Greysheet Catalog Details (GSID: 7886)
While the 1921 Farran Zerbe Morgan dollar proofs (or special strikes) from the Philadelphia Mint are rare, with only 150 to 200 known specimens, there is yet an even rarer type of 1921 Zerbe dollar. It is reported that 24 were struck at the San Francisco Mint for the titular president of the American Numismatic Association, and perhaps 4 or 5 specimens exist. They hit the sales circuit on but rare occasions and, when they are offered, realize huge prices. For example, one specimen graded PCGS/CAC SP65 went for $117,500 in a 2013 Heritage Auctions event.

As with the Philadelphia-minted Zerbe dollars, these 1921-S Morgan dollars long classified as proofs have been the subject of controversy for some decades. It is believed that the 1921-S proofs really aren’t proofs at all but, rather – like their Philadelphia counterparts – special strikes made with polished dies and ordinary, circulation-quality planchets. Regardless of whether the Zerbe proofs are simply special strikes, they claim a unique place in numismatics and offer a fantastic story. Virtually every Morgan dollar enthusiast covets these coins, and many will spend huge sums of money for the chance to include one in his or her collection.
Obverse: Portrait of Liberty centered. On the left are found 7 stars with the words E*PLURIBUS*UNUM followed by 6 stars on the right. The date is positioned at the bottom.
Reverse: The heraldic eagle is centered holding a bunch of arrows and branch surrounded by and olive leaves. The words UNITED STATES OF AMERICA * ONE DOLLAR frame the periphery. Mint mark, if any, appears above the letters DO of DOLLAR.

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