Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
1921 Morgan: Market Values
1921 Morgan: Summary of Characteristics
Business Strikes:
Enabling legislation: Certain earlier acts plus the 1918 Pittman Act
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver, . 100 copper
Melt-down (silver value) in year minted: $0.48801
Dies prepared: Obverse: Unknown; Reverse: Unknown. Possibly over 200 pairs.
Business strike mintage: 44,690,000. February, 56,000; later months unknown.
Estimated quantity melted: Probably millions under the 1942 Silver Act; many millions more during the late 1970s when silver bullion became very expensive on world markets.
Approximate population MS-65 or better: 20,000 to 40,000 (URS-16)
Approximate population MS-64: 200,000 to 400,000 (URS-19)
Approximate population MS-63: 1,000,000 to 2,000,000 (URS-22)
Approximate population MS-60 to 62: 5,000,000 to 8,000,000 (URS-24)
Approximate population G-4 to AU-58: 10,000,000 to 15,000,000 (URS-25)
Availability of prooflike coins: Tens of thousands of PL pieces exist; sometimes certain prooflikes are sold as "Zerbe Proofs."
Characteristics of striking: Most are poorly struck and show granularity on Miss Liberty's cheek. All are from shallow dies.
Known hoards of Mint State coins: More or less continuously distributed by the Treasury during the 1950s and early 1960s.
"Zerbe Proofs"; Prooflike:
Dies prepared: Obverse: 1; Reverse: 1.
Proof mintage: Many hundreds, possibly thousands .
Approximate population "Proof-65" or better: 10+/- (URS-5)
Approximate population "Proof-64": 14+/- (URS-5)
Approximate population "Proof-63": 18+/- (URS-6)
Approximate population "Proof-60 to 62": 65+/- (URS-8)
Note: In my opinion, such coins are prooflike business strikes, not Proofs, but this is a minority view.
Mirror Proofs; "Chapman Proofs":
Dies prepared: Obverse: 1; Reverse: 1.
Proof mintage: Possibly 15 mirror-surface Proofs.
Approximate population Proof-65 or better: (URS-O)
Approximate population Proof-64: 2 to 4 (URS-2)
Approximate population Proof-63: 2 to 4 (URS-2)
Approximate population Proof-60 to 62: 2 to 4 (URS-2)
Note: The population is poorly documented due to a proliferation of prooflikes being offered as Proofs.
Commentary
The 1921 is the commonest of all Morgan dollars.
Additional Information
Resumption of Dollar Coinage
The April 1921 issue of The Numismatist told of the reo sumption of silver dollar production:
"Silver Dollars Again Being Coined: After a lapse of 17 years the coinage of standard silver dollars was resumed at the Philadelphia Mint in February, the report of the month's coinage printed in this issue showing that 56,000 pieces of that denomination were struck during the month. In response to a letter addressed to the Superintendent of the Mint, asking for particulars, the following was received:
"'Replying to your letter of the 11th instant, you are advised that the standard silver dollars now being coined at the Mint are of the same design as those coined in 1904. These coins are not being paid out.'
"As the new coins are not obtainable by the public at the Mint, the inference is that they are being coined to replace those sold to foreign governments during the late war, and on accountof which many silver certificates were retired from circulation."