The Peace Dollar is among the most sought-after American coins ever produced. A dedicated collector would desire to possess a Peace Dollar for every year created because these pieces existed only for a limited time.

The fact that 1921 was the inaugural year for the Peace Dollar makes it more desirable to collectors. Some coins were produced following the Morgan design, while others followed Anthony de Francisci’s innovative design. The 1921 version is the one that comes closest to Francisci’s original concept; therefore, they’re even more valuable as collectibles.

This article will teach you much about the 1921 Peace Silver Dollar and its current market price. After reading, you’ll realize the coin’s worth and how to distinguish it from a poor replica. Additionally, keen coin dealers and collectors might learn some valuable bargaining strategies, as this could also serve as a buyer’s guide.

A Quick Summary of the 1921 Peace Dollar Value

The  1921 Peace Silver Dollar was one of the two silver dollars minted in 1921. Due to its low mintage, it’s highly desirable by coin collection and valuable. The 1921 Peace Dollar value could range from $82 to $4,150, depending on the mint value and coin condition.

A Brief History of the 1921 Peace Silver Dollar

A Brief History of the 1921 Peace Silver Dollar

In 1921, the US Silver Dollar project had an unusual year. The US Mint saw the production of the Peace Silver Dollar and the resurgence of the Morgan Silver Dollar. It was uncommon for the mint to release two different styles for pieces with the same value in a year.

During the time of agreement for the design of the 1921 Peace Silver Dollar, the mint produced the Morgan Silver Dollar for the majority of the year. On December 28, 1921, the mint first made the Peace Dollar; a little over a million of these coins had a 1921 date. These were the only high-relief variants produced. The dies broke from the pressure required to obtain a full strike.

The mint stopped producing the coins in 1928 after the Pittman Act conditions were satisfied, although more were minted between 1934 and 1935, resulting from the consequence of new legislation.

Recognizing the Various Grades of the 1921 Peace Silver Dollar and How It Influences Coin Value

(The First Step Towards Identifying Its Value)

Recognizing the Various Grades of the 1921 Peace Silver Dollar and How It Influences Coin Value

The procedure used to grade coins is quite complicated. Although it’s subjective, the evaluation method depends on the judgment of coin specialists. These specialists will carefully analyze every part of the coin to assess how nicely its quality has held up through time.

Here’s a video that illustrates the different grades of the coin and how to go about grading these collectibles.

The visual distinction distinguishes one “grade” from another. Like with any other currency, a coin’s degree of wear and tear is inversely proportional to its general condition and value.

Similarly, the 1921 peace dollar value depends on its condition. This condition can range from a grade considered the “good” condition to another with a much higher value in the “uncirculated” form.

Here’s a description of the various grades that exist:


The uncirculated 1921 Peace Silver Dollars have never been used or handled. When coined, the mint luster applied to the coin’s surface is the first to get worn. An uncirculated coin in excellent shape will look like it just came off the mint’s presses, despite being more than 100 years old.

A coin in this condition won’t have any flaws in its artwork or texture. Yet, the coin’s color and tone may hint at its age. A magnifying lens may closely examine the 1921 Peace dollar coin.

Collectors may use the magnifying glass to determine that the coin’s features are still apparent and haven’t faded with time. With the “uncirculated” grade, the sheen glows throughout the entire design when it’s held by the rims at a little angle and tilted back and forth.

Extremely Fine

An “extremely fine” 1921 Peace Dollar, graded one level lower, will have only tiny blemishes on either its reverse or obverse side.

Due to the currency circulating in the economy over the years, some more delicate elements, like the olive branch, might exhibit minor wear. In other places, the texture of the coin could be more refined. However, this piece is still thought to be in excellent condition and is still quite appealing.


Despite having pronounced indications of wear and tear, a good coin has maintained all of its intricacies and artwork. The coin’s polish may seem drabber, and the writing or pictures may exhibit minor wear.

The coin collectors will identify this grade by the smoothness and flattening of the once-rounded rays emerging from the crown.


