The value of a 1921 Morgan silver dollar is primarily determined by its condition, mint mark, and the prevailing market demand. Uncirculated examples, exhibiting minimal wear, command significantly higher prices than those showing extensive handling. Coins graded by reputable services, such as PCGS or NGC, provide a standardized assessment of condition, influencing their market value. Certain mint marks, or the absence thereof, can also affect the price due to variations in mintage figures. For example, the 1921-D (Denver Mint) and 1921-S (San Francisco Mint) are generally more common than those without a mint mark (Philadelphia Mint).
The allure of this particular coin stems from its historical context, representing a tangible piece of American history and silver coinage. It serves as a link to a bygone era, appealing to both numismatists and individuals interested in precious metal investments. Furthermore, the intrinsic silver content adds a baseline value, which fluctuates with the silver market, providing a hedge against economic uncertainty. The accessibility of these coins, compared to rarer issues, makes them a popular entry point for collectors.