considered the scarcest of the three 1921 Morgan issues, carrying premiums across all grades from circulated to Mint State. The auction record for an MS-67 example stands at $19,200.

Auction prices for the 1921-S have climbed steadily at higher grades, reflecting its relative scarcity among the three 1921 issues.

Monthly market activity shows consistent collector interest, with trading volume holding fairly steady throughout the year.

 

1921 Proof Morgan Dollar Value

The 1921 Proof Morgan Dollar — more precisely known as the Chapman Proof — was not an official mint issue. These coins were produced clandestinely by Chief Engraver George T. Morgan at the request of Philadelphia dealer Henry Chapman, using polished planchets and deeply polished dies.

Exact mintage figures remain disputed, with documented reports suggesting somewhere between 10 and 15 pieces — putting it on par with some of the rarest coins in American numismatic history. Many surviving examples have been mishandled over the years, grading out at PR63 or below. Only a handful reach gem level.

The auction record stands at $240,000, achieved by a PR67 example at Heritage Auctions on May 8, 2022.

Auction results for this coin are rare by nature — each appearance at the block draws significant attention and strong prices.

Given how infrequently these coins trade hands, monthly market activity is understandably sparse but closely watched by advanced collectors.

 

1921 CAM Morgan Dollar Value

The 1921 CAM Morgan Dollar sits at the very top of the Chapman Proof hierarchy. Among all the Chapman Proof examples known to exist, only a single Cameo specimen has ever been certified by either major grading service — making it arguably the rarest collectible variety in the entire 1921 Morgan Dollar series.

The recorded mintage figure stands at 40 across all Chapman Proof types. The CAM designation requires visible contrast between deeply mirrored fields and frosted devices, a quality that on this particular coin is comparable to the finest Morgan Dollar Proofs of the 1890s.

The auction record is $96,000, realized by a PR64CAM example at Heritage Auctions on August 18, 2024.

The auction history for this coin is extremely thin — each sale is a standalone event that commands serious market attention.

With only one certified example known, meaningful monthly market activity data is essentially nonexistent for this variety.

Also Read: 17 Rare Dollar Coin Errors List with Pictures (By Year)

 

Rare 1921 Morgan Dollar Error List

The 1921 Morgan Dollar was produced under intense pressure to meet post-war silver replacement demands. That speed, combined with newly made dies and high strike volumes, created the conditions for a range of documented errors and varieties — several of which are actively tracked and collected today.

1. 1921-S Filled S

This error occurs when grease, metal debris, or other foreign material becomes lodged in the “S” mint mark cavity of the die. The result is a coin where the “S” appears partially or fully filled in — losing its characteristic open form. It is catalogued as VAM 6B and listed on the Hit List, confirming its recognized status among serious VAM collectors.

2. 1921 Pitted Reverse

The reverse die develops multiple small indentations, pits, and pores due to corrosion, erosion, or chemical damage during die cleaning or storage. This gives the coin’s reverse a bumpy or cratered surface texture in affected areas. It is a recognized die variety and has appeared in certified grades as high as MS65+.

3. 1921 Wide Reeding

A standard 1921 Morgan Dollar collar has 189 reeds. The Wide Reeding variety was struck with a collar containing only 157 reeds, producing noticeably wider-spaced ridges along the coin’s edge. The difference is visible to the naked eye and measurable under magnification, making it one of the more straightforward varieties to identify.

4. 1921 Denticle Clash

Denticles are the small teeth along the rim of the coin. A Denticle Clash occurs when the obverse and reverse dies strike each other without a planchet in between, transferring ghost impressions of opposing design elements onto the rim area. The result is out-of-place detail near the denticles that has clearly defined outlines rather than the appearance of random wear or damage.

5. 1921-D TRU_T 

This variety involves an anomaly in the inscription “IN GOD WE TRUST” on the reverse, where the letter “T” in “TRUST” appears deformed or missing. It is attributed as VAM 1A and carries the VRS: R6 rarity designation, indicating it is genuinely scarce. Certified examples have achieved notable premiums at auction.

6. 1921-D Capped R

The Capped R error occurs when a piece of the die breaks off or excess metal flows over the letter “R” in “LIBERTY,” creating a cap-like shape across the top of the letter. The distorted “R” is visible under magnification and is catalogued as VAM 1B. A certified example sold for $900 at auction in 2019.

7. 1921-S Thorn Head

The Thorn Head variety developed through repeated die damage and aggressive polishing at the San Francisco Mint. In its earliest stage, a prominent spike protrudes from the back of Liberty’s Phrygian cap.

