1921 Morgan Dollar
Guidelines for Collecting:
The 1921 Morgan dollar is by far the most plentiful today of any date in the Morgan series. In this year the Treasury caused tens of millions of coins to be struck to provide backing for Silver Certificates.
The Mint redesigned the Morgan dollar this year—the old Morgan hubs were thought to have been destroyed in 1910—and the new coin was in more shallow relief at Miss Liberty’s portrait on the obverse and with a flatter reverse than the older dates in the series. All of the 1921 dollars look different from those produced from 1878 to 1904. Due to the nature of the dies, the strike on all 1921 dollars is apt to be shallow. Most coins show additional weakness on the reverse among the lower wreath leaves. Luster is usually satiny rather than frosty, but many specimens are dull or grainy. Most Proofs possess the same highly polished deep mirror surface typical of the 19th century Proof Morgan dollars. Some may have slight tinges of graininess near the rims. Contrast is average.
Availability in Circulated Grades:
This plentiful issue can be found in just about any circulated grade imaginable though it is a date that generally goes to the melting pot in times of high silver value.
Availability in Mint State Grades:
Millions of coins exist in Mint State! Name your grade and it’s yours, though, of course, gems are not as common as you might think. A solid gem MS-65 or finer coin with bold details and lively luster is a prize waiting to be plucked by today’s discerning collectors.
Availability in Proof:
There are so-called “Zerbe” Proofs of the date that were supposedly ordered by Farran Zerbe, but most collectors today do not consider the pieces with the Zerbe designation to be Proofs in the true sense. No Zerbe documentation has ever been found, and the matter may be a fantasy. Even so, they are certified as such, and there is a ready market for them.
On the other hand, there are “Chapman” Proofs of the year that more closely answer the calling of Proof Morgan dollars. Perhaps 25 to 30 or so were forthcoming from the Mint in Philadelphia, most of which were offered in early 1922 by dealer Henry Chapman. These have the earmarks of earlier Proofs—flashy, reflective fields, and there is some slight cameo contrast on a few specimens. These appear only infrequently in the marketplace and authentication is mandatory for those unfamiliar with the issue.
The example to the left was sold by Stack's Bowers Galleries in the August 2020 ANA Auction, where it realized $9,000.
1921 Morgan Dollar Auction Highlights
 PCGS PR-64 Sold for $100,625 View Lot 5288 |  PCGS PR-65 Sold for $69,000 View Lot 2243 |  PCGS PR-64, CAC Sold for $63,000 View Lot 4145 |
