1921 Morgan Dollar : History & Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

Suspended in 1904 because of a major drop within the demand for silver ensuing from the passage of the 1890 Sherman Silver Act, no additional Morgan {Dollars} can be struck till 1921. The collection was considered lifeless.

But due to World Conflict I, the federal government of Nice Britain was dealing with an financial disaster. Senator Key Pittman of Nevada proposed that the United States soften a portion of its reserves, held in silver cash, to assist stop the British pound from crashing, particularly in India. The eponymously named Pittman Act of 1918 ordered that as much as 350 million silver {dollars} be melted and bought to England at an artificially low mounted fee of 1 greenback per ounce. This was fairly the diplomatic favor, since throughout 1918, the spot worth of silver fluctuated between $17 and $20.

Whereas Britain didn’t buy their full allotment, the US did soften some 270,232,722 silver {dollars} – the overwhelming majority being Morgan {Dollars}. This accounted for almost half of the entire mintage of Morgan {Dollars} struck from 1878 as much as and together with 1904. Nevertheless, the Pittman Act additionally mandated that the US strike a substitute silver greenback for each coin they melted. Therefore, the silver greenback was introduced again in 1921.

However as a result of the 1921 Peace Greenback design was not but finalized, they have been pressured to restart the Morgan Greenback collection.

Sadly, Mint officers had assumed that the Morgan collection was lifeless, and they also had destroyed the grasp dies in 1910. So the Mint was pressured to create a completely new grasp die for the 1921 Morgan {Dollars}. This new die, nevertheless, got here out barely totally different than earlier Morgan Greenback dies. The now 76-year-old George T. Morgan re-engraved Woman Liberty’s head as smaller, very barely thinner, and barely youthful. His new design additionally had barely much less aid than the sooner model and lacked some particulars on the designs’ highest factors.

The excessive demand for greenback cash created by the Pittman Act pressured the United States Mint to strike a report quantity (86,730,000 cash) of Morgan {Dollars} in 1921. The lions’ share (44,690,000 cash) was struck in Philadelphia.

What Is the 1921 Philadelphia Morgan Greenback Value?

PCGS Coinfacts estimates that there are 13,500 examples surviving in MS65 or higher, of which they’ve licensed 7,828 examples. Moreover, NGC has licensed 10,852 items in 65 or higher. The best licensed grade for each corporations is MS67+.

Due to the massive mintage in 1921, which accounts for over 13% of the complete collection, low-grade examples are priced simply above the spot fee for silver. Since silver is value simply over $25 per ounce on the time of writing, low-grade 1921-P Morgan {Dollars} are value roughly $27 to $30. At $30 to $40, mid-grade examples (XF to low AU) are value barely extra. In low Mint State (MS60 to 62), the 1921 Morgan is value between $50 and $90. In excessive Mint State, costs actually begin to climb; between MS65 and MS66, the worth jumps from roughly $200 to upwards of $2,000. An MS67, bought within the Legend Uncommon Coin Auctions October 2015 sale, set the present public sale report of $19,975.

* * *

Market Information and Noteworthy Specimens

The PCGS MS67 inhabitants consists of one coin graded MS67PL. The PCGS MS67 inhabitants has grown from 10 to 34 cash since July 2015. The NGC census signifies one coin at MS67+. That coin (#4752096-005) was submitted to PCGS and downgraded to MS67.

Prime Inhabitants: PCGS MS67 (34, 2/2025), NGC MS67 (27, 2/2025), and CAC MS67 (5:0 stickered:graded, 2/2025).

