Several versions exist of pseudo-classical models of the electron using Grassmann variables. Most of these require additional constraints on the variables, and it is these which, when quantized, lead to Dirac's equation. In addition, the Grassmann variables do not have physical interpretations. In this article a model is constructed which does not require constraints and in which the Grassmann variables can be interpreted as observables. Dirac's equation is obtained directly from quantization.