The 1921 Peace Dollar is a historic and highly coveted coin among numismatists. It was the first U.S. silver dollar issued to commemorate the end of World War I and the restoration of peace.
This guide provides an in-depth look at the 1921 Peace Dollar, exploring its history, design, minting details, market value, and what makes it a prized piece in any coin collection.
The Birth of the Peace Dollar
The Peace Dollar was introduced as a symbol of peace following the end of World War I, replacing the Morgan Dollar that had been in circulation since 1878. The idea for the Peace Dollar was proposed by numismatist Farran Zerbe, who envisioned a coin that would celebrate the victory and peace achieved after the war. The U.S. Mint approved the concept, and the first Peace Dollar was struck in 1921.
Design and Features of the 1921 Peace Dollar
The design of the 1921 Peace Dollar is both iconic and symbolic. Here are the key features:
- Obverse Design: The obverse features a profile of Lady Liberty wearing a radiant crown, designed by Anthony de Francisci. The word “LIBERTY” arches above her head, with the date “1921” below and the inscription “IN GOD WE TRUST” to the right.
- Reverse Design: The reverse depicts a majestic bald eagle perched on a rock, holding an olive branch. The word “PEACE” is prominently displayed at the bottom, symbolizing the coin’s purpose. The inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” encircle the eagle.
- Composition: The 1921 Peace Dollar is composed of 90% silver and 10% copper, with a total weight of 26.73 grams and a diameter of 38.1 mm.
- High Relief: The 1921 Peace Dollar is unique in that it was struck in high relief, giving the design more depth and detail. However, this also made the coin more challenging to strike, leading to changes in later years.
Minting Details
The 1921 Peace Dollar was produced at the Philadelphia Mint, with a total mintage of 1,006,473 coins. Given its high relief design, the coin was difficult to produce, and the dies wore out quickly, resulting in fewer coins being minted in this year compared to later issues.
| Coin | Year | Mint Mark | Mintage | Composition | Diameter | Weight |
|---|---|---|---|---|---|---|
| 1921 Peace Dollar | 1921 | None | 1,006,473 | 90% Silver, 10% Copper | 38.1 mm | 26.73 grams |
Rarity and Collectibility
The 1921 Peace Dollar is considered rare, particularly in higher grades. Its high relief design means that many coins exhibit signs of wear, making uncirculated examples highly sought after. The coin’s historical significance, being the first of the Peace Dollar series, also adds to its collectibility.
Grading the 1921 Peace Dollar
Grading is crucial for determining the value of a 1921 Peace Dollar. Coins are graded on a scale from Poor (P-1) to Perfect Mint State (MS-70). Here’s a general guide to what you can expect at different grades:
- Good (G-4): Significant wear, but the major details are still visible.
- Very Fine (VF-20): Moderate wear with all details clear, although slightly flattened.
- Extremely Fine (EF-40): Light wear on the high points, with most details sharp and clear.
- Uncirculated (MS-60 to MS-65): No signs of wear, with full luster and sharp details. Higher grades indicate fewer marks and a more brilliant appearance.
Market Value of the 1921 Peace Dollar
The value of a 1921 Peace Dollar varies significantly based on its condition. Here is an approximate value range:
| Grade | Approximate Value |
|---|---|
| Good (G-4) | $80 – $150 |
| Very Fine (VF-20) | $200 – $400 |
| Extremely Fine (EF-40) | $500 – $1,200 |
| Uncirculated (MS-60) | $1,500 – $3,000 |
| Uncirculated (MS-65) | $7,000 – $20,000 |
These values can fluctuate depending on market demand, the coin’s provenance, and specific characteristics such as toning or strike quality.
Investing in the 1921 Peace Dollar
The 1921 Peace Dollar is not just a collector’s item; it is also considered a good investment. The coin’s rarity, historical significance, and the demand for high-quality examples make it a strong candidate for long-term value appreciation. When investing, consider the following:
- Condition: Higher-grade coins are more likely to appreciate in value. Focus on uncirculated examples when possible.
- Authentication: Ensure that the coin is authentic and has been graded by a reputable service like PCGS or NGC.
- Market Trends: Keep an eye on auction results and market trends to make informed buying decisions.
Conclusion
The 1921 Peace Dollar is a remarkable piece of American history and a cornerstone of any serious coin collection. Its unique high relief design, historical significance, and relative rarity make it a must-have for collectors and investors alike.
Whether you are drawn to its artistic beauty or its investment potential, the 1921 Peace Dollar offers a tangible connection to a pivotal moment in U.S. history.
Frequently Asked Questions (FAQs)
Why is the 1921 Peace Dollar considered rare?
The 1921 Peace Dollar is rare due to its limited mintage, high relief design, and the historical significance of being the first coin in the Peace Dollar series.
What is the value of a 1921 Peace Dollar?
The value ranges from $80 in Good condition to over $20,000 in high-grade uncirculated condition, depending on the coin’s state and market demand.
How can I tell if my 1921 Peace Dollar is authentic?
To ensure authenticity, purchase from reputable dealers and consider having the coin graded and authenticated by professional services like PCGS or NGC.
Why was the 1921 Peace Dollar struck in high relief?
The high relief was intended to give the design more depth and detail, but it also made the coin more challenging to strike, leading to design modifications in later years.
Is the 1921 Peace Dollar a good investment?
Yes, the 1921 Peace Dollar is considered a strong investment due to its rarity, historical significance, and demand among collectors, particularly in higher grades.
