Silver Dollar Value by Year: Morgan and Peace Dollars
1921 saw both a common Morgan dollar and a scarcer first-year Peace dollar. See how to tell them apart and what a 1921, 1922, or 1923 silver dollar is worth.
Two entirely different coin designs share the silver dollar era, and 1921 is the one year where both of them exist side by side. Getting the design right matters more than the date alone for this particular year.
What is the difference between a Morgan and a Peace silver dollar?
A Morgan dollar shows Liberty’s profile on the obverse and an eagle with spread wings inside a wreath on the reverse. It was struck from 1878 to 1904, then again for one final year in 1921 after a gap of 17 years, brought back under a law requiring the mint to strike new silver dollars from a large silver purchase.
A Peace dollar shows a different Liberty profile on the obverse and an eagle perched on a rock, facing a rising sun, with the word PEACE printed beneath it on the reverse. It was introduced in late 1921 to commemorate the end of World War I and ran through 1928, then again in 1934 and 1935.
Both designs are 90% silver, weigh 26.73 grams, and contain 0.7734 troy ounces of pure silver each. The metal content is identical; what changes the price is the design, the year, and the mintage behind it.
What is a silver dollar worth by year and design?
| Design | Years | Typical circulated value | Typical uncirculated value |
|---|---|---|---|
| Morgan (common dates) | 1878-1904 | $25-$35 | $40-$80 |
| Morgan, 1921 | 1921 only | $25-$35 | $40-$70 |
| Peace, 1921 (high relief, first year) | 1921 only | Above common Peace-dollar range | Above common Peace-dollar range |
| Peace (common dates) | 1922-1928, 1934-1935 | $22-$30 | $35-$60 |
These are collector-market ranges based on silver near $28-$30 per ounce, not investment advice. Key dates and unusually well-preserved examples within either series can sell for meaningfully more than the ranges above.
What is a 1921 silver dollar worth?
This is the one year where the answer genuinely depends on which coin you are holding. The 1921 Morgan dollar was struck in enormous numbers as the mint restarted the series after 17 years away, so it prices in line with any other common-date Morgan, roughly $25-$35 circulated. The 1921 Peace dollar is a different story: it was the first year of the design, struck in high relief with deeper, more sculpted details than the years that followed, and production numbers were comparatively limited before the mint simplified the design to a lower relief starting in 1922. That combination makes a genuine 1921 Peace dollar sell for more than a common later Peace dollar, particularly in well-preserved condition where the high-relief detail is still sharp.
Telling them apart takes one look at the reverse: wreath and spread-wing eagle means Morgan, sunburst and the word PEACE means Peace dollar. There is no ambiguity once you check the design, and it takes less time than reading the date under a loupe.
What is a 1922 or 1923 silver dollar worth?
Both are Peace dollars from the years immediately after the high-relief 1921 debut, and both were struck in very large numbers once the design moved to the simpler low-relief version. A common circulated 1922 or 1923 Peace dollar sells for roughly $22-$30, in line with any other common-date Peace dollar from the series, and both years are among the easiest Peace dollars to find in any coin shop’s inventory.
How does a Morgan or Peace dollar’s silver content compare to smaller coins?
At 0.7734 troy ounces per coin, a Morgan or Peace dollar carries more than four times the silver content of a pre-1965 quarter and more than twice that of a pre-1965 half dollar, which is why silver dollars command a meaningfully higher floor than smaller silver coins even in worn condition, and why they are usually the first coins worth weighing in a mixed jar of old silver. Our Morgan dollar melt value guide walks through that math in detail, including how weight alone can help confirm a genuine coin before you rely on any price estimate.
Should you clean an old silver dollar before selling it?
No. Morgan and Peace dollars often carry natural toning built up over a century or more, and that toning is part of what serious collectors look for rather than something to remove. Cleaning, even a careful rinse or polish, leaves fine hairline scratches across the surface that an experienced buyer spots under normal light, and it typically drops the price well below what the same coin would have brought left alone. If a silver dollar looks dull, dark, or unevenly toned, resist the urge to shine it up; price it as is and let a buyer judge the original surface.
Where should you check next?
If you also have a large dollar coin from the 1970s that looks similar but feels different in the hand, it is likely an Eisenhower dollar rather than a Morgan or Peace, and it carries a completely different silver story; our Eisenhower dollar value guide explains why most of those are not silver at all. For a current melt-value number on any silver-content dollar rather than a static range, our silver melt value calculator uses today’s spot price directly. Once you know what a coin is actually worth, our guide to selling old coins covers where a genuine silver dollar sells best against a common one.
Frequently asked questions
Quick answers to what readers ask us most
What is a 1921 silver dollar worth?
It depends which one you have. A 1921 Morgan dollar is common, worth roughly $25-$35 circulated, since it was struck in huge numbers. A 1921 Peace dollar is the scarcer first-year, high-relief design and generally sells for more than a common later Peace dollar.
How do I tell a Morgan dollar from a Peace dollar?
Look at the reverse. A Morgan dollar shows an eagle with spread wings inside a wreath. A Peace dollar shows an eagle perched on a rock facing a sunburst, with the word PEACE printed below it. The two designs never overlap outside 1921.
What is a 1922 or 1923 silver dollar worth?
Both are Peace dollars from the years right after the design's first, high-relief year, and both were struck in very large numbers. A common circulated example of either year is worth roughly $22-$30.
How much silver is in a Morgan or Peace dollar?
Both are 90% silver and weigh 26.73 grams, containing 0.7734 troy ounces of pure silver each. Use our silver melt value calculator for a current dollar figure based on today's spot price.