1921 Morgan Dollar – PCGS MS64

The Final Chapter of an American Icon

In the tumultuous aftermath of World War I, as America was transforming through rapid industrialization and social change, a numismatic legend made its unexpected final appearance. The 1921 Morgan Silver Dollar emerged after a 17-year hiatus, becoming not just a coin but a bridge between America's past and its future. This wasn't merely another mintage – it was the swan song of one of the most beloved coin designs in American history, created under extraordinary circumstances.

The resurrection of the Morgan Dollar in 1921 came about through the Pittman Act of 1918, a response to wartime silver shortages that had seen more than 270 million silver dollars melted down. The legislation required the government to replace these coins by purchasing domestic silver, leading to the Morgan's brief but significant return. What makes this particular year fascinating is that it serves as both an end and a transition – the final Morgan dollars ever produced before the introduction of the Peace Dollar design later that same year.

What many collectors find captivating about the 1921 Morgan is its unique characteristics compared to earlier issues. When Mint officials decided to revive the Morgan Dollar, they discovered the master dies had been destroyed in 1910, believing the series was permanently retired. This forced the now 76-year-old George T. Morgan to re-engrave the dies entirely from scratch. His new interpretation of Lady Liberty appeared slightly smaller, thinner, and younger than the original design, with subtle differences that numismatists have studied for decades.

The economic turbulence of post-World War I America provides a compelling backdrop to these coins. As the nation underwent massive economic shifts, these silver dollars represented stability and tangible value during uncertain times. Later, during the economic panic following the Gold Reserve Act of 1933, many Americans converted their paper money into silver dollars, giving these 1921 Morgans renewed importance in circulation.

The 1921 mintage was unprecedented – a staggering 86,730,000 coins produced across the Philadelphia, Denver, and San Francisco mints, with Philadelphia striking the lion's share at 44,690,000 pieces. This massive production represents over 13% of the entire Morgan Dollar series. Despite this high mintage, finding specimens in truly premium condition like the MS64 grade offered here remains challenging, as most coins saw significant circulation or improper storage over their century of existence.

This particular MS64 specimen represents a superior example of this historic final year, preserved in a condition that fewer than 5% of surviving specimens can match. It captures a pivotal moment in American numismatic history – the end of an era and the dawn of another.

Design Features

The obverse showcases George T. Morgan's iconic Liberty head design, though with subtle differences from earlier years due to the recreation of the dies. Liberty faces left, wearing a Phrygian cap adorned with cotton and wheat blossoms, symbolizing America's agricultural heritage. The profile was modeled after Anna Willess Williams, a Philadelphia schoolteacher who became an immortalized, anonymous model for one of America's most recognized coin designs. Encircling Liberty are 13 stars representing the original colonies, with the date 1921 below and the motto "E PLURIBUS UNUM" above.

The reverse features Morgan's distinctive eagle with wings outstretched, clutching arrows and an olive branch in its talons – traditional symbols of America's desire for peace but readiness for war. The eagle is surrounded by a wreath, with "UNITED STATES OF AMERICA" and "ONE DOLLAR" encircling the design. The "IN GOD WE TRUST" motto appears above the eagle. This particular specimen displays the strong strike and exceptional detail that earned it the premium MS64 grade, with lustrous silver surfaces that showcase Morgan's artistry in remarkable clarity.

Product Highlights

• Metal Type: SILVER – No Hedge
• Purity: 0.9
• Weight: 0.7734 oz
• Grade: MS64
• Manufacturer: United States Mint
• Mint Mark: Various
• Grading Service: PCGS
• IRA Eligible: No
• Obverse: Liberty head facing left, wearing a Phrygian cap adorned with wheat and cotton blossoms, surrounded by stars and the date 1921.
• Reverse: American eagle with wings spread, clutching arrows and olive branch, surrounded by inscriptions and wreath.

Investment Appeal

This MS64 1921 Morgan Dollar represents an exceptional investment opportunity for several compelling reasons. As the final year of this iconic American series, it holds particular historical significance that transcends its silver content. The coin captures a pivotal moment in American economic history, produced during the transition between the Morgan and Peace Dollar designs.

While the 1921 Morgan had a substantial mintage, specimens in MS64 condition remain scarce. PCGS estimates that only a small percentage of the original mintage survives in this premium grade or better. This rarity, combined with ever-growing collector demand, has created steady appreciation for high-grade examples over time.

The coin's 90% silver composition provides intrinsic precious metal value that serves as a foundation for its worth, while its numismatic premium offers protection against simple silver price fluctuations. The professional PCGS certification ensures authenticity and proper grade assessment, providing confidence to both collectors and investors.

For the serious numismatist, this coin represents the final chapter of George T. Morgan's masterpiece – with its slightly modified design details making it distinctly different from earlier issues and therefore essential for a complete collection. As we approach the coin's centennial anniversary, interest in these historic pieces continues to grow among both established collectors and newcomers discovering the rich heritage of American coinage.