1921 Pilgrim Tercentenary Half Dollar: What's It Worth?

Specifications

Denomination: Half dollar
Designer: Obverse: Cyrus E. Dallin; reverse: Cyrus E. Dallin
Weight: 12.5 g
Diameter: 30.6 mm
Edge: Reeded

The scarce second year of the Pilgrim issue: just 20,053 were distributed in 1921 against 152,112 for the 1920 — and the date on the obverse tells them apart (PCGS; GreatCollections).

History

The Pilgrim Tercentenary half dollar was struck at Philadelphia for the 300th anniversary of the Pilgrims’ landing. In October 1920 the Mint coined 200,112 pieces, sold to the public for $1 each through the National Shawmut Bank of Boston, with profits going to the tercentenary commission (Wikipedia).
When 1920 sales slowed, the commission ordered 100,000 more in the spring of 1921. These were coined in July — 100,053 pieces including 53 reserved for the Assay Commission — with the year of issue added on the obverse to the left of Bradford, as the Coinage Act of 1873 required the striking year to appear on the coin. The 1920 issue carries no date on the obverse at all (Wikipedia).
The 1921 recession then crushed demand: the commission returned 80,000 of the 1921 coins to the Mint for melting, leaving a net distribution of only 20,053. PCGS’s David Hall notes the 1921 was the first commemorative “variety” specifically created to increase sales to collectors — and that sales fell far short (PCGS; Wikipedia).
Sculptor Cyrus E. Dallin’s design shows Governor William Bradford in a Puritan hat holding a Bible on the obverse, with the Mayflower under sail on the reverse — a reverse that has had an unexpected afterlife as the source of the 2026 Semiquincentennial quarter’s reverse design (GreatCollections). This entry is part of the Classic U.S. Commemoratives series.

What is it worth

The 2015 deluxe edition of the Red Book listed the 1921 Pilgrim at $170 to $850 depending on condition — roughly double the 1920’s $85–$650 range in the same guide (Wikipedia).
PCGS estimates about 11,750 survivors in all grades, with 9,800 in MS60 or better and 3,250 in MS65 or better (PCGS).
The 1921 sells mostly to collectors completing the full commemorative half dollar set, since a type buyer seeking a single Pilgrim almost always takes the plentiful 1920 — that set demand keeps the 1921’s premium firm (GreatCollections).

What drives the premium

Grade and originality: survivors are overwhelmingly uncirculated, and originally toned coins with undisturbed luster draw the strongest competition (GreatCollections).
Circulated examples are few and far between — far scarcer relatively than for the 1920, many of which went into circulation — so a genuinely circulated 1921 carries its own premium logic (PCGS).
The typical 1921 is well struck with frosty luster, and the average certified grade runs MS63 to MS65, so coins grading above that band stand out (PCGS).

How to identify the valuable variety

The only difference between the two years is the date: the 1921 carries the date in the obverse field to the left of Bradford, while the 1920 has none. No mintmark was ever used — all Pilgrims are Philadelphia coins (Wikipedia; GreatCollections).
Do not mistake the small “D” under Bradford’s elbow for a Denver mintmark — it is sculptor Cyrus E. Dallin’s initial (PCGS).
When grading, check Bradford’s cheek and the crown of his hat first: they are the high points and show handling before anywhere else (GreatCollections).

Specifications

Composition: 90% silver, 10% copper (GreatCollections)
Weight: 12.5 g (GreatCollections)
Silver content: 0.3617 troy oz (GreatCollections)
Diameter: 30.6 mm (GreatCollections)
Edge: Reeded (GreatCollections)
Alignment: Not verified in consulted references
Designers: Obverse: Cyrus E. Dallin; reverse: Cyrus E. Dallin (GreatCollections)
Mint: Philadelphia — no mintmark (GreatCollections)

Collector notes

Mintage context: 100,053 struck in 1921 including 53 assay pieces; 80,000 melted; 20,053 net distributed — roughly a seventh of the 1920’s 152,112 (PCGS; GreatCollections).
The Mayflower reverse carries a well-known anachronism: the ship flies a jib the real Mayflower never set (GreatCollections).
Both dates appreciated sharply in the commemorative booms: at the 1936 peak the 1920 sold for $1.75 and the 1921 for $8; at the 1980 peak, $275 and $800 respectively (Wikipedia).