1921 Mexico 2 Pesos — Independence Centennial

Specifications

Denomination: 2 Pesos
Series: Independence Centennial 2 pesos
Designer: Emilio del Moral
Years of issue: 1921
Composition: 90% Silver, 10% Copper
Weight: 26.6667 g
Diameter: 39 mm
Edge: Reeded
Mint marks: Mo
KM: KM 462
Mintage: 1278000
Key mintages: Heritage auction references list 1,278,000; Greysheet lists 1,277,500.

Melt value: $49.73silver $64.40/ozt, copper $0.44/ozt · prices as of Sep 16, 2026

AI-generated illustration — not a photograph of a genuine coin. Design: obverse National arms of Mexico, 'ESTADOS UNIDOS MEXICANOS', 'Mo', dates 'MDCCCXXI' and 'MCMXXI'; reverse Winged Victory (Angel of Independence) with laurel wreath and broken chains, volcanoes behind, 'DOS PESOS', '24 Gr. PLATA PURA'.

A one-year silver commemorative with the Angel of Independence — not the famous gold Centenario, and constantly confused with it.

History

A one-year commemorative struck in 1921 at the Mexico City mint for the centennial of Mexican independence, catalogued as KM 462 (Greysheet; Heritage Auctions, accessed 2026-09-16).
Designed by Emilio del Moral — the same engraver who modified the Caballito peso dies in 1911 — with obverse lettering ‘ESTADOS UNIDOS MEXICANOS, Mo, MDCCCXXI – MCMXXI’ (Greysheet; cointalk.com, accessed 2026-09-16).
The reverse shows the Winged Victory (the Angel of Independence) holding a laurel wreath and broken chains, with volcanoes behind; inscriptions read ‘DOS PESOS’ and ’24 Gr. PLATA PURA’ (Heritage Auctions; shop.yesterdayschange.com, accessed 2026-09-16).
Specifications: 26.6667 g (24 g pure silver), 39 mm, 90% fine, reeded edge; Greysheet records a mintage of 1,277,500 versus 1,278,000 in Heritage’s auction references (Greysheet; Heritage Auctions, accessed 2026-09-16).
Two tail-feather varieties are recognized: the common 11-feather type and the scarcer 9-feather variety, which Greysheet tracks under separate listings (Greysheet, accessed 2026-09-16).

Key dates and varieties

1921, 11 tail feathers — the common variety and the affordable entry (Greysheet, accessed 2026-09-16).
1921, 9 tail feathers — the scarcer variety, worth a substantial premium in high grades (Greysheet, accessed 2026-09-16).
Mint State examples — one-year commemorative demand keeps AU/UNC prices well above melt (Greysheet, accessed 2026-09-16).

Specifications

Composition: Silver, 90% fine (0.900 silver, 0.100 copper)
Designers: Emilio del Moral
Diameter: 39 mm
Edge: Reeded
Weight: 26.6667 g

Collector notes

Count the tail feathers — 9 vs 11 is the variety that matters most on this issue.
Don’t confuse this silver 2 pesos with the famous gold 50-pesos Centenario — different coin entirely.
The wing feathers and the laurel wreath are the first wear points on the reverse.
With 24 g of pure silver, check melt before paying a premium — but this is a commemorative that usually commands one.