This post was chosen to be featured as a blog.
There were 2 designs struck in 1921; and then from 1921-1935 missing a few years. I assume you have the much more common variety that does NOT have the word "Peace" under the eagle on the reverse. This design is normally referred to as a Morgan dollar, after its designer which was issued from 1878-1904 and 1921.
Despite its age, your coin is pretty much only worth its melt value of 0.77344 x 90% of bullion. It would still make more sense keep it or sell it to a collector instead of trying to sell it for its metal value because anyone who buys scrap coins will want to deal in bulk lots. They'll offer far less than its actual value for a single coin.
The other silver dollar is often called the peace dollar because it contains that word prominently on the back side below the bald eagle. Lady Liberty is represented on the front of this coin that was minted from 1921 to 1935 by the U.S. government. The coin is 90 percent silver and 10 percent copper and was minted in Denver, Philadelphia and San Francisco.
1. Very Fine
o The hair over Liberty's eye is well worn and many
of the eagle's feathers can no longer be seen in this condition.
o Liberty's hair lines can be slightly worn, but are mostly strong. The eagle's outside wing feathers are visible, but generally faint.
o While the coin can have come contact marks, most of the original mint luster must be present and the dollar can only have a little wear.
o There are very few flaws with a coin in this grade. There can be a stain or surface mark, but no wear should be seen and the coin should have a full mint luster.
o An almost perfect example, this grade requires only the slightest contact marks or blemishes with a full luster and no wear.
o A 1922 Peace dollar with a San Francisco mintmark (denoted by a small S below the word "One" on the reverse) carries a higher premium because it is harder to find in this condition.
Because of their abundance, most Peace dollars value at about 90% of bullion rate unless they are slabbed and graded by one of the two best grading companies which IMHO are PCGS and NGC. I have enclosed a picture of the back of a peace dollar.