The 1921 Peace Silver Dollar in “good” condition shows regions of wear and the hairline blending with the neck. In this coin, the well-drawn eagle on the reverse looks perfect, but much of the feather detail is lost.

Again, the writings or illustrations on the coin have suffered from severe deterioration. Despite their imperfect state, these coins are nonetheless prevalent because of their considerable scarcity.

The 1921 Peace Dollar Strike Appeal: How Does It Determine Coin Value?

The 1921 Peace Dollar Strike Appeal

When you attentively examine two 1921 Peace Dollar pieces, you might see that one of the coins has a deeper pattern than the other. The comprehensive portrayal of hair details in the middle of one might stand out as having a particular aggressiveness. However, the incomplete striking dulls the design of the second coin.

The mint didn’t produce every 1921 Peace Silver Dollar evenly due to production issues at the time and the high relief design. One of the coins has a much deeper strike and is more desirable to collectors.

In terms of other aspects of grading, the coins are pretty similar. The aggressively struck coin has a good sheen overlaid with subtle blue and gold tones, while the other distinct 1921 Peace silver dollar is brighter with less toning and has a “satin” luster.

Each of the coins has an exceptional level of luster. Moreover, abrasions and distracting markings are hardly noticeable.

Furthermore, the strike quality, which ultimately determines the 1921 Peace Dollar value, is what collectors must consider before making a decision. The boldly struck coin commands the most value for 1921 Peace Silver Dollars.

An Analysis of the 1921 Peace Dollar Value

An Analysis of the 1921 Peace Dollar Value

  • Mintage: 1,006,473
  • Auction Record: $132,000 (MS67)
  • Finest Known: MS67 (PCGS), MS69 (NGC)

The Peace Dollar undoubtedly had the quickest production period of all US coins. In just a few months, it was created and put into production. The legislature selected the “Peace” design to symbolize the conclusion of “the war to end all wars” (WWI) and to convey America’s aspiration for a time when peace prevailed.

Since Philadelphia served as the location of the 1921 Peace Dollar’s minting, they don’t carry any mint marks. For future years, it’s vital to note the location of the mint mark.

The mint didn’t resolve most of the issues with the 1921 peace dollar design until Christmas Eve, 1921, at which point manufacturing could start.

The Philadelphia Mint produced an incredible 1,006,473 Peace dollars from December 26 to December 31, 1921. Given how frequently dies break as a result of the design’s high relief quality, this feat is even more impressive.

The 1921 Peace Dollar has always been in high demand since 1921 was its first year of issuance and the first time the mint put a high relief version into circulation. This coin is particularly valuable as it is among the highest priced circulated grades and also one of the top five most expensive uncirculated grades of the Peace Silver Dollars.

Value-Based on Condition of the Coin

Coin Condition Value
Uncirculated $368
Extremely Fine $161
Fine $111
Good $82

The Influence of Mint State on the 1921 Peace Dollar Value

Like every other coin, the 1921 Peace Dollar’s mint condition also affects its value.

“Mint State” (uncirculated) coins are those that a coin collector buys when they’re still in the original state and sealed in canvas mint bags. These coins frequently have no “post-mint” flaws and exhibit full mint brilliance.

When talking about Mint State coins, “uncirculated” doesn’t always mean “undamaged.” Still, the fact that Mint State Peace Silver dollars weren’t circulated makes them highly sought and valued by collectors.

The Peace silver coins may be considerably devalued when damaged and dented from mixed heavy canvas sacks with cents, quarters, dimes, and nickels. Dents left behind by coins slamming against themselves are known as “bag marks.”

Any Peace Silver Dollar, regardless of how worn it seems, will grade as Mint State if it doesn’t have any circulation damage and hasn’t lost its mint luster.

Mint State coins are rated from MS60 (the lowest grade) to MS70 (perfect). Pristine MS70 Peace Silver Dollar coins don’t exist because the mint handled them quite similarly to regular circulation coins.

Let’s examine the various mint states of the 1921 Peace Dollar and how their value differs with varying mint states.

Mint State (MS) 61

The value of the MS61 1921 Peace Silver Dollar is $1,000.

