1921 $1 Chapman PR67 PCGS....

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Description

1921 Morgan Dollar, PR67
Rare Chapman Proof
Possibly Finest-Certified Example

1921 $1 Chapman PR67 PCGS. All three active U.S. mints struck large numbers of Morgan dollars in 1921, after a 16-year hiatus. Hundreds of millions of silver dollars had been melted after 1918, under the provisions of the Pittman Act, and the new coins were needed to act as backing for Silver Certificates. The Peace dollar design was not ready for coinage until late in the year and the hubs of the old Morgan design had been destroyed in 1910, so new hubs had to be made. Coinage began in February and continued throughout the year. Circulation-strike mintages were huge at all three mints, but no official proofs were produced.

Numismatic entrepreneur Farran Zerbe was an enthusiastic supporter of the Peace dollar. When it appeared that the design might not be ready by year's end in 1921, Zerbe approached Mint officials about producing some proofs of the Morgan design, as a sort of consolation prize for not getting the Peace dollars into collector's hands in a timely manner. In his Encyclopedia of United States and Colonial Proof Coins, Walter Breen notes that Zerbe had "proofs made -- some say 20, some 24, some 25, others 200, exact quantity not known." The Zerbe proofs were somewhat carelessly produced and are controversial today, although both PCGS and NGC have certified a number of them.

Upon learning about the Zerbe proofs, Philadelphia coin dealer Henry Chapman saw a promising opportunity and endeavored to improve on Zerbe's efforts. In his Silver Dollar Encyclopedia, Q. David Bowers reports:

"In 1921, [coin dealer] Henry Chapman went to the Mint and had some mirror-surface Proofs struck to his order. This was done clandestinely by or for George T. Morgan, chief engraver, who had a little 'rare coin business' going on the side. Walter H. Breen reported that he has seen 'the bill of sale for 10 Proofs, Morgan to Chapman.' The original production of mirror-type Proofs must have been very small, perhaps just 15 in all (10 to Chapman, five to Ambrose Swasey). They were not officially sold by the mint, nor were any proof sets made that year."

The Chapman proofs are much less controversial than their Zerbe counterparts, as their quality and visual appeal closely approximate that of the best 19th century proofs. The number of Chapman proofs produced is also open to question. Bowers notes 15 examples, 10 to Chapman and five to Swasey. In his Proof Encyclopedia, Breen specifically mentioned 12 examples. Many more have been certified in recent years, as PCGS has graded a total of 45 examples in all grades, while NGC has certified a total of 23 specimens, all told (3/22). Even allowing for resubmissions and crossovers, the population data is hard to reconcile with the small reported mintage. Since we know at least two separate transactions took place early on (Chapman and Swasey as recipients), it seems likely that Morgan was persuaded to strike a few more specimens for Chapman later on. Chapman began advertising the proofs as early as the Spring of 1922. Most experts believe around 30 examples are extant, but Bowers notes. "I have only ever seen a handful in 65 years that I would call mirrored Chapman Proofs."

Walter Breen gave the following diagnostics for the Chapman proofs:

"On the five Proofs Engraver Morgan sold to Ambrose Swasey, 6/4/21, and the 10 Morgan sold to Henry Chapman a week later, a short line points from rim to third star, and ends about 1 mm away; two die polish lines up from rim to first 1; hollow around Morgan's initial M (from overpolished die). Reverse dash between right star and wreath, touching neither; another, fainter, slanting up from left upright of I(CA); a third between S(T) and I of [IN], touching neither; faint scattered die striations around UN AM RICA."

The coin offered here shows all of these diagnostics, firmly establishing its status as a Chapman proof. This piece first surfaced in a Superior sale more than 20 years ago and has appeared in a succession of auctions by Legend Rare Coins ever since, setting record prices along the way. In the Legend description for lot 266 of their 2014 Regency 29 Auction, the cataloger notes this coin is the same example that is listed in the NGC Census as PR67★ , having been recently crossed over. If so, this coin is clearly the finest-certified example at either of the leading grading services and a Registry Set essential. The design elements of this delightful Superb Gem proof exhibit razor-sharp definition throughout, with fine detail on Liberty's hair and head ornaments. The rims are sharp and the devices have a rich coat of mint frost. The deeply reflective fields contrast noticeably with the frosty design elements, suggestive of a Cameo designation. The surfaces are impeccably preserved and eye appeal is terrific. Registry Set enthusiasts will find no adequate substitute for this finest-certified example of this important 20th century rarity once this lot has passed. This coin is pictured on PCGS CoinFacts. Population: 1 in 67, 0 finer (3/22).
Ex: Pre-Long Beach Sale (Superior, 10/2000), lot 3768; Sunset Hill Collection; Regency Auction X (Legend Rare Coin Auctions, 12/2014), lot 297; Regency Auction 29 (Legend Rare Coin Auctions, 11/2018), lot 266; Regency Auction 44 (Legend Rare Coins Auction, 4/2021), lot 360.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 2579, PCGS# 7342, Greysheet# 7872)

Weight: 26.73 grams

Metal: 90% Silver, 10% Copper

View Certification Details from PCGS