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SERIES: Morgan Dollars 1878-1921
LEVEL: Year, MintMark, & Major Variety

1921 $1 Chapman (Proof)

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PCGS PR66

PCGS PR66

PCGS PR65
PCGS #:
7342
Diameter:
38.10 millimeters
Designer:
George T. Morgan
Weight:
26.73 grams
Edge:
Reeded
Mintage:
40
Metal Content:
90% Silver, 10% Copper
Auction Record:
$123,375 • PCGS PR66 • 12-14-2014 • Legend Rare Coin Auctions
Rarity and Survival Estimates (Explain)
Grades Survival
Estimate 
Numismatic
Rarity 
Relative Rarity
By Type 
Relative Rarity
By Series 
All Grades 30 R-8.9 2 / 30 2 / 30
60 or Better 25 R-9.0 2 / 30 2 / 30
65 or Better 3 R-9.8 2 / 30 2 / 30
Condition Census (Explain) Show more rows
Pos Grade Thumbnail Pedigree and History
1 PR66 PCGS grade

Superior 10/2000:3768, $60,375 - Sunset Hill Collection - Legend Rare Coin Auctions 12/2014:297, $123,375

1 PR66 PCGS grade

Simpson Collection

3 PR65 PCGS grade
4 PR65 estimated grade  
4 PR65 estimated grade  
Condition Census (Explain) Show fewer rows
Pos Grade Thumbnail Pedigree and History
1 PR66 PCGS grade

Superior 10/2000:3768, $60,375 - Sunset Hill Collection - Legend Rare Coin Auctions 12/2014:297, $123,375

1 PR66 PCGS grade

Simpson Collection

3 PR65 PCGS grade
4 PR65 estimated grade  
4 PR65 estimated grade  
6 PR64 PCGS grade

Stack’s privately - Teich Family Collection - Stack’s/Bowers 11/2011:5288 (as PCGS PR64 19510675), $100,625

6 PR64 PCGS grade  
6 PR64 PCGS grade  
6 PR64 PCGS grade  
6 PR64 PCGS grade  

Ron Guth: In 1921, the U.S. Mint began making Silver Dollars again after a quiet period of seventeen years with none being made.  Along with the regular strikes made for circulation, the Mint struck Proofs on the orders of Farran Zerbe and Henry Chapman.  The Zerbe "Proofs" are more prooflike in comparison to the true Proofs of 1904 and earlier.  The Chapman Proofs, however, are more convincing in appearance, but even they present a conundrum to the numismatic researcher.  According to most reports, the original number of Proofs made for Chapman can be either 10 or 15.  However, PCGS alone has certified 39 Chapman Proofs (as of October 2014).  Even discounting for resubmissions, one must question the inordinately high number of survivors, a number that appears to exceed the original mintage.  Either the Mint struck additional Proofs for someone else -- and that transaction was unrecorded -- or there is a problem with the die characteristics used to identify a Chapman Proof.  I suspect the former.

Either way, the 1921 Chapman Proofs are very rare and highly desirable, mostly because of their stunning appearance.  Many have been mishandled, thus they only grade out at the PR63 level, but at least two Gems exist (a PCGS PR65 and PR66).  The PCGS PR66 last appeared at auction in 2000, when it sold for $60,375, perhaps half as much as it would bring today.