High Relief and History: The 1921 Peace Dollar
Coin Encyclopedia · 9 min read · Published November 7, 2026
One million six thousand four hundred seventy-three. The 1921 Peace dollar was struck in the last days of December 1921 — all at Philadelphia, all in high relief — and it is the only Peace dollar ever struck that way. The high relief gave Liberty's crown and the eagle's feathers a depth no later Peace dollar ever matched, and it also gave the Mint a problem: the coins were hard to strike fully, hard to stack, and hard to make in quantity. Within a year the design was lowered to low relief, and the 1921 high relief became a one-year type coin that every Peace collector chases.
Our guide carries researched figures at five grades: G-4 runs about $125 to $220, F-12 runs $210 to $300, XF-40 runs $190 to $280, AU-50 runs $230 to $360, and MS-60 runs $1,100+. Only MS-65 is a dash. The curve is flatter than a Morgan's at the bottom — a worn 1921 Peace is a modest coin — and then it jumps at mint state, where a fully struck high-relief example is a serious find.
What a 1921 Peace is worth by grade
The worn grades cluster together: G-4 at about $125 to $220, F-12 at $210 to $300, XF-40 at $190 to $280, and AU-50 at $230 to $360. Notice that the ranges overlap — a heavily worn coin with honest surfaces can sit beside a slightly better coin in the same bracket, because these are researched ranges from real market snapshots, not a smooth formula. Then the curve jumps: MS-60 runs $1,100+, roughly four times the AU figure, and the MS-65 row is a dash in our guide.
| Grade | Estimated collector value |
|---|---|
| G-4 | ~$125–$220 |
| F-12 | $210–$300 |
| XF-40 | $190–$280 |
| AU-50 | $230–$360 |
| MS-60 | $1,100+ |
| MS-65 | — |
A dash (—) means our November 2026 review holds no researched figure for that grade yet — it is a gap in our data, not a zero. Figures are collector estimates, reviewed November 5, 2026.
Read the table the way a grader would: from the bottom up. The lowest rows are the floor, and every step toward mint state lifts the figure — sometimes gently, sometimes by an order of magnitude. For this date, 5 of the six grades carry a researched figure. At G-4 the range runs ~$125 to $220, and at the top end, MS-60 runs $1,100+. The MS-65 row is still a dash in our guide — no researched figure yet, and none invented to fill the space. The MS-65 row is a dash in our guide — no researched figure yet, and none invented.
High relief: beautiful, and a problem
The 1921 Peace dollar was struck in high relief, which means the design rises higher from the fields than on any later Peace dollar. The result is a coin with real depth — Liberty's crown rays stand proud, the eagle's feathers carry detail that later years never matched — and a coin that was difficult to make. High-relief coins did not strike up fully with a single blow, they did not stack evenly, and they wore out dies faster. The Mint lowered the relief in 1922, and the 1921 high relief became a one-year type that collectors have sought ever since.
For the collector, the practical consequence is simple: a fully struck 1921 Peace, with crisp crown rays and a bold eagle, is scarcer than the mintage suggests, because so many left the mint softly struck. Learn to separate a weak strike from wear, and you will grade this date far more fairly than most.
How to grade your 1921 Peace
Peace dollars wear first on Liberty's cheek and on the high rays of the crown, and on the reverse the eagle's shoulder and wing tips go flat early. The strike matters more here than on a Morgan: many Peace dollars left the mint softly struck, with weak hair detail and a flat eagle, so a fully struck example with crisp rays and a bold eagle stands out at once. Lustre should roll across the fields in a cartwheel when you tilt the coin; dull, lifeless surfaces mean wear or cleaning, and either one holds the grade down.
On a high-relief coin, the high points are higher — and they wear first. Liberty's cheek and the high rays of the crown go flat early, and the eagle's shoulder and wing tips follow. A mint-state 1921 Peace shows full, frosty lustre and sharp detail; a circulated one shows smooth, grey high points and muted fields. Because the series is famous for weak strikes, a coin with genuinely sharp hair and a fully feathered eagle is worth a closer look even before you think about the grade number.