An MS61 (Mint State–61) peace silver dollar piece has significant mint attritions. Most of these defects are noticeable in prominent areas, such as Miss Liberty’s head and neck and the eagle’s olive branch.

Due to multiple grooves, large and small bag marks, and dents, this coin is unattractive. A silver dollar graded “MS61” has an obviously poor appearance.

Collectors may not want to spend much money on an ordinary MS61 piece. However, they’ll be eager to add an MS61 1921 Peace Silver Dollar coin to their collections since it’s a rare mintage prized by dealers and collectors.

Mint State (MS) 63 and 64

Mint State (MS) 63 and 64

The value of the MS63 and MS64 1921 Peace Silver Dollar is $1,300.

Coins rated MS63 and MS64 are more attractive than lower grades owing to the Peace Silver Dollars’ excellent striking and mint luster. Yet, they will have obvious scratches or markings.

Many of these indentations may be present in the prominent focus regions. But, none will be too heavy or unattractive. They’re significantly less expensive than MS65 coins but more elegant than MS60–MS62 coins.

Mint State (MS) 65

The value of the Mint State 65 1921 Peace Silver Dollar is $4,150.

A Mint State 65 Peace Silver Dollar piece is categorized as “Gem Uncirculated” for some evident reasons. For instance, it hits with pinpoint accuracy and sparkles with full, alluring brilliance. This coin has irregular, weak patterns, but none are visible in the primary focus areas.

Due to its time spent in a large canvas bag in the Treasury vaults, the coin may show light friction stains on Liberty’s neck or the eagle’s olive branch.

An MS65 Peace Silver Dollar is considerably more exquisite than an MS63 from the same era, which explains the significant price difference.

Here’s a table outlining the value of different mint states of the 1921 Peace Silver Dollar:

Mint State Value
Mint State 61 $1000
Mint State 63/64 $1300
Mint State 65 $4150

Error Coin Variants of the 1921 Peace Silver Dollar

In addition to grade and mint state, mint errors can enhance a Peace Silver Dollar coin’s worth. Error coin variants of the 1921 Peace Silver Dollar are highly sought and valuable due to their innate rarity and unique appearance.

Some common error varieties of the Peace Silver Dollar and their average cost on eCommerce websites like eBay are outlined in the table below:

Error Coin Average Value
VAM 5A Scar Cheek $398.00
Obverse Struck Thru $299.95
Double Die Date/Liberty $199.99
Obverse Lamination $150.00–$350.00
Heavy Cracked Planchet $124.95


Is the 1921 Peace Silver Dollar unique?

The 1921 Peace Silver Dollar is somewhat unique because of its low mintage. However, people widely used the coins; therefore, worn-out coins aren’t exactly rare.

In all grades, NGC has certified 17,018. The coins may be found in Mint State easily because they were first-year issues. Still, gems can be relatively uncommon; just eight have received the MS 67 certification.

Why’s the 1921 Peace Silver Dollar rare?

The short answer to this is the low mintage of the coin coupled with high demand among numismatists.

The 1921 Peace Silver Dollar, a first-year, one-year type currency minted in high relief, is a highly significant release. Due to the minimal mintage, it ranks among the rarest Peace dollars. It’s precious in all grades ranging from the “good” to the “uncirculated,” which is extremely rare and regarded as the best of these valuable pieces.

What distinguishes a Peace Silver Dollar from a Morgan Silver Dollar?

On the one hand, the Morgan Dollar symbolized the nation’s industrial growth and westward migration towards the end of the 19th century. On the other hand, the Peace Silver Dollar denotes the end of World War I and the truce between the United States and Germany while also representing the nation’s emergence as a significant world power.


This piece portrays how the value of the 1921 Peace Silver Dollar varies with the coin’s grade and other factors, including the mint state. The coin’s value is subject to market fluctuations; hence, it has no fixed purchase rate.

Still, it’s crucial to follow the numismatic market faithfully to forecast how extensively the value of the 1921 Peace Silver Dollar will differ over time. You may acquire or auction these rare silver dollar coins at flea markets, auction sites, online stores, or by direct transactions.

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