The 1921-S Morgan Dollar Zerbe Proof is one of the rarest and most mysterious issues within the Morgan Dollar series. Known officially as the Liberty Head Dollar, this silver coin was struck at multiple U.S. Mint branches between 1878 and 1904 and then once again in 1921.
In 1921, the San Francisco Mint produced 21,695,000 Morgan Dollar coins, adding to the 64 million pieces struck in Denver and Philadelphia. This marked the largest single-year mintage in the Morgan Dollar series, driven by the 1918 Pittman Act.
This legislation, authored by Senator Key Pittman, mandated the melting of up to 350 million silver dollars to create bullion for sale to Great Britain and required the repurchase of silver to recoin an equivalent amount. This act served both as a wartime aid to an ally and as a subsidy to Western mining interests.
The Zerbe Proof Mystery
As production of new dollar coins resumed in 1921, excitement grew within the numismatic community. Former ANA President Farran Zerbe advocated for a new design to commemorate the end of World War I, a sentiment shared by many numismatists. However, the Mint struck millions of Morgan Dollars instead.
The Zerbe Proof or Special Strike coins are shrouded in intrigue. In the mid-1940s, Zerbe reportedly told Stuart Mosher that in 1921, he was in California awaiting the arrival of Peace Dollar dies at the San Francisco Mint. When he discovered that the dies were for the Morgan Dollar instead, the Mint allegedly struck 24 special coins to ease his disappointment. However, the timing and details of this story remain unclear.
Despite Zerbe’s claim of 24 coins, only five examples are recognized by the numismatic community. These coins exhibit distinct characteristics, such as sharp denticles, flattened stars, and bold lettering, along with unique die lines that mark them as Zerbe Proofs.
Known Examples and Market Value of 1921-S Morgan Dollar Zerbe Proof
Of the five recognized Zerbe Proofs, four are graded by PCGS, while one remains ungraded in the collection of the American Numismatic Society. The finest known example, graded PCGS PR65 CAC, fetched $117,500 at an auction in 2013. Three other examples in MS64 have sold for up to $94,000.
In contrast, a regular 1921-S Morgan Dollar in MS64 to MS65 condition typically sells for between $150 and $400, illustrating the significant premium placed on these rare Zerbe Proofs.
Design Details
Obverse
The obverse features the classic left-facing Liberty Head, wearing a Phrygian cap with a ribbon inscribed “LIBERTY.” The motto “E PLURIBUS UNUM” arcs across the top, with the date “1921” at the bottom. Thirteen stars representing the original colonies encircle the design.
Reverse
The reverse depicts a heraldic eagle with outstretched wings, holding an olive branch and arrows, symbolizing peace and military readiness. The inscription “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM” appear above, with the denomination “ONE DOLLAR” and the “S” mintmark below.
Edge
The edge of the 1921-S Morgan Dollar is reeded.
Designer: George T. Morgan
George T. Morgan, born in Birmingham, England in 1845, was a prominent engraver who later became the Chief Engraver of the U.S. Mint in 1917. His most famous work is the Morgan Dollar, and he continued to design coins until his death in 1925.
Coin Specifications
| Specification | Details |
|---|---|
| Country | United States of America |
| Year of Issue | 1921 |
| Denomination | One Dollar (USD) |
| Mintmark | S (San Francisco) |
| Mintage | 24 alleged; five known |
| Alloy | .900 Silver, .100 Copper |
| Weight | 26.73 g |
| Diameter | 38.10 mm |
| Edge | Reeded |
| Obverse Designer | George T. Morgan |
| Reverse Designer | George T. Morgan |
| Quality | Business Strike |
Conclusion
The 1921-S Morgan Dollar Zerbe Proof is a coin wrapped in mystery and rarity. With only five known examples, it stands as one of the most coveted pieces in the Morgan Dollar series. The coin’s unique history, coupled with its distinct design and limited mintage, makes it an invaluable addition to any serious numismatic collection.
FAQ
What is the 1921-S Morgan Dollar Zerbe Proof?
The 1921-S Morgan Dollar Zerbe Proof is a rare and enigmatic coin allegedly struck as a special issue at the San Francisco Mint for Farran Zerbe, a prominent numismatist.
How many 1921-S Zerbe Proofs are known to exist?
Only five examples are recognized by the numismatic community, making it one of the rarest Morgan Dollar issues.
Why is the 1921-S Zerbe Proof so valuable?
Its rarity, unique history, and distinct design characteristics make it highly sought after, with auction prices reaching up to $117,500.
What are the distinguishing features of a Zerbe Proof?
Zerbe Proofs are characterized by sharp denticles, flattened stars, bold lettering, and specific die lines unique to these coins.
Who designed the 1921-S Morgan Dollar?
The 1921-S Morgan Dollar was designed by George T. Morgan, the U.S. Mint’s Chief Engraver at the time.
Reference
Information compiled from numismatic sources and historical records.
