United States 1907 10 dollars KM-125
historical notes
Elected President in in 1904, Theodore Roosevelt was unhappy with the trite Inaugural medal designed by U.S. Mint engravers Charles E. Barber and George T. Morgan. His interest in numismatic art was awakened when his artistic friends urged the commissioning of a really innovative Inaugural medal, and suggested the great American sculptor Augustus Saint Gaudens for the task. The sculptor agreed, but his busy schedule limited him to sketching the basic design on a paper napkin while on the train from Washington. He told Roosevelt that he would entrust all the actual work to his 34 year-old associate, German-born Adolph A. Weinman, better known to collectors today for his "Mercury" Dime and Walking Liberty Half Dollar. Saint Gaudens immediately began work on new coinage designs. He fashioned images of Liberty in both full figure and bust motifs, and eagles in flying and standing positions, the latter derived from the reverse of the Roosevelt medal. Saint-Gaudens’s success with this medal convinced Roosevelt that the artist was the partner he needed to collaborate on a pet project: the redesign of America’s money. Saint-Gaudens signed on, and the plotting began. But the potential for trouble hovered on the horizon: this medal had been struck, not by the United States Mint in Philadelphia, but by Tiffany & Company in New York. If the Mint hadn’t produced Saint-Gaudens’s medal, would it agree to produce any of his coins? Although he preferred the bust of Liberty and the standing eagle for the twenty dollar coin (as they appeared on the unique 1907 $20 pattern), after much correspondence with the President throughout 1906 and early 1907, it was finally decided that this combination would appear on the ten dollar gold coin.
Three varieties exist for 1907, not counting the 2.4 million Coronet Head eagles also struck in 1907 (KM 102). The "wire edge" is the most medallic, with St. Gaudens' design running to the edge with no rim or denticles. The "rolled edge" was added to provide a traditional rim and then the periods were removed from the beginning and end of the "E·PLURIBUS·UNUM" motto. The modified design was struck 1907-08, then in 1908, "IN GOD WE TRUST" was added to the reverse and the relief was lowered for easier production (KM 130). The "with motto" design was struck in substantial quantities 1908-33 altho some dates are rare.
wire rim
The first specimen was lot 1136 in Stack's Bowers December 2020 Auction (Session 1 - The Larry H. Miller Collection Part Two.), where it sold for $96,000. The catalog description noted,
"1907 Indian Eagle. Wire Rim, Periods. Judd-1901, Pollock-1995. Rarity-3. Raised Stars on Edge. MS-66 * (NGC). Offered is an exceptional example of a classic 20th century U.S. Mint gold rarity. Delightful golden-yellow surfaces are satiny to softly frosted with a pristine appearance. The strike is full with razor sharp detail throughout the design. This is easily one of the most beautiful examples of this important Indian eagle design type that we have had the privilege of bringing to auction.
The Saint-Gaudens gold eagle is widely considered one of the high water marks of American numismatic design. President Theodore Roosevelt was a fierce critic of the then-current coin designs and to improve them he conspired with Cornish, New Hampshire artist Augustus Saint-Gaudens to redesign the entire series. Saint-Gaudens produced several designs including an obverse he originally intended for the cent. When Roosevelt saw this design, he recommended -- ordered, really -- that the left facing bust of Liberty should wear a war bonnet instead of a laurel wreath. Saint-Gaudens made the change in February 1907, but thought it should be used for the double eagle rather than the cent. Again Roosevelt objected as he preferred a representation of Liberty walking forward for the largest denomination. Instead the bust of Liberty wearing a feathered headdress would go onto the eagle. The reverse design for the eagle was a modified version of the "defiant eagle" Saint-Gaudens had used on Roosevelt's inaugural medal of 1905.
Plaster models were prepared in Saint-Gaudens' studios in Cornish and were sent to Philadelphia on June 1 to be converted into working dies. They encountered immediate opposition from Chief Engraver Charles E. Barber (no fan of non-Mint personnel designing coins), who felt there were design deficiencies, especially the high relief nature of the design and the lack of a proper coin rim. He was focused more on mass production than coin aesthetics and felt "the models now sent are not coin relief," as he told Mint Superintendent John Landis on June 7. By now, Saint-Gaudens was seriously ill with cancer and did not travel. Instead he worked with the Mint through his assistant, Henry Hering. Hering reworked the models to reduce the relief somewhat and change the date from Roman numerals. The new models were provided to the Mint on June 24 and dies were prepared. By July 19, the dies were ready to strike experimental versions of the new design.
