The 1921 Peace dollar is the only issue that exactly reflects the original Anthony de Francisci high-relief design. The coin required extreme striking pressure in order to fully form it and bring out the design. Thus, most coins of this issue are not very well struck, and boldly detailed coins command a premium. Many are also toned in a gray or yellowish color.
Subsequent to this issue, the design was modified to lower the relief (against de Francisci's wishes). Comparing a 1921 Peace dollar side by side with any later one will clearly show the differences.
This coin is a fully white blazer, dripping with mint luster, and is well-struck. It is, in my opinion, a perfect example of what the designer intended the coin to be.
Total mintage: 1,006,473
Relative gem (MS65) rarity: 19/24
Finest known: PCGS MS67 (6), NGC MS67 (2)