1921 Morgan Silver Dollar. Chapman. Proof-65 (PCGS).

1921 Morgan Silver Dollar. Chapman. Proof-65 (PCGS).，A lovely example of this rare and enigmatic issue from the final year of the ever-popular Morgan dollar series. Both sides are dressed in warm copper-apricot patina, slight mottling of the toning aiding in ones appreciation of a uniformly satin to semi-reflective finish as the coin dips into a light. Fully struck throughout with a silky smooth texture, this coin would serve as a highlight in the finest collection.<p>Any presentation of a "Chapman Proof" 1921 Morgan dollar is always an exciting event, made more exiting by the fact that our offerings for such pieces are usually separated by several years. As a clandestine, unofficial U.S. Mint issue, more mystery than fact seems to swirl around their existence -- in fact, the only items that we can be sure of is that they exist and were produced by George T. Morgan at the behest of prominent Philadelphia coin dealer Henry Chapman. Q. David Bowers sums up the situation best in his <em>Silver Dollars and Trade Dollars of the United States: A Complete Encyclopedia</em>:<p><em>"In 1921, 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, 5 to Ambrose Swasey...They were not officially sold by the Mint, nor were any Proof sets made that year."</em><p>The Chapman Proofs are the only pieces considered to be fully mirrored Proofs, the so-called "Zerbe Proofs" being either prooflike circulation strikes or some sort of presentation striking. PCGS handles this situation the best, listing the Chapman Proofs with the regular Proof issues, while categorizing the ""Zerbe Proofs"" as Special Strikes. Though rendered difficult to see from the toning gained through years of careful numismatic preservation, this specimen exhibits the tiny die scratches and other markers that identify the Chapman Proofs at the microscopic level, the diagnostics outlined in the Bowers <em>Encyclopedia</em>.<p>Though it is unclear exactly how many Chapman Proofs were struck in 1921, it is clearly more than the 15 cited above, and as an unofficial issue, this should not be surprising given the history of muddled production figures for other clandestine products of the U.S. mints. PCGS has certified a total of 45 pieces, while NGC has certified 23. These 68 entries undoubtedly represent far more grading events than actual coins, as some were cracked out and resubmitted by their owners in hopes of a higher grade, without turning in the old tags and having the grading services remove the old listings from their records. A good estimate of total survivorship might be as low as 30 pieces; when compared against the tens of thousands of Morgan dollar collectors, it is then no surprise that these command prices in the low to mid five figures. With superior technical quality and a lovely appearance, the present specimen is worthy of a strong premium.，From the Janet Nakushian Collection.，