Spot for the silver value of a Morgan dollar is about $14.39 right now. Considering that date is pretty abundant and the silver price is quite low right now, I would not buy it at $28. However, that does not at all mean you overpaid. If you think that coin is phenomenal, or it has some other type of value to you that is equal to $28, you didn't overpay. HTH (I'm also definitely no expert on the subject, so one of the veterans may have some better advice).
Especially with 1921's, the value up to and including lesser Mint State examples pretty much parallels melt value plus a certain " Morgan dollar Premium" representing what the public thinks it's worth. Per-coin values don't really differ much in the absence of any rarer variety.
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