1921 Morgan Silver Dollar. Chapman. Proof-64 (PCGS). Dappled deep peach-gold toning in the fields is interspersed with untoned and reflective surfaces in the fields, the lightly frosted devices much less toned than the surrounding fields; the reverse is more evenly toned in lightly iridescent gold, with much of the mirrored surface showing through the toning. This high quality, totally original coin could easily fit into a set of Proof Morgan dollars, or could be the starting point to a collection of all circulation strike, proof and special strikes of the 1921 transitional year that includes both Morgan dollar and Peace dollar issues; such a challenging collection could literally take decades to complete, given the rarity of many of these issues.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 have earned prices in the low to mid six figures. In fact, the price tag for this particular coin was a hefty $350 even in the 1950s or 1960s when sold to the Teich Family. Given their unofficial production and the rarity of this type, Norman Stack penned a reassuring note on the envelope that previously accompanied this coin, calling it "Absolutely genuine, guaranteed as a proof." From our sale of the Teich Family Collection, November 2011, lot 5288. This coin had previously been accompanied by a Stacks paper envelope indicating that this it was "purchased from Chapman 1923."