As the die was polished to remove damage, new gouges appeared, resulting in multiple distinct stages — each catalogued separately as VAM 1B-3, 1B-4, and 1B-5. All known stages are included on the Hit List 40.

 

Where To Sell Your 1921 Morgan Dollar?

Ready to sell your 1921 Morgan Dollar? Our platform brings together trusted dealers, up-to-date market data, and verified listings — everything you need to make an informed decision. Browse current offers and connect with serious buyers through our online marketplace today.

Check out now: Best Places To Sell Coins Online (Pros & Cons)  

 

1921 Morgan Dollar Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

FAQ About The 1921 Morgan Dollar

1. What is the 1921 Morgan Dollar?

The 1921 Morgan Dollar is the final year of issue in the classic Morgan Dollar series, originally minted from 1878 to 1904. Production resumed in 1921 under the Pittman Act, which required the U.S. Mint to replace over 270 million silver dollars that had been melted to support Britain during World War I.

Coins were struck at three mints — Philadelphia, Denver, and San Francisco — before the design was replaced by the Peace Dollar later that year.

2. How much is a 1921 Morgan Dollar worth?

Value depends heavily on mint mark, condition, and surface classification. A standard No Mint Mark example averages around $84 in Good to Fine grades, rising to approximately $105 in Mint State. Proof-Like examples average $2,028 in MS, while DMPL specimens can average $8,168 at the same grade. Chapman Proof examples represent the highest tier, with auction records reaching $240,000 for a PR67.

3. What mint marks exist on the 1921 Morgan Dollar?

Three mint mark varieties exist. Philadelphia produced coins with no mint mark, Denver used a “D,” and San Francisco used an “S.” The mint mark appears on the reverse, just below the eagle’s tail feathers.

Notably, 1921 was the only year the Denver Mint ever struck Morgan Dollars, making the “D” mint mark particularly significant for collectors.

4. Which 1921 Morgan Dollar is the rarest?

The 1921 CAM (Cameo Proof) Chapman is the rarest variety in the series. Only a single Cameo-certified example is known to exist across both major grading services.

The standard Chapman Proof is also extremely rare, with documented reports suggesting only 10 to 15 pieces were originally struck. The 1921 CAM auction record stands at $96,000 for a PR64CAM.

5. What is a Chapman Proof 1921 Morgan Dollar?

The Chapman Proof refers to a small number of specially struck coins produced clandestinely by Chief Engraver George T. Morgan at the request of Philadelphia dealer Henry Chapman.

These coins were made using deeply polished dies and planchets, resulting in brilliant mirror-like surfaces. They were not an official mint issue. Exact mintage is disputed, with estimates ranging from 10 to 40 pieces.

6. What makes the 1921-D Morgan Dollar special?

The 1921-D is the only Morgan Dollar ever struck at the Denver Mint. Denver didn’t begin operations until 1906, two years after the original Morgan series ended, meaning 1921 was its sole opportunity to produce the coin.

With a mintage of 20,345,000, it is the lowest of the three 1921 issues. High-grade examples are scarce, and the auction record for an MS67 stands at $44,063.

7. How do I identify a 1921 Morgan Dollar error coin?

Look carefully at the mint mark, edge reeding, and key design elements. Common errors include the Filled S (a blocked “S” mint mark on 1921-S), the Capped R (a deformed “R” in “LIBERTY” on 1921-D), and the Thorn Head (sharp raised spikes near Liberty’s cap on 1921-S).

A 10x loupe is recommended. Professional attribution from a certified grading service is essential before buying or selling any error coin.

8. What is the survival rate of 1921 Morgan Dollars?

For regular circulation strikes, the survival rate across all three mints sits consistently around 10%, meaning roughly nine out of every ten coins have been lost to melting, circulation damage, or time.

The Proof and DCAM examples have higher survival rates — approximately 75% for Proofs and 25% for DCAM specimens — largely because they were preserved as collectibles rather than circulated.

9. How does the 1921 Morgan Dollar differ from earlier issues?

Because the original dies were destroyed in 1910, entirely new hubs were created for 1921. The result is a coin in shallower relief than pre-1904 issues. Liberty’s cheek is flatter, the hair lines are bolder, and the reverse eagle lacks the breast feather detail of earlier dates.

The luster also tends to be satiny rather than frosty, and strike quality is generally weaker across all three mints.

10. Where can I find the value of my specific 1921 Morgan Dollar?

The easiest way is to identify your coin’s mint mark, assess its condition, and check whether it belongs to a special variety such as PL, DMPL, or a recognized VAM type. Each factor can significantly shift the value.

For a quick and accurate estimate, use the Coin Value Checker App — simply enter your coin’s details to receive an instant value assessment based on current market data.