The first coins struck were in high relief despite Barber's requirements to the contrary, with the portrait of Liberty set within a concave field similar to how a medal might look. The features were also more sculptural with a distinctive soft texture. In addition, because of the high relief, the coins required several strikes to bring up the design. As a result, a "fin" or "slight burr" on the edge caused the coin to not rest flat, especially since the eagle tended to rise up above the border. Now gravely ill, Saint-Gaudens continued to work through the design difficulties along with his staff. Roosevelt realized that the dream of a very high relief eagle was not feasible, and on July 29 he relented and directed the Mint to work on a lower relief version for mass production. Furthermore, in the same letter he advised that, 'As for the high relief coins, have several hundred struck and allow the collectors of the country to obtain specimens as you suggested, none to be issued until the new issue is out. They should be preserved as the work of a great American artist.'
Saint-Gaudens never saw his creation as a coin; he died of cancer on August 3 before any could be struck. Barber prepared a version while the artist's studio prepared their own revisions, coordinating with the his widow, Augusta. Barber's Rounded Rim version began production on September 13 with the intention of going into circulation. Ultimately neither Saint-Gaudens' original Wire Rim concept nor Barber's Rounded Rim version ended up as a circulating coin. The revision from the Saint-Gaudens studio in lower relief and with no triangular periods was adopted and was struck until 1933. In the meantime, to comply with Roosevelt's July 29 order for several hundred Wire Rim coins, an initial production run of 500 coins took place in late August on the high-pressure medal press, followed by a delivery of 42 coins struck between September and December of that year. The Treasury Department in Washington, D.C. took delivery of the Wire Rim coins and distributed them to government officials, as well as to some of the biggest coin dealers of the day. Seventy examples remained unsold and were sent back to the Mint in 1915 to be melted down, leaving a final net production of 472 pieces.
In keeping with the Mr. Miller's attention to outstanding quality, the present specimen is among the finest known of this historic issue, the one that most closely represents Saint-Gaudens' and Roosevelt's vision for the $10 gold coin. From the Larry H. Miller Collection. Earlier ex Heritage's sale of the Freedom Collection, January 2007 FUN Signature Coin Auction, lot 3672. NGC Census: 18, just one of which has received a * designation for superior eye appeal; 9 finer (MS-69 finest)."
rounded rim, with periods
The second specimen was lot 7343 in Stack's Bowers March 2020 Auction (Session 7 - The D. Brent Pogue Collection Part VII: Masterpieces of United States Coinage), where it sold for $576,000. The catalog description noted,
"1907 Indian Eagle. Rounded Rim, Periods. Judd-1903, Pollock-1997. Rarity-5. MS-67 (PCGS). CAC. Blushes of pinkish-rose iridescence drift over the golden-yellow surfaces on both sides of this impressive Indian eagle. Sharply struck, fully lustrous and virtually pristine, it is difficult for us to imagine a more desirable example of the rare Rolled Rim issue. Extraordinary!
When it was discovered that Augustus Saint-Gaudens' original design for the 1907 Indian eagle caused problems both in production and stacking, Chief Engraver Charles Barber made modifications to the design that included a more standard rim configuration that permitted stacking. Although Saint-Gaudens had succumbed to cancer on August 3, at his studio in Cornish, New Hampshire, a second set of models was made using feedback received from the Mint. Saint-Gaudens' widow, Augusta, sent the revised models to the Mint where Barber reviewed them and stated that "dies made from these models would be a great improvement" over the modified dies Barber had already prepared. When Acting Mint Director Robert Preston reviewed Barber's Rounded Rim coins, he thought they had been struck with the new models from Saint-Gaudens' studio. Consequently, Preston signed off on the Barber version, despite Barber having already pronounced the revised models superior to his own, and production of the Rounded Rim variety for circulation commenced on September 13. Estimates vary as to the precise number struck of the Rounded Rim variety; the most frequently quoted figure is 31,500 pieces based on Treasury correspondence, though some sources cite figures as high as 32,500 coins.
