In 1921, politically connected promoter and renowned numismatist Farran Zerbe arranged to have a limited number of proof examples of the re-introduced Morgan dollar struck at both the Philadelphia and San Francisco Mints. These “Zerbe Proofs” were made from hairlined dies (from insufficient polishing) and the resulting coins displayed somewhat less than a proper proof finish. Not to be outdone, influential Philadelphia coin dealer Henry Chapman prevailed upon his close relationship with Chief Engraver George T. Morgan (who had his own little “coin business” on the side) to strike much higher-quality proofs, in the process creating one of the major rarities of the 20th century. Chapman took delivery of 10 of the coins himself and supposedly, 5 additional proofs were sold to Ambrose Swasey. While reports are that as many as 30 Chapman Proof Morgan dollars were struck, the whereabouts of only about a dozen or so are known today.
Read the story of the 1878-1921 MORGAN DOLLAR