Sample Report
1921 Morgan Silver Dollar
United States Mint, Philadelphia, 1921 — Estimated MS 63 (Choice Uncirculated)
Silver, 38.1 mm · Representative example of a well-known US coin; valuation anchored to documented auction results for 1921 Morgan dollars in comparable grade.
ArtVal™
Art & Antique Appraisal
AV-2026-007823
July 25, 2026
Appraisal Certificate
1921 Morgan Silver Dollar
United States Mint, Philadelphia, 1921
Fair Market Value
$285
Range $210 – $380 · Confidence 87%
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Median value
$285
Range $210 – $380
Confidence
87%
Sharp strike, original surfaces
10-year outlook
+3.2% CAGR
Projected, modeled
Identification
The coin is identified as a 1921 Morgan Silver Dollar struck at the Philadelphia Mint — the final year of the original Morgan dollar series, and the highest-mintage date in the entire run. The obverse shows Miss Liberty in profile with a cap inscribed LIBERTY and thirteen stars; the reverse displays a heraldic eagle within UNITED STATES OF AMERICA and ONE DOLLAR. No mint mark appears on the reverse (below the eagle's tail feathers), confirming Philadelphia origin. Surfaces show the cartwheel luster typical of original Mint State coins with no evidence of cleaning or artificial toning.
Category: Coin, silver
Period: 1921
Mint: Philadelphia (no mint mark)
Estimated Grade MS 63 (Choice Uncirculated, raw)
Composition: 90% silver, 10% copper (26.73 g)
Valuation Rationale
The median estimate of $285, within a range of $210 to $380, is anchored to recent auction results for 1921 Morgan dollars in the MS 63 grade bracket. The 1921-P is the most plentiful Morgan dollar — over 44 million were struck — and trades at modest premiums over melt compared to scarcer dates. In the 2025–2026 auction seasons, PCGS- and NGC-certified MS63 examples regularly sold between $270 and $330 at Heritage and Stack's Bowers, while MS62 coins averaged around $190 and MS64 examples climbed to $420–$450.
This coin sits at the midpoint of the MS63 bracket: sharp obverse and reverse detail and untouched original luster lift it above worn or cleaned examples, while moderate contact marks on Liberty's cheek (typical for the grade) and its raw, uncertified status keep it below slabbed comparables. The confidence figure of 87% reflects a densely traded coin with thousands of auction records; residual uncertainty concerns grade confirmation on the contact marks and short-term silver spot fluctuations rather than identification.
Valuation Adjustments
How specific characteristics move the estimate relative to a baseline comparable.
Comparable Sales
1921 Morgan Silver Dollar MS63, PCGS
Heritage Auctions, US Coins Signature · Dec 2025
$312
1921 Morgan Silver Dollar MS63, NGC
Stack's Bowers, Spring Showcase · Mar 2026
$288
1921 Morgan Silver Dollar MS62
GreatCollections, Online · Jan 2026
$198
1921 Morgan Silver Dollar MS64, PCGS — grade-up benchmark
Heritage Auctions, US Coins · Feb 2026
$432
Numismatic Dossier
The Morgan Dollar: History and Legacy
The Morgan dollar was struck from 1878 to 1904 and again in 1921, designed by George T. Morgan whose initial 'M' appears on Liberty's neck truncation. Named for the Bland-Allison Act that mandated its production, the series was born of western silver mining politics and became one of the most collected American coins in history. The 1921 issue — revived to meet post-World War I bullion obligations — used newly made dies of slightly simplified design; it is the single most common date in the series, with 44,690,000 Philadelphia coins struck, yet remains a market staple because it is the natural entry point for first-time Morgan collectors.
Grading and the Sheldon Scale
Coin grading uses the Sheldon numerical scale (1–70), with Mint State grades (MS60–MS70) reserved for uncirculated coins. MS63 (Choice Uncirculated) indicates full mint luster with some scattered contact marks — the result of coins contacting one another in mint bags. The difference between MS63 and MS65 can be a factor of two to three in price for the 1921 Morgan, and professional certification by PCGS or NGC adds a resale premium over raw (uncertified) coins because buyers trust the encapsulated grade.
Silver Content and the Bullion Floor
Each Morgan dollar contains 0.7734 troy ounces of pure silver, giving it a bullion value that rises with spot silver prices and sets an absolute price floor regardless of grade or demand. As of mid-2026, this floor sits near $20–$22 per coin at prevailing silver prices. Collector demand for Mint State examples far exceeds bullion value — a circulated 1921 Morgan in Good condition is worth roughly $25–$35, while the same date in MS65 commands over $600 — demonstrating how grade determines most of the premium above melt.
Disclaimer
This is an illustrative example. The 1921 Morgan Silver Dollar is a real coin type with real auction records; comparable sales reference real lots, but this specific coin and its provenance are fictional and the grade estimate is illustrative. This valuation is an AI-generated estimate prepared for informational purposes only. It is not a certified appraisal, does not comply with USPAP or any other appraisal standard, and no appraiser–client relationship is created. AI-generated estimates may be inaccurate, and no warranty of authenticity or attribution is given. It is not valid for insurance, tax, donation, or legal proceedings without review and certification by a credentialed appraiser. It is, nonetheless, the product of a rigorous method — millions of live listings scanned, decades of auction history weighed, and a proprietary valuation engine disciplining every figure — and, short of a professional engagement, we believe it is the finest alternative available. See our Terms of Use.