Acting Director Preston was replaced in September by the newly appointed Mint director, Frank Leach. Leach agreed with Barber's assessment of the Rounded Rim version and ordered that it be replaced with the revised lower relief Saint-Gaudens model, which also omitted the triangular periods found on both the Wire Rim and the Rounded Rim varieties. Production ceased and on November 9, he ordered that all but 50 of the Rounded Rim coins be melted down. According to Leach in his 1917 memoirs, Recollections of a Newspaperman, the remaining 50 were then "...given to museums of art and officials and others connected with the work." Interestingly, when Leach offered each of the dozen members of the 1908 Assay Commission an example, only Ohio Congressman William Ashbrook wanted them and instead bought all 12 for face value from the remaining commission members.
About ten times as rare as the earlier Wire Rim variety, almost all of the very few Rounded Rim coins survived. All but five or so of the remaining estimated 40 specimens are Mint State, a good proportion of which have been certified at MS-65 and MS-66. Only a select few have achieved the Superb Gem level, including the present specimen from the Pogue Collection. The 1907 Rounded Rim eagle is one of the rarest and most prized issues of the twentieth century and is pursued by numismatist and art collector alike. Here is an incredible example of one of the great coin designs of all time. Provenance: From the D. Brent Pogue Collection. PCGS Population: 3; with a single MS-67+ finer."
no periods, no motto
The third specimen was lot 1137 in Stack's Bowers December 2020 Auction (Session 1 - The Larry H. Miller Collection Part Two.), where it sold for $12,000. The catalog description noted,
"1907 Indian Eagle. No Periods. MS-65 (PCGS). CAC. The gorgeous rose-gold surfaces are highly lustrous with a satin to softly frosted finish. Both sides are as nice as would be expected at the Gem Mint State grade level. The strike is sharp for the issue; the central obverse high point is always more or less soft on these, but the eagle's plumage is generally full and crisp, as on this coin. The Philadelphia Mint produced 239,406 examples of the modified No Periods Indian eagle design in 1907. As the first examples of the new eagle to reach the general public, many 1907 No Periods coins were saved and Mint State pieces are plentiful in an absolute sense. On the other hand, many of these coins suffer from excessively soft striking detail in the centers as well as general mishandling. For specialists seeking exceptional coins for their collections, this issue can be challenging at the finest levels of Mint State preservation. This is a significant opportunity to acquire a superior-quality example of the first circulating coin of the Saint-Gaudens $10 Indian eagle type. Provenance: From the Larry H. Miller Collection."
The fourth specimen was lot 4271 in Stack's Bowers March 2020 Auction (Session 6 - U.S. Coins Part 2, Featuring the Fairmont Collection), where it sold for $2,880. The catalog description noted,
"1907 Indian Eagle. No Motto. MS-64 (PCGS). An impressive example with rich luster that rolls easily across the bright, yellow-gold surfaces. A readily available issue in virtually every grade, though above the level offered here, the population dwindles dramatically. Don't miss this opportunity to add an attractive example of this otherwise plentiful date to your collection."
Recorded mintage: 500 wire edge + 42 rolled edge + 239,406 rolled edge without periods.
Specification: 16.92 g, 0.900 fine gold, 27 mm diameter, starred edge, designed by Augustus St. Gaudens.
Catalog reference: KM 125. Fr-163 (with periods), Fr-164 (without periods).
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- Breen, Walter H., Walter Breen's Complete Encyclopedia of U. S. and Colonial Coins, New York: Doubleday, 1987.
- Friedberg, Arthur L. and Ira S. Friedberg, Gold Coins of the World, From Ancient Times to the Present, 9th ed., Clifton, NJ: Coin and Currency Institute, 2017.
- Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1901-2000, 47th ed., Iola, WI: Krause Publications, 2019.
- Yeoman, R. S., and Kenneth Bressett (ed.), A Guide Book of United States Coins, 65th Ed., Atlanta, GA: Whitman Publishing, 2011.
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