We present the results of a BeppoSAX observation of the fastest rotating pulsar known: PSR B1937+21. The ~200 ks observation (78.5 ks MECS/34 ks LECS on-source time) allowed us to investigate with high statistical significance both the spectral properties and the pulse profile shape. The pulse profile is clearly double peaked at energies > ~4 keV. Peak widths are compatible with the instrumental time resolution and the second pulse lags the main pulse 0.52 in phase, like is the case in the radio. In the 1.3-4 keV band we detect a ~45% DC component; conversely the 4-10 keV pulsed fraction is consistent with 100%. The on-pulse spectrum is fitted with an absorbed power-law of spectral index ~1.2, harder than that of the total flux which is ~1.9. The total unabsorbed (2-10 keV) flux is F_{2-10} = 4.1 10^-13 cgs, implying a luminosity of L_X = 5.0 10^31 Theta (d/3.6 kpc)^2 erg s^-1 and a X-ray efficiency of eta = 4.5 10^-5 Theta, where Theta is the solid angle spanned by the emission beam. These results are in agreement with those obtained by ASCA and a more recent Rossi-XTE observation. The hydrogen column density N_H ~2 10^22 cm^-2 is ~10 times higher than expected from the radio dispersion measure and average Galactic density of e-. Though it is compatible (within 2sigma) with the Galactic (HI derived) value of ~1 10^22 cm^-2, inspection of dust extinction maps reveal that the pulsar falls in a highly absorbed region. In addition, 1.4 GHz radio map shows that the nearby (likely unrelated) HII source 4C21.53W is part of a circular emission region ~4 across.
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