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Sale 23
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Lot 2838
1921. NGC graded Matte Proof 65. This and the following five coins constitute an extraordinary set of Peace Dollar Proofs. The appearance of a single coin, any in fact, is cause for celebration and enough to make any auction memorable.
Coins of the United States reflected our country's values from the start. In 1796 when the heraldic eagle design was copied loosely from the Great Seal, engraver Robert Scot made the "mistake" of placing the warlike arrows in the eagle's right, or dexter claw (the place of honor), while relegating the olive branch of peace to the sinister, or left claw. Perhaps this was intentional by Scot, or maybe he didn't know any better. Another possibility, is that Robert Scot may have used the eagle carving inside the Senate meeting room and the Philadelphia State House as his model to design the heraldic eagle coinage. It is further apparent that no one changed the placement of the arrows and olive branch, as coinage so arranged continued for eleven years until the John Reich designs were phased in, which reversed the position of the arrows and olive branch in the claws to the position of peace over war. Subsequent designs came and went, some with more of a preference for war than peace, such as the Mercury Dime which portrays a large fasces of rods and axes, while the olive branch is relegated to an almost unrecognizable position in a low supporting role for the military hardware. Never had a circulating coin been designed for peace.
A proposal was made shortly after the Treaty of Versailles, which formally ended World War I, by Farran Zerbe at the ANA Convention in Chicago of 1920. Zerbe proposed that a new half dollar, or should silver dollar coinage be resumed a new silver dollar instead. The ANA's enthusiasm was so great that a committee was formed to submit a bill to Congress. On May 9, 1921 Morgan Dollar coinage resumed, on that same day a bill was submitted proposing a new "Peace" design. The bill languished while Congress adjourned because of a single objection and ensuing debate. Later, it was discovered that approval of the Peace dollar did not need Congressional blessing, as the Morgan design had been current well over its statutory 25 year tenure. Thus, the Federal Commission of Fine Arts announced a design competition on November 23, 1921 and invited eight of the nations leading sculptors to submit models. The winner was Anthony de Francisci, who submitted a lovely rendering of his wife as Ms. Liberty wearing a radiant crown similar to several Roman coins, and the reverse with an eagle breaking a sword, for disarmament (Isaiah 2:4). The design was publicized on December 19, 1921, the same day Congress approved his models, only to meet with howls of raging protest from officials. Somehow, the powers that be insisted the breaking of the sword implied defeat, not peace or victory! Due to these objections, Mint Engraver George Morgan altered Francisci's reverse design, remodeled the eagle, minus the sword and arrows but with the olive branch of peace, placed the eagle on a mountain peak inscribed PEACE. Hastily approved, Morgan's changed were even more hastily rendered into working hubs and dies in high relief, and 1,006,473 were struck December 26 to 31, 1921. A messenger delivered one to President Harding on January 3, others the same day to the Secretary of Treasury and Director of the Mint. These coins were probably the matte or satin finish proofs.
It is likely that the approval for coinage was based on these lovely proof issues, and not from production coinage. Soon the Mint found that the high relief coins of 1921 were causing unexpected die breakage and were weak at the centers, as the Mint turned down the striking pressure to extend die life. Morgan, who was upset that his design had been superseded, lowered the relief on the electroplate model by pounding it down with a board and hammer! Thus, the high relief coins were once again (like the 1907 double eagles) greatly reduced in relief, allowing dies to last longer, and striking pressure to be greatly reduced. The sad result is the uninspiring low relief coins which are greatly diminished from the original concept designs of the artist. These proof pieces stand as the only remnants of the glorious de Francisci design. All are extremely rare and desirable, and all collectors would do themselves a favor to study each of these coins to view these historic rarities offered individually.
The example offered here boasts superb surfaces throughout. The fine matte powder used gives the coin an even silvery gray color, with the periphery showing slight toning at the extreme edge. Sharply impressed by the dies, with outstanding device detail over Liberty's ear and on the reverse eagle high points. Breen notes that 6-8 are known, one is located at the Smithsonian, another at the ANS, making very few available for collectors. We're not sure if this is the Col. Green coin, Lester Merkin, 6/71 or the former Kagin example. Naturally, this coin carries its own credentials. NGC notes this coin alone in its grade category, with another graded Proof 62 below. PCGS has not graded any 1921 Peace dollars in proof. Estimated Value $40,000 - 50,000
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