1921

Philadelphia struck 10,663,000 Buffalo nickels in 1921, a sharp decline from 1920's 63 million and reflecting the economic downturn that followed the initial post-war boom. The 1921 recession was severe but brief, and Mint production figures across all denominations dropped significantly during the year. The 1921 Philadelphia Buffalo is available in all grades but less common than adjacent high-mintage years, commanding modest premiums that reflect the lower production.

Strike characteristics for 1921 are generally strong, perhaps because the reduced production allowed for better die maintenance and press operation compared to high-volume years. Gem-quality examples exist in adequate numbers and are priced at moderate premiums over common-date baselines. Collectors building complete Buffalo sets acquire the 1921 as a "better date" requiring slightly more effort than truly common years without qualifying as a semi-key.

1921 brought the Harding administration and the beginning of the "return to normalcy" promised in the 1920 election. The post-war economic adjustment was painful but short-lived, and by 1922 the economy had begun the recovery that would drive the Roaring Twenties expansion. The Buffalo nickels struck during the 1921 recession circulated through an America trying to return to pre-war patterns even as the war had permanently changed the country in fundamental ways.