Silver Morgan Dollars were issued by the United States Mint from 1878 through 1904 and then again for a short period in 1921. The coins are named after their designer, George T. Morgan and feature the profile of the mythical figure of Liberty on their obverse and an eagle with outstretched wings on the reverse.
The 1921 Zerbe Special Strike Morgan Dollars were allegedly struck for Farran Zerbe. Farran Zerbe was a numismatic writer, collector of coins and had an extensive numismatic library in the late 1800s's to early 1900's.
Morgan Dollars are composed of 90% silver and contain 0.7734 ounces of the precious metal (melt values for the Morgan Dollars can be found by using the calculator in the right column of this page). Each coin has a total weight of 26.73 grams with a diameter of 38.1 mm.
- The first payment was made when it came due in June 1921, and marked the beginning of an increasingly rapid devaluation of the mark, which fell in value to approximately 330 marks per dollar. The total reparations demanded were 132 billion gold marks, but Germany had to pay only 50 billion marks at the time, as the reparations were required to.
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Prior to the Morgan Dollar release, the U.S. Mint had not struck a silver dollar for circulation within the United States since the last Seated Liberty Dollar was minted in 1873. It had produced Trade Dollars in the interim, but those coins were intended for use in Asia.
Historical Morgan Dollar Silver Coin Melt Values
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However, the silver market in the latter half of the 1870’s was severely depressed owing to factors such as the discovery of the Comstock Lode in Nevada, vast amounts of German silver appearing in American markets and the lack or silver coinage. In order to combat the falling market, several attempts were made by Congress to re-institute the coining of silver.
Then, in 1878, the Bland-Allison Act was passed which called for the U.S. Mint to strike millions of dollars worth of silver coins each month. With a new order for silver coinage in hand, officials at the U.S. Mint turned to assistant engraver George T. Morgan for his designs.
Morgan had actually only come to the United States in 1876 at the request of U.S. Mint Director Henry Richard Linderman. Linderman wrote to C.W. Fremantle, Deputy Master of the Royal Mint in London, to inquire if he knew of anyone willing and capable of becoming the assistant engraver at the U.S. Mint. Fremantle strongly recommended Morgan who was currently working at the Royal Mint.
Morgan’s obverse for the silver dollar shows a left-facing profile of the mythical figure of Liberty. Surrounding Liberty are the inscriptions of 'E PLURIBUS UNUM,' the year of minting and thirteen stars representative of the original thirteen colonies.
The reverse of the strike shows an eagle with its wings stretched out. The eagle is depicted clasping a bundle of arrows and an olive branch. Reverse inscriptions include 'UNITED STATES OF AMERICA,' 'IN GOD WE TRUST' and 'ONE DOLLAR.'
1921 Silver Dollar E Pluribus Unum
Annual production of silver coin ceased in 1904 as bullion supplies dwindled and demand was at a low level. Production shortly resumed in 1921 as the Mint was directed once again to produce silver coinage, however, Morgan Dollars were soon replaced with Peace Dollars. Throughout their entire production, the Morgan Dollar was struck at five different facilities of the United States Mint: Philadelphia, Denver, San Francisco, New Orleans and Carson City.
Owing to their unique history, well-liked design and relatively abundant supplies, collectors favor Morgan Dollars in great numbers. However, even if a Morgan is in such poor shape as to not warrant numismatic interest, it is still relatively valuable for its silver coin melt value.
The Year of Two Different Dollars
1921 was a unique year for the US silver dollar program. The Mint saw the return of the Morgan Silver Dollar, as well as the start of production for the Peace Silver Dollar. During this time in history, it was very uncommon for the Mint to produce two different types of designs for the same denomination coin in one year.
1889 Silver Dollar
For the majority of the year, the Mint produced the Morgan Silver Dollar, while the design for the Peace Dollar was being finalized. After Anthony de Francisci’s design for the Peace Dollar had been approved, the Mint went to work, quickly implementing the design for production.
In the last months of 1921, the Morgan Silver Dollar was finally retired, and Francisci’s Peace Dollar was finally put into production. This change marked the end of the Morgan Dollar as the official US Silver Dollar design, which was used from 1878 till 1904, and again in 1921.
Similar to the Morgan Dollar, the Peace Dollar would continue to be minted until 1928, when it was discontinued due to a lack of silver. It would later be reintroduced in 1934 and 1935 before being officially discontinued.
About the 1921 Morgan Silver Dollar
After being on a hiatus for 16 years, George T. Morgan’s silver dollar had finally begun minting again in 1921. The reason for the 16-year gap between minting was due to the lack of silver blanks necessary to create the Morgan Dollar. The re-minting of the Morgan Dollar was short-lived and only lasted for about three-fourths of a year before being officially discontinued.
During this short minting run, the Morgan Dollar was minted in great numbers, with approximately 44,690,000 examples struck. This makes 1921 the year that the most Morgan Dollars were minted, far surpassing the next closest mintage of 21 million in 1889.
Like all other Morgan Dollars minted, the 1921 features a composition of 90% silver and 10% copper. The coin weighs 26.73 grams and has a diameter of 38.1mm or 1.5 inches. Reeding, or small bumps on the edge of the coin, is present and denticles can be found on both the obverse and reverse.
About the 1921 Peace Silver Dollar
Because of the Peace Dollar’s minting at the end of 1921, not many examples were produced. Only 1,006,000 coins were produced and distributed to the public. This low mintage makes the 1921 Peace Dollar much rarer than the 1921 Morgan Dollar.
Despite the low mintage, the 1921 Peace Dollar was greeted with positive reviews by the public. This increasing consumer demand and wide acceptance by the public led the mint to begin producing large quantities in the following years.
The Peace Dollar shares the same 90% silver, 10% copper composition as the Morgan Dollar. Even the weight and diameter were kept the same so the mint could use the same silver blanks that were used to produce the Morgan Silver Dollar. Reeding is present on the edges, but no denticles can be found on the obverse or reverse.
Value of the 1921 Silver Dollars
Although produced in the same year, the 1921 Morgan and Peace Dollars have very different values. This difference in price mainly comes from the difference in mintage numbers for the two coins.
Since a huge number of Morgan Dollars were minted in 1921, the prices tend to be much lower than other dates in the series. An average grade 1921 Morgan Silver Dollar tends to have a slight premium above the coin's silver content, valued at about $22. This value changes if the coin is in Uncirculated condition, increasing to around $35. If graded at MS-63, the 1921 Morgan Dollar is estimated to be worth $55.
The 1921 Peace Dollar is almost the exact opposite of the 1921 Morgan Dollar when it comes to mintage numbers and value. Because of its very low mintage, the 1921 Peace Dollar is much rarer and in turn much more valuable than the 1921 Morgan Dollar.
Even 1921 Peace Dollars that are in Good condition are valued at $70 and those in Extremely Fine condition are worth $105. Uncirculated examples sell for about $230 and MS-63 graded examples are valued at $440.
When it comes to coins and the prices that collectors place on them, prices are normally related to how rare the coin is compared to other dates in the series. This can clearly be seen with the 1921 Morgan and Peace Dollars, where the more common Morgan Dollar is priced much lower than the much rarer Peace Dollar.