Jaime Hernandez
1921 is the last year in which the Mint struck Morgan Silver Dollars. The coins were struck from the large and famous Nevada Silver discovery, the Comstock Lode.
The 1921-D Morgan Dollar is also the only Morgan Silver Dollar that was struck at the Denver Mint. Despite being the last year of the Morgan Dollar it is also the only year in which you can obtain an example from each three different Mints. Which are the 1921 Philadephia, Denver and San Francisco Morgan Dollars.
Q. David Bowers
The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993).
Commentary: The 1921-D Morgan dollar is distinctive as the only Denver Mint coin of this design. A set of Morgan dollars from the different mints included Philadelphia, Carson City, New Orleans, San Francisco, and, now, Denver. The D mintmark is tiny on all issues; Micro D. Some coins were struck from die(s) with the D shallowly impressed; the mintmark is scarcely visible.
In keeping with Philadelphia Mint coins, 1921-D dollars were struck from redesigned shallow-relief dies.
Hoard coins: Vast quantities of Mint State 1921-D dollars were released in the 1950s and early 1960s. The issue was considered common, and most dealers did not desire to buy them. Today, original mintsealed bags are few and far between, but the coins themselves are common. However, far fewer Mint State 1921-D dollars exist than do 1921 Philadelphia Issues.
Circulated grades: In worn grades, 1921-D dollars are exceedingly common. AU coins are difficult to distinguish from MS-60. An estimated 1.5 to three million circulated pieces survive.
Mint State grades: The typical Mint State coin is in lower grades such as MS-60, 61, or 62, and is an average strike, but some are well struck. As the dies were in shallow relief, a sharp strike is not as distinctive as one of the earlier 1878-1904 era. The surfaces are often frosty and lustrous, a point in their favor. As is the case with 1921 Philadelphia Mint Morgan dollars, a certified 1921-D is apt to have a poor aesthetic appearance.
I suggest these estimates: MS-60 to 62, 750,000 to 1,500,000; MS-63, 200,000 to 400,000; MS-64, 50,000 to 100,000; MS-65 or better (per current interpretations), 10,000 to 20,000.
Prooflike coins: What the certification services call PL coins are rare, unlike their Philadelphia Mint counterparts. Semi-prooflike pieces are occasionally seen; these sometimes have frosted designs. So called DMPL coins are scarer than PLs. Read what I have to say under 1921 Prooflike coins; the same thoughts apply here.
Engraved field pieces: See extensive commentaries by Norman M. Davis and Walter H. Breen under Additional Information below, for data concerning 1921-D dollars engraved in the field, a typical inscription being 9TH DOLLAR RELEASED FROM 1ST 100/ EVER COINED AT DENVER MINT / THOMAS ANNEAR, SUPT.
Varieties
REDESIGNED DIES: SHALLOW RELIEF
Business strikes:
1-2. 16 Berries in reverse wreath, Micro D:Breen-5709; Raised round dot in field: Breen-5710, many dot sizes (see VAM, p. 125). VAM-4 has multiple dots. Some 1921-Ds have the S in TRUST filled in. Many minor positional varieties. All are Van Allen and Mallis Reverse D-2.
Dies prepared: Obverse: At least 30; Reverse: At least 30. The true number is probably over 100 die pairs.
Business strike mintage: 20,345,000
Estimated quantity melted: Many millions under the Silver Act of 1942 and later melts.
Availability of prooflike coins: Prooflike coins are scarce, but because they are usually unattractive there has been very little demand for them. So-called DMPL coins are scarcer yet