Specs and the silver floor
A Peace dollar weighs the same as a Morgan — 26.73 grams, 38.1 millimetres, 90% silver, 0.7734 troy ounces of pure silver — so the metal floor under every genuine example is $40.27. Anthony de Francisci designed it: Liberty in a radiate crown on the obverse, an eagle standing on a rock above the word PEACE on the reverse. The mint mark, when there is one, sits below the eagle, above the word ONE.
Metal floor updates live from our Worker — last updated November 7, 2026.
The silver floor is the least interesting number on this page. At 1,006,473 struck, in high relief, in the last days of 1921, the 1921 Peace is worth its design, its relief, and its grade — not its metal.
Morgan or Peace? A thirty-second check
The other dollar of 1921 causes the most confusion, so settle it fast. The Morgan shows Liberty facing left in a Phrygian cap with LIBERTY on the headband, and a heraldic eagle in a wreath on the reverse. The Peace dollar shows Liberty in a radiate crown and an eagle on a rock above PEACE. And the mint mark decides it outright: the 1921 Peace dollar was struck only at Philadelphia, so a genuine Peace dollar never carries a mint mark — any 1921 dollar with a D or S is automatically a Morgan.
Is your 1921 Peace genuine?
Counterfeits are a real hazard with every coin in this guide, and the checks are the same ones collectors have used for decades. Weigh it first — 26.73 grams, no excuses — and measure the diameter at 38.1 millimetres. Hold a magnet to it: silver does not stick, and a coin that does is not what it claims to be. Under a loupe, genuine striking leaves crisp, even lettering and clean fields; a cast copy betrays itself with soft details, tiny pits, and a slightly greasy surface. When the stakes are high, certification settles it.
First-year Peace dollars are faked less often than the great Morgan keys, but the mint-state examples are worth faking, so a coin offered as MS-60 or better deserves the full check — weight, diameter, magnet, and loupe — and certification before any serious money changes hands.
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Your 1921 Peace dollar questions, answered
How much is a 1921 Peace dollar worth?
Researched figures run about $125 to $220 at G-4, $210 to $300 at F-12, $190 to $280 at XF-40, $230 to $360 at AU-50, and $1,100+ at MS-60. The MS-65 row is a dash in our guide — no researched figure yet. Worn examples sit above the live metal floor in the specs section.
What is the mintage of the 1921 Peace dollar?
Philadelphia struck 1,006,473 Peace dollars in 1921, all in the last days of December, all in high relief. It is the first year of the Peace dollar and the only high-relief year of the series.
What does high relief mean on a 1921 Peace dollar?
It means the design rises higher from the fields than on later Peace dollars — Liberty's crown rays stand proud and the eagle's feathers carry more detail. The high relief made the coins hard to strike fully and hard to stack, so the Mint lowered the relief in 1922 and the 1921 became a one-year type.
How do I tell a 1921 Peace dollar from a 1921 Morgan dollar?
Look at Liberty: the Peace dollar shows Liberty in a radiate crown with an eagle on a rock above PEACE, while the Morgan shows Liberty in a Phrygian cap with a heraldic eagle in a wreath. Any 1921 dollar with a D or S mint mark is a Morgan, since Peace dollars were struck only at Philadelphia.
Is the 1921 Peace dollar worth more than the 1921 Morgan?
Yes, typically. Only 1,006,473 Peace dollars were struck in 1921, against 86,730,000 Morgans. Circulated Peace dollars start higher, mint-state examples reach $1,100+, and the high-relief design makes fully struck examples scarcer still.
Should I get my 1921 Peace dollar graded?
Consider it when the coin looks uncirculated with full lustre and a sharp strike, because the jump to MS-60 is large. Certification also settles the Morgan-versus-Peace question permanently, and it confirms the high-relief type.
Check your 1921 Peace
Run the date and mint mark through the free Coin Value Checker for an instant estimate, or get a Grade-or-Not verdict on whether your coin is worth certifying. The full guide is here: Peace Dollar Values: Silver Prices and Key Dates. The other dollar of 1921 is the 1921 Morgan dollar — any 1921 dollar with a D or S mint mark is a Morgan, never a Peace.
The first Peace dollar, struck in high relief in the last days of 1921 — learn the relief, learn the grade, and keep the history close. Shared for education only.
