The 1921-D is the rarest Walking Liberty half dollar: the Denver mint struck just 208,000 of them in 1921, the lowest mintage of the entire 1916–1947 series. Even a worn, problem-free example sells for hundreds of dollars, while a common-date Walking Liberty half is worth its $18.83 in silver melt.
That gap — hundreds of dollars against an $18.83 melt floor — is the whole story of this coin. Below: why so few exist, how to tell a genuine one, and what each grade is worth. Prices checked November 8, 2026; melt figure from silver spot of $52.07/oz, Data by Bullion Price Check, data as of November 8, 2026, 12:53 AM ET.
Why So Few Were Made
In 1921 the U.S. Mint all but stopped making half dollars. Production shifted to silver dollars — the last Morgans and the first Peace dollars — and half dollar output collapsed at all three mints. Philadelphia managed 246,000 pieces and San Francisco 548,000; Denver, at 208,000, struck the fewest half dollars of any mint in any year of the Walking Liberty series. The coins then went straight into circulation in the middle of a recession, so the survivors are mostly worn — which is why the grade ladder below climbs so fast.
| 1921 issue | Mintage | Typical circulated |
|---|---|---|
| 1921-D Denver | 208,000 | $350–$600 |
| 1921 Philadelphia | 246,000 | $300–$500 |
| 1921-S San Francisco | 548,000 | $35–$60 |
How to Identify a Genuine 1921-D
Start with the date: 1921, at the bottom of the obverse under Liberty’s feet. Then turn the coin over — the D mintmark is on the reverse, at the lower left near the rim beneath the eagle. (The mintmark sat on the obverse in 1916 and early 1917, then moved to the reverse for the rest of the series, so a 1921 with the mintmark on the front is wrong.) At this coin’s price level, added and altered mintmarks exist: a tooled D on a common 1921 Philadelphia coin is the classic fake. Buy certified examples, or have a raw coin certified before paying key-date money for it — on a 1921-D, the grading fee is cheap insurance.
What a 1921-D Is Worth
| Grade | Typical range |
|---|---|
| Worn (Good–VG) | $350–$600 |
| Fine–VF | $700–$1,400 |
| XF–AU | $1,800–$3,500 |
| Mint state (MS-60+) | $12,000+ |
Two things move a 1921-D inside its grade band: strike and surfaces. Denver’s 1921 halves are often softly struck on the hand, skirt lines, and head, so a sharply struck coin with full detail brings a premium over a flat one at the same grade. And because so few survive uncleaned, an original-skinned coin is worth more than a bright, dipped one — never clean one. For the rest of the series’ rare dates, see the full Walking Liberty half dollar key dates list.
Companion key-date guides: the 1921 Philadelphia, struck the same year at the parent mint, and the first-year 1916-S. For every date priced in one table, see Walking Liberty half dollar value by date and grade.
The Silver Underneath
Like every Walking Liberty half, the 1921-D is 90% silver and holds 0.3617 oz of pure silver — $18.83 in melt at the November 8, 2026 spot price. On this date the collector premium dwarfs the metal, but the melt floor is why no Walking Liberty half, however worn, is ever worth less than its silver. The full breakdown is in our Walking Liberty silver content and melt value guide.
A genuine 1921-D will not turn up in a bulk lot — expect to buy one certified, one coin at a time. Common-date Walkers are the affordable way into the series: our $1 FV 90% Silver Walking Liberty Half Dollar lot is $39.31 and in stock at the time of writing.
Frequently Asked Questions
How many 1921-D Walking Liberty half dollars were made?
208,000. It is the lowest mintage of the entire Walking Liberty half dollar series, ahead of the 1921 Philadelphia at 246,000.
Where is the mintmark on a 1921-D?
On the reverse, at the lower left near the rim under the eagle. The mintmark moved from the obverse to the reverse partway through 1917 and stayed there for the rest of the series.
How much silver is in a 1921-D half dollar?
0.3617 oz of pure silver in a 90% silver coin — $18.83 in melt at the November 8, 2026 spot price. The coin’s collector value starts in the hundreds, far above melt.
Is the 1921-D the most valuable Walking Liberty half dollar?
In circulated grades, yes — nothing else in the series is close. In top mint-state grades the 1921-S rivals it, because almost no San Francisco 1921 halves survived unworn.
Values here are typical dealer reference ranges checked November 8, 2026, not a quote or an offer to buy. An individual coin’s value depends on its grade, strike, and surfaces.