• PCGS MS67 #36186941: As PCGS MS67 #05700174. “The R. Dier Assortment”, Heritage Auctions, January 7, 2004, Lot 2131 – $12,075; “The Jackson Gap Assortment,” Heritage Auctions, April 9, 2007, Lot 117 – $12,650. Pop 11 when provided. As PCGS MS67 #36186941. “Gold River Assortment”; Heritage Auctions, January 17, 2025, Lot 5301 – $12,000.
• PCGS MS67 CMQ #50852409: Stack’s Bowers, November 19, 2024, Lot 3076 – $8,400. Streak of golden brown firming throughout hair and jaw. Diagonal scratch on chin. Reduce to the left of star 8. Scattered stains on the reverse.
• PCGS MS67 #49105500: Stack’s Bowers, August 13, 2024, Lot 3253 – $8,400. Sensible.
• PCGS MS67 #38383753: Stack’s Bowers, March 19, 2020, Lot 3212 – $8,400; Stack’s Bowers, August 6, 2020, Lot 1242 – $9,000. Scattered gentle golden firming. Diagonal minimize under eagle’s proper wing. Pop 18 when provided.
• PCGS MS67 #35926210: As NGC MS67+ Heritage Auctions, February 20, 2020, Lot 3127 – $13,200. As PCGS MS67 #35926210. Stack’s Bowers, October 25, 2018, Lot 2103 – $15,500 Reserve Not Met. PCGS downgraded 1/2 level. PQ obverse firming.
• NGC MS67 #697051-003: Stack’s Bowers, October 25, 2018, Lot 1110 – $5,040. Scattered golden firming alongside the obverse periphery.
• PCGS MS67 #83560929: Heritage Auctions, August 2, 2017, Lot 4059 – $9,987.50. Darkly toned.
• NGC MS67 #3817059-003: Stack’s Bowers, Could 25, 2016, Lot 55 – $6,462.50.
• PCGS MS67 #25231484: Stack’s Bowers, July 2015, Lot 4629 – $11,750. Champagne hue. Scattered brown firming alongside date and right-side rim. Firming spot between stars 10 and 11. Firming spot on cheek. Pop 10 when provided.
• PCGS MS67 #25353559: Heritage Auctions, January 9, 2014, Lot 5331 – $15,862.50. Sensible. Pop 8 when provided.

Design

Obverse:

The obverse of the 1921-P Morgan Greenback reveals the attribute left-facing Liberty Head motif seen on all problems with this traditional greenback collection. The central Liberty bust wears a Phrygian cap encircled with a ribbon adorned with the inscription LIBERTY. Miss Liberty additionally wears a crown of wheat and cotton, which have been two of the nation’s most profitable pure agricultural belongings within the nineteenth century.

The motto E PLURIBUS UNUM is inscribed alongside the higher half of the obverse rim, and the date 1921 is centered on the backside of the obverse adjoining to the rim. Seven stars seem between the left aspect of the date and the inscription E PLURIBUS UNUM, whereas six stars fill the hole between the date and motto on the decrease proper aspect of the coin. In complete, the 13 stars symbolize the 13 colonies that mixed to kind the unique Union of america. On the base of Liberty’s neck is the M monogram representing Morgan’s preliminary.

Morgan designed the Liberty head bust after the likeness of Anna Willess Williams, a Philadelphia schoolteacher who modeled for the coin. Williams obtained vital public recognition after her face appeared on the Morgan Greenback, however she rejected the eye that was heaped upon her. She refused presents for performing roles and apparently had turned down a suggestion for marriage following her engagement to an unknown suitor. Earlier than dying on the age of 68 in 1926, Williams, who sat for Morgan on the sworn situation of anonymity, rebuffed her single stint as a coin design mannequin as little greater than an “incident of my youth.”

Reverse:

The reverse of the 1921 Morgan Greenback is dominated by a heraldic eagle, its wings unfold throughout the higher half of the coin. Between the higher ideas of the eagle’s wings seems the motto IN GOD WE TRUST. The eagle clutches an olive department in its proper claw representing peace and in its left claw are three arrows symbolizing the nation’s capability to defend itself. The central eagle design is partly encircled by a laurel wreath.

Alongside the rim of the higher two-thirds of the reverse is the legend UNITED STATES OF AMERICA, with the tip of the eagle’s left wings, which nearly contact the coin’s rim, interrupting the area between UNITED and STATES; the best wing visually divides the phrases OF and AMERICA. The phrases ONE DOLLAR, seen on the backside middle of the reverse, are flanked by a single, six-sided star on both aspect of the denomination inscription. Because the coin was struck in Philadelphia, there isn’t any mint mark.

Edge:

The sting of the 1921 Morgan Greenback is reeded.

Designer

Engraver George T. Morgan was born in Birmingham, England in 1845. He emigrated to america and started work as an assistant to Mint Chief Engraver William Barber and continued to supply patterns and commemoratives beneath the administration of Barber’s son, Charles. Morgan himself turned Chief Engraver in 1917. He died in 1925.

Coin Specs

* * *