LOT Heritage Rare Coin Galleries  /  2007 Jan (FUN) Heritage Signature Coin #422  / 

1149

1921-S S$1 PR64 PCGS. Ex: JFS Collection. It is not kn

Currency:USD Category:Coins & Paper Money Start Price:140,000.00 USD Estimated At:1.00 - 2.00 USD
1921-S S$1 PR64 PCGS. Ex: JFS Collection. It is not kn
<B>1921-S S$1 PR64 PCGS.</B></I> Ex: JFS Collection. It is not known how many proof 1921-S Morgan dollars were coined, but the usually quoted mintage figure is 24 pieces. Also not known is the number of pieces that exist today, although two similar grade pieces appear on the PCGS Population Report. NGC does not report any of these on their Census. Most sources suggest that as many as five 1921-S proof Morgan dollars exist.<BR> The reason they exist is attributed to influential numismatist Farran Zerbe, as explained by Stuart Mosher in the July 1955 issue of <I>The Numismatist.</B></I> His article, "Notes on 1895 Morgan Dollars," provided background on that particular issue, but also discussed other proofs, including this 1921-S issue:<BR><BR>"Occasionally I notice Morgan dollars from branch mints are advertised as being in 'proof condition.' I have seen many with the so-called prooflike surfaces and these I have considered as early strikings and not as intentional proofs. While they have bright surfaces, they lack the sharpness, the mirror-like finish and the wire edges of genuine proof coins.<BR>"The scope of my observations and remarks are not intended to imply that branch mint proofs are nonexistent. There are a lot of things I have never seen. About 10 years ago, Farran Zerbe, father of the Peace dollar and our first American numismatic missionary, told be an intriguing story regarding a branch mint Morgan dollar issued in proof.<BR>"In 1921 he was in California awaiting the arrival of the dies that were to be used to strike the first Peace dollars at the San Francisco Mint. The Mint phoned him that the dies had arrived and he hastened there to see them put into operation. The new 1921 dies had arrived all right but they turned out to be dies for the old Morgan design which had not been coined since 1904, and not the dies for the Peace dollar which he had worked so hard and long to promote.<BR>"Mr. Zerbe told me that he suggested to the chagrined Mint officials that they could assuage his disappointment somewhat if they would strike off a few Morgan dollars from the new 1921 dies in proof condition. They were happy to oblige and manufactured about two dozen which he bought and later handed out to his various coin collecting friends throughout the country. While I have never seen one of these proofs it is logical to suppose some of them are extant."<BR><BR> In the October 9, 1995 issue of <I>Coin World,</B></I> Heritage chief cataloger Mark Van Winkle presented an in depth look at die characteristics of various branch mint proof Morgan silver dollars. His source was coins in the Anita Maxwell Trust, a collection that included eight different branch mint proof dollars. This piece, a different coin, meets the criteria that was presented:<BR> A. Angling die scratch through the top of the second 1 in the date.<BR> B. Two spots of die polish below the fold in the upper part of the cap.<BR> C. Pronounced die striations over the U of UNITED, the second S in STATES, OF, near the denticles of ME of AMERICA, and from the upper serif of the C in AMERICA to a denticle above.<BR> D. Incomplete die polish on the wreath near each branch.<BR> E. Complete die polish between the back of the eagle's neck and right wing.<BR> F. Sharp die scratch from the third feather under the right wing top to a denticle.<BR><BR> We are not aware of any rosters of this date that have been kept up-to-date, but we present the following basic provenance information regarding known pieces:<BR> 1. An example in the collection of the American Numismatic Society, according to Walter Breen.<BR> 2. An example that was part of the Chase Bank collection, also according to Breen.<BR> 3. The Wayne Miller plate coin. 1975 GENA Sale (Pine Tree); Leroy Lenhart (1981); Wayne Miller (Superior, 1/1986), lot 1401; Anita Maxwell Trust (Heritage, 8/1995), lot 7509.<BR> 4. The JFS Collection specimen. Heritage (1/1996), lot 3392; the example offered here.<BR><BR> Most who examine this piece remark about the shallow depth of the mirrored fields and the rather indistinct strike, suggesting that it is not a true proof. However, it is important to understand that branch mint proof silver dollars were not made in the same manner as proofs coined in Philadelphia. Based on the story related by Mosher, the dies were intended for regular coinage, and must have been quickly polished by the San Francisco Mint officials to create these special coins. Most likely, there was no method available in San Francisco to create highly polished planchets, the other requirement for brilliant proof coins as we know them from Philadelphia. In fact, these pieces have a look quite similar to the clandestine "proof" 1913 Liberty Head nickels.<BR> The nearly brilliant surfaces of the specimen offered in the present lot display a thin veneer of barely discernible champagne color, accented by occasional speckles of gold-tan patina in the border areas. The design elements are well executed, save for minor softness on Liberty's ear lobe, in the hair above the ear, and on the eagle's breast feathers. A few minor contact marks on Liberty's face and neck, and some wispy hairlines scattered about, preclude a higher grade.<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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