1. Condition: The condition of a coin is one of the most important factors in determining its value. Morgan Peace dollars are graded on a scale from 1 (poor) to 70 (perfect). Coins in higher grades, such as MS 65 (Mint State) or MS 67 (Proof), are generally more valuable than those in lower grades.
2. Rarity: The mintage of a coin also affects its value. The 1921 Morgan Peace dollar has a mintage of 1,900,000, which is relatively high compared to some other years. However, certain varieties or errors of the 1921 Morgan Peace dollar can be quite rare and therefore more valuable.
3. Market Demand: The value of a coin is also influenced by market demand. Morgan Peace dollars are popular among collectors, and their demand has remained steady over the years. This sustained demand contributes to their value.
Based on these factors, the value of a 1921 Morgan Peace dollar can range from a few dollars for a coin in poor condition to several thousand dollars for a rare coin in high grade. It is always recommended to have your coin evaluated by a professional numismatist to determine its exact value.