What Is a 1921 Liberty Silver Dollar?

Both 'Peace' and 'Morgan' silver dollars were minted in 1921. Each bears a unique portrait of Lady Liberty on the obverse. The reverse of the 'Morgan' coin depicts an eagle clasping arrows and an olive branch, whereas the reverse of the 'Peace' coin includes a perched bald eagle.

1921 was the last year the 'Morgan' silver dollar was minted; it was previously issued from 1878 to 1904. Philadelphia-struck coins are unmarked, whereas those minted in Denver and San Francisco bear a "D" or "S" mark at the bottom reverse above the "DO" in "dollar." The coin is named after designer George T. Morgan.

1921 also marked the introduction of the 'Peace' silver dollar. Designed by Anthony de Francisci, the coin was released from 1921 to 1928 and again from 1934 to 1935. Since the coin was minted only in Philadelphia, it bears no mint mark.

Each coin features a metal content of 90 percent silver and 10 percent copper. However, a mintage of just over 1 million, as compared to the up to 86,730,000 'Morgan's' that were struck, makes the 'Peace' dollar much more desirable to collectors and dealers.

As of 2015, 'Morgan' dollars ranging from good to un-circulated condition are typically valued between $20.64 to $32.60; 'Peace' varieties in the same condition carry a value of $85 to $232, according to experts at CoinStudy.