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The 1921 Peace Silver Dollar is one of the most iconic and historically significant coins of the 20th century, representing both the birth of a new dollar series and a symbolic end to the era of World War I. Struck in high relief, the 1921 issue is unique within the Peace dollar series for its bold, sculptural design and limited mintage. This particular example, certified by NGC as Mint State 64, offers collectors a sharply struck, well-preserved piece with excellent luster and detail. As the only high relief circulation issue in the entire Peace dollar series, the 1921 Peace dollar in MS64 is a highly sought-after coin with artistic, historical, and numismatic appeal.
The Peace dollar series was authorized to commemorate the restoration of peace following the end of World War I. The coin was created under the Pittman Act of 1918, which authorized the melting and recoinage of millions of silver dollars to replenish reserves and support the domestic silver industry. Designed by Anthony de Francisci, the Peace dollar replaced the Morgan dollar in 1921, with the goal of presenting a more modern and symbolic image of America in the new post-war era. The 1921 issue, the first of the series, was struck in high relief to enhance the sculptural effect of the design, although this style would be abandoned the following year due to production difficulties.
The obverse of the 1921 Peace dollar features a left-facing portrait of Lady Liberty, modeled after the designer’s wife, Teresa de Francisci. Liberty wears a radiant crown reminiscent of classical depictions and also echoing the Statue of Liberty. The motto “LIBERTY” arcs above her head, while “IN GOD WE TRUST” and the date “1921” appear below. A notable artistic feature is the stylized rendering of Liberty’s hair, which flows naturally, emphasizing freedom and grace. The bold, high relief striking gives the design remarkable depth and clarity, with sharp details that stand out more distinctly than in later low-relief issues of the series.
The reverse design is equally powerful, depicting a majestic American bald eagle perched on a mountaintop, wings at rest, holding an olive branch while gazing toward the sunrise. This image, a departure from the aggressive eagle motif of the Morgan dollar, was intended to symbolize peace rather than strength through force. The inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” rise above the eagle, while the denomination “ONE DOLLAR” and the word “PEACE” are placed below. The reverse of the 1921 Peace dollar features exceptional depth and texture due to the high relief striking, which captures fine detail in the eagle’s feathers, the rays of the sun, and the rocky terrain beneath.
The Philadelphia Mint struck 1,006,473 Peace dollars in 1921, all in high relief. While this mintage figure is modest compared to later Peace dollar issues, the combination of production challenges and the unique one-year high relief format has made the 1921 issue a standout rarity in the series. The high relief design placed immense stress on the dies and required multiple strikes per coin, leading to rapid die wear and slower production rates. As a result, the Mint switched to a low relief design in 1922, making the 1921 high relief Peace dollar a distinctive and singular creation. No other business strike Peace dollar matches its relief, detail, and sculptural presence.
NGC’s MS64 grade denotes a coin in choice uncirculated condition, exhibiting full original mint luster with only minor contact marks or abrasions visible under magnification. At this level, the coin retains most of its visual impact and strike quality, especially important for high relief issues where weak strikes or flattening can reduce eye appeal. On a 1921 Peace dollar graded MS64, one can expect sharp definition in Liberty’s facial features, hair, and crown spikes, as well as full detail in the eagle’s feathers and the rising sun. The fields should be bright, clean, and vibrant, offering pleasing cartwheel luster across the surfaces.
The surfaces of MS64 examples often show frosty brilliance with moderate but unobtrusive contact marks located away from focal points like Liberty’s cheek or the eagle’s breast. The high relief format lends itself to exceptional visual drama, and collectors frequently pursue MS64 coins for their ideal balance between quality and value. While MS65 and MS66 examples are scarcer and exponentially more expensive, MS64 coins offer the same bold aesthetics at a significantly more accessible price point. Additionally, many MS64s, like this NGC-certified specimen, feature attractive toning or original mint bloom that further enhances their eye appeal.
The 1921 Peace dollar is not only the inaugural issue of its series, but it also serves as the only high relief circulation strike, making it a numismatic landmark. Its unique relief and low survival rate in higher Mint State grades contribute to its collectibility. Many examples were mishandled in bags or saw minor circulation before being recognized for their importance. As a result, sharply struck, choice uncirculated examples certified by top-tier grading services like NGC are increasingly difficult to acquire, particularly as demand from type set collectors and Peace dollar specialists continues to grow.
Collectors who acquire a 1921 Peace dollar in MS64 are investing in both historical significance and superior craftsmanship. This coin represents a pivotal moment in U.S. coinage, as America transitioned from the traditional imagery of the 19th century to a more modern, aspirational vision for the 20th century. The Peace dollar series itself is cherished for its symbolism and beauty, but the 1921 high relief version stands out as the most artistic and technically challenging issue within the set. For many, it is a necessary addition to complete a full Peace dollar collection or to showcase an important type coin with enhanced artistic merit.
This NGC-certified 1921 Peace Silver Dollar graded MS64 is a commanding example of this historic issue. With its bold relief, strong strike, vibrant mint luster, and preservation in choice uncirculated condition, it offers collectors a piece that is both rare and visually impressive. As a one-year type with deep historical resonance and outstanding design execution, the 1921 Peace dollar in MS64 is a premium acquisition for anyone seeking a coin that reflects both the art and symbolism of early 20th-century American coinage. It is a coin that tells a story, celebrates peace, and remains one of the finest products of the U.S. Mint’s artistic legacy.