Toned Morgan

Ut-oh,no picachoos...

Heh. You picked a very difficult one to help learn your grading skills. 1921's have strikes which were all over the map; in fact, a fully-struck 1921 is a pretty rare bird. Basing my opinion on the relatively-pristine cotton bolls, and the detail still present on the top edges of the wings, I could believe that this was a Mint State coin, with a typically weak strike.

The wreath has such flatness that I would expect to see much more wear on the eagle's breast, if it were from circulation. You expect the center of a coin to wear faster than the edges at first, while the relief of the strike is still high. I'd definitely expect to see less of the bottom feathers on the eagle's neck if it were worn. Additionally, there'd be less of the wingtip detail.

Things to check:

-Reeding: Compare the reeding to a known-MS coin. Reeding should begin to wear near the corners of the faces.

-Differences in the toning on the cheek, and at the highest pints of the cap: Here's where circulation wear starts. If it had been circulated, the toning should have different characteristics in these areas, even if all the toning happened since the coi had circulated.

-Eagle's talons: These will be flat if weakly struck, and rounded if they've been worn. Kinda tough to determine.

When trying to decide if a Morgan dollar is mint state, I always look at the fields and compare them to the protected spaces between the obverse stars and letters and around the words United States of America on the reverse. The fields will show loss of luster and a generally lighter appearance if the coin is circulated. To me this coin has that circulated look, with the field surfaces lighter, rougher, and less lustrous than surfaces in the protected areas. With virtually full details on Liberty's hair and on the eagle's breast, I would grade it AU-55 or maybe AU-58.

I'm sorry to disagree with the general consensus. I would grade this coin EF-40. At this grade level, Morgans must be graded with consideration given to how much luster remains on the coin. Based on the images, this coin lacks sufficient luster to make AU.