This is what I would call PGC (Pretty Good Counterfeit). I bought it as a suspected counterfeit.
According to my scale, it weighs .858 Troy ounces. A genuine Morgan weighs, from the mint, .859 Troy ounces. It is not attracted to a magnet. Applying bleach to an alleged silver coin is a quick way to check if it's authentic silver. It will rapidly tarnish if it's silver. This one did that, and there is a pic of the reverse with tarnish at 2 o'clock and spreading. (I obviously put a bit too much bleach on it.)
It also has a "ring" like a genuine silver dollar, at least to my 75 year old ears. I dropped it on a glass table top, and also dropped a genuine Peace dollar on the same table top. Then I spun them like a top. I could not tell any difference between the two.
The main, if not only, "wear" it shows is on the breast feathers. They are faint at best. Everything else looks XF at least to my 75 year old eyes. The faint breast feathers are not likely due to wear, though. Just a weak struck counterfeit, or a slightly defective counterfeit die in that area.
Before I did all that, though, I sent it to NGC with some other stuff. Who knows but what maybe I would be lucky.
Which I was, but it was bad luck. It came back "NOT GENUINE." So I decided I'd sell it. I researched the penalty for owning a counterfeit collectible US coin and for selling a counterfeit collectible US coin. A summary of such is "hair, tooth, and eyeball." Fines and prison sentences in multiple digits. But "intent" matters, too. The coin shop from which I bought this suspected it was counterfeit and priced it accordingly.
The potential for suffering as a result of owning or sellilng is nullified if it's marked "copy." So I bought a little punch set and did that. The three pics show the obverse after polishing, the reverse pre-polishing with the tarnish caused by bleach, and the reverse after stamping "copy" and polishing to remove the tarnish. A little of the tarnish still remains, but I am pretending that's "patina."
It's important to distinguish this coin from a coin made as a copy and one made as a counterfeit. The former was not made to fool anybody, the latter was. And in my opinion, it's a good one. It does have silver, and it would not surprise me if it was 90% silver or fairly close to it. The Philly mint only made about 111,000 of these, almost 1,000 of which were proofs, making a very low mintage.
With Morgans being collected widely in sets, one is needed for a full set. (This is the main reason the 1916-D Mercury dime is so valuable. That series is also widely collected in sets. Many coins with much lower mintages are worth far less because they are from a series that is NOT widely collected as a set.)
A really good copy is a good way to fill a hole in a set. Another way would be a silver dollar size piece of quality cardboard neatly marked "THIS SPACE INTENTIONALLY LEFT EMPTY." But I think most set collectors would agree a really good copy is better. Especially a copy that was made to be sold as genuine at a much higher price - like $1,000+. A copy that like would need to be pretty good, and skimping on a few bucks for silver would likely be seen as counterproductive.
I don't know its silver content, only that it sounds and tarnishes like a 90% silver dollar. So it's definitely got more than a little silver in it. It is the slightest bit of a tad thinner than the BU Peace dollar to which I compared it (the same Peace dollar I used in the drop/spin test), but not "substantially." That's another test I gave it, after finding that if it's "substantially" thinner than a real coin, it's likely a counterfeit. Of course I already know it's a counterfeit. Even so, I would not call it "substantially" thinnner. (Edited to add two days later: I compared it to a genuine 1921 D Morgan and there is not a scintilla of difference in thickness that I can discern.)
All that to say a good counterfeit that is legal to own and sell is better than a copy made as such, probably using little if any silver. Now that it is marked "copy," it is (IMO) legal for me to sell and the buyer to own and later sell.
So I am asking $60. Even at that, after eBay gets their well deserved share, I'll still net less than I have in it, a figure which includes the money I paid PCG to tell me it's "not genuine." But rather than a buy it now price of $60, I'll just start the bid at that amount. Someone might decide it's worth more than $60 to fill that hole in their album.
It has been polished, of course, to remove the tarnish from the bleach. The breast feathers are very faint, and it's stamped "copy" in small letters on the reverse. I tried to stamp the edge of the coin but it did not work. Did not even leave a mark.
If you really want to fill that hole with an attractive coin that costs a mere fraction of the genunie article, I don't think you'll do much better than this one.