1921-S Morgan Silver Dollar. Zerbe Special Strike. Specimen-65 (PCGS). This is an outstanding example of a fascinating issue, far more carefully produced and attractive than the typically encountered circulation strike 1921-S Morgan dollar. Minimally toned in the pale golden and rose-russet iridescence, and then again only around the peripheries, most viewing angles present a virtually brilliant coin. Universally sharp striking detail is also a praiseworthy attribute, as is a finish that is semi-reflective, especially in the fields. Expertly preserved to confirm the Gem rating from PCGS, even the most discerning numismatist will be impressed by this exquisite specimen.<p>The genesis of this issue was the Mints failure to place the new Peace silver dollar into circulation before the end of 1921. Upset over that fact, Farran Zerbe -- the influential ANA member who played a leading role in the Peace dollar project -- convinced officials at the San Francisco Mint to strike a few presentation pieces of the outgoing design for his personal distribution. This happened while Zerbe was in California awaiting the arrival of the first 1921-S Peace dollar dies. These, of course, never arrived and were replaced with dies for one final delivery of Morgan dollars from the West Coast branch mint. Per a conversation that Walter Breen had with Wayte Raymond in 1951 (mentioned in Q. David Bowers 1993 reference <em>Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia</em>) Zerbe then had special 1921 Morgan dollars made in the Philadelphia Mint to accompany the 1921-S specimens that he already owned.<p>While not true Proofs, the 1921 and 1921-S Zerbe specimens are special presentation strikings from highly polished dies. The present example displays the well known diagnostics of the type with the aforementioned semi-reflective fields and scattered die polish lines from the die preparation process. The exact number of pieces produced for each issue is unknown, for they were made expressly at Zerbes request and do not constitute regular Mint issues. Based on a survival estimate of 100 to 125 pieces provided by PCGS, it is likely that upward of 150 pieces were struck at the Philadelphia Mint. The 1921-S Zerbe is far rarer with Wayne Miller observing that just four or five specimens are known from an estimated mintage of 24 coins in his <em>Morgan and Peace Dollar Textbook</em>. More modern estimates, at least as reported by PCGS, account for 10 to 12 coins extant -- obviously still a very limited number in an absolute sense. With one 1921-S Zerbe specimen impounded in the ANS Collection, and most others tightly held in private hands, the fleeting opportunity represented by this offering can hardly be overstated. PCGS# 7348. PCGS Population: 2; with a single Proof-65+ finer. From the Pacific Rim Collection.
