The 1921-S Morgan Dollar Zerbe Proof holds a special place in the world of numismatics due to its rarity and unique origin story. While most collectors are familiar with the standard Morgan dollars minted between 1878 and 1921, the Zerbe Proof is an elusive and mysterious coin that commands high interest among enthusiasts. Its connection to Farran Zerbe, a notable figure in American numismatics, and its limited mintage make it one of the most intriguing pieces in the Morgan dollar series. This guide explores the history, characteristics, and value of the 1921-S Morgan Dollar Zerbe Proof, offering insight for collectors seeking to understand this remarkable coin.
History and Background
The Morgan Dollar, named after its designer George T. Morgan, is one of the most iconic coins in U.S. history. Minted from 1878 to 1904 and again in 1921, the series was widely circulated and served as a workhorse for commerce in the late 19th and early 20th centuries.
The Zerbe Proofs are named after Farran Zerbe, a prominent numismatist and former president of the American Numismatic Association (ANA). Zerbe reportedly requested specially struck Morgan dollars for the ANA’s 1921 convention, as he wanted a commemorative coin to celebrate the Morgan dollar’s final year. While Philadelphia produced most of the Zerbe Proofs, a small number were also minted in San Francisco, resulting in the 1921-S Morgan Dollar Zerbe Proof.
Design and Characteristics
Like all Morgan dollars, the 1921-S Zerbe Proof features George T. Morgan’s classic design.
- Obverse (Front): Lady Liberty is depicted wearing a Phrygian cap adorned with wheat and cotton, symbolizing agricultural abundance. The word “LIBERTY” appears on the cap’s band, and the motto “E PLURIBUS UNUM” (Out of many, one) encircles the upper rim, along with the year “1921” below the bust.
- Reverse (Back): The reverse showcases a heraldic eagle with outstretched wings, clutching arrows and an olive branch. Above the eagle is the inscription “UNITED STATES OF AMERICA,” and the denomination “ONE DOLLAR” is found below. The mintmark “S” for San Francisco is located near the bottom, just above the denomination.
Rarity and Value
The 1921-S Morgan Dollar Zerbe Proof is considered exceedingly rare, with fewer than 10 verified examples known to exist. Because of its scarcity and historical significance, it is highly prized by collectors and can fetch astronomical prices at auction.
In terms of value, the condition and grade of the coin play a significant role. Coins graded by professional services like PCGS or NGC as “Proof-64” or higher often sell for tens of thousands of dollars. In one notable case, a 1921-S Zerbe Proof sold for over $70,000. Lower-graded examples, while still valuable, typically sell for less but remain highly sought after due to their rarity.
Tips for Collectors
- Authentication is Key
Because of its rarity, the 1921-S Zerbe Proof is a prime target for counterfeiting. Collectors should only purchase coins that have been authenticated and graded by reputable services such as PCGS or NGC. Look for the distinct prooflike appearance and consult an expert for verification. - Understand the Market
As a high-value coin, the 1921-S Zerbe Proof appeals to advanced collectors and investors. Familiarize yourself with recent auction results to get a sense of the coin’s current market value. - Preservation Matters
To maintain its value, store the coin in a secure, climate-controlled environment, preferably in a professional-grade holder that protects it from damage and contamination.
Conclusion
The 1921-S Morgan Dollar Zerbe Proof is a fascinating piece of numismatic history, combining beauty, rarity, and historical intrigue. For collectors, owning one of these coins represents the pinnacle of Morgan dollar collecting. Whether you’re an advanced collector or simply an admirer of historical coins, the 1921-S Zerbe Proof stands as a remarkable testament to the artistry and craftsmanship of the U.S. Mint during the early 20th century.
FAQs
What makes the 1921-S Morgan Dollar Zerbe Proof so rare?
Fewer than 10 examples are known to exist, and these coins were specially struck with a prooflike finish for Farran Zerbe, making them highly valuable and sought after.
How can I tell if I have a 1921-S Zerbe Proof?
Zerbe Proofs exhibit a prooflike finish, sharper details, and were minted at the San Francisco Mint. Always have the coin authenticated by a reputable grading service like PCGS or NGC.
What is the value of a 1921-S Morgan Dollar Zerbe Proof?
Values can range from tens of thousands to over $70,000, depending on the coin’s condition and grade. High-quality examples command premium prices at auctions.