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Auction 422 | Lot 3150 » Half Eagles » Indian Half Eagles
1908 $5 MS66 PCGS. First year of the new Pratt design and widely saved, presumably because of the novelty of the design as well as the radical departure from the long-lived Coronet type. The reduced relief used by Pratt on the quarter eagle and half eagle coins that began production in 1908, made the field the highpoint of the coin. As a result, the rim that formerly protected the interior designs of the coronet coinage were no longer present and the fields were susceptible to abrading from even the slightest contact. Thus, the difficulty in locating this design in Gem and better condition. This particular coin shows no obvious marks on either side and sharp striking definition. The surfaces are bright and lustrous with a lovely mixture of rose-gold and lilac color on each side. Population: 16 in 66, 1 finer (11/06).
From The Kutasi Collection. (PCGS# 8510)
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Sold For: $26,450.00
Auction 422 | Lot 3151 » Half Eagles » Indian Half Eagles
1908-S $5 MS65 PCGS. The useful Garrett-Guth Gold Encyclopedia (2006) comments regarding this issue, "If a single coin is desired from this series, this date and mint should be considered for the overall quality and availability." This Gem piece does not disappoint in that respect, offering problem-free surfaces with deep, mellow orange-gold color, essentially no abrasions, and excellent overall eye appeal. The strike is also fairly well executed, save for light softness near the lower obverse border. Population: 37 in 65, 20 finer (11/06).
From The Kutasi Collection. (PCGS# 8512)
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Auction 422 | Lot 3152 » Half Eagles » Indian Half Eagles
1909-S $5 MS64 PCGS. This is a sharply struck example, as are most, and it exhibits beautiful deep orange-gold color with frosty luster. David Akers has estimated that fewer than 20 pieces exist in MS64 or better grades, and current population data seems to support his words, written 20 years ago: The 1909-S is one of the four or five rarest issues of the series. Among San Francisco Mint issues it is virtually on a par with the 1915-S and is far more rare than the lower mintages 1908-S. Mint State examples at any level are rare and in the high Mint State grades, i.e. MS-64 or better, there are probably fewer than 20 specimens in all." Population: 16 in 64, 4 finer (11/06).
From The Kutasi Collection. (PCGS# 8516)
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Auction 422 | Lot 3153 » Half Eagles » Indian Half Eagles
1910 $5 MS65 PCGS. This pleasing Gem of a fairly available issue, like most of the emission, is quite appealing and well produced. A light sunset-orange tinge greets the viewer, with distraction-free, appealing surfaces that complement a bold strike and excellent eye appeal. The Indian's cheek is essentially free of visible contact. Gems of this issue are available for a price, making this a good selection for a high grade gold type set. This piece is one of 17 so certified at PCGS, with none finer (11/06). Certified in a green-label holder.
From The Kutasi Collection. (PCGS# 8517)
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Auction 422 | Lot 3154 » Half Eagles » Indian Half Eagles
1912 $5 MS65 PCGS. Because of the conditional scarcity of Indian half eagles and the subsequent high prices these pieces command when offered at public auction, most collectors have rethought their collecting strategy and included MS64 coins rather than the Gems that might be sought in other series. The 1912 is one of the few issues of this type that is relatively available as a Gem. It is therefore a coin that can be used for type purposes as well. According to the November population data from both PCGS and NGC, a total of 74 coins have been certified in MS65, but only three are finer (all NGC). The fragile surfaces of this piece are barely abraded, and each side displays generous amounts of rose-gold and lilac patina with strong underlying mint frost. A well struck example of this so-called "common" date in the five dollar Indian series.
From The Kutasi Collection. (PCGS# 8523)
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Auction 422 | Lot 3155 » Half Eagles » Indian Half Eagles
1914-S $5 MS64 PCGS. The 1914-S five dollar is one of those issues that may not "ring a bell" with most collectors. It is an unusual issue that is rarely encountered in MS64 condition. Much of the reason for this scarcity in high grade has to do with the method of manufacture of these pieces. To quote Akers (1988): " ... the surfaces are nearly always granular and decidedly lacklustre." So, by definition the 1914-S is not a coin that one can expect to locate in high grades. That is borne out by the number (or rather lack thereof) of MS64 and MS65 pieces that have been certified. Only 11 coins have been graded in MS64 (seven at PCGS and four at NGC), and there is only one Gem (an NGC coin). The reason for the high grade of this piece has to do with the next sentence in Akers' 1988 book: "A very few specimens, however, have a somewhat satiny look and excellent lustre that compares favorably to a nice 1910-S, for example." This is such a coin and it exhibits bright, satiny luster. It also shows rich reddish-gold color with lilac patina interspersed over both sides. The striking definition is also strongly brought up on both obverse and reverse, and of course, there are no noticeable or detracting blemishes aside from the usual, small abrasions seen in the fields of this design type.

This is highest graded '14-S we have offered for sale since the 2004 ANA sale when we sold the lone MS65 for $63,250. The 1914-S is one of the great condition rarities in 20th century U.S. gold. This coin represents one of the few opportunities the specialist will have to purchase a piece that has both technical merit as well as the elusive eye appeal that is almost never found on a '14-S.
From The Kutasi Collection. (PCGS# 8529)
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Auction 422 | Lot 3156 » Half Eagles » Indian Half Eagles
1915-S $5 MS64 PCGS. The mintage of San Francisco Mint half eagles in 1915 plummeted almost 40% from the year-ago levels, to 164,000 pieces, and this issue is among the most elusive of the series in all grades, and even more so in Mint State. PCGS and NGC have each graded only nine pieces in MS64, with a single piece at NGC reaching the MS65 level (11/06). This satiny, lustrous piece offers two-toned, gorgeous surfaces with generous dollops of sunset-orange complementing tinges of hazel on the highpoints of each side. The strike is fairly well executed, with softness mostly limited to a few of the lower headdress feathers, and the reverse appears high-end for the grade. A nice piece, and aesthetically unlikely to be surpassed. Population: 9 in 64, 0 finer (11/06).
From The Kutasi Collection. (PCGS# 8531)
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Auction 422 | Lot 3157 » Half Eagles » Indian Half Eagles
1916-S $5 MS65 PCGS. Advanced collectors of Indian Head half eagles seldom have an opportunity to acquire such a fine quality example of this date as only a few Gem pieces are known. This specimen has rich orange and rose colored gold surfaces with frosty luster. It is well struck with sharp obverse and reverse details throughout. A rather large hoard of these coins was discovered a number of years ago, but nearly all pieces from that hoard were at the lowest Mint State grade levels. This example, apparently not from the hoard, is an aesthetically superior Gem. Population: 8 in 65, 3 finer (11/06).
From The Kutasi Collection. (PCGS# 8532)
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Auction 422 | Lot 3158 » Half Eagles » Indian Half Eagles
1929 $5 MS64 PCGS. As rare and well-known as this date is to collectors, it is only ranked as the ninth rarest date according to Akers. This is because the entire mintage was saved from circulation, and eventually stored in vaults. Most were later melted, although some examples were saved from the melting pot and entered numismatic circulation. This example is a sharply struck specimen with frosty yellow-gold luster and excellent visual appeal. It is also a remarkable piece for its quality and it barely misses finest known honors. Population: 96 in 64, 8 finer (11/06).
From The Kutasi Collection. (PCGS# 8533)
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Auction 422 | Lot 3159 » Eagles » Indian Eagles
1907 $10 Wire Rim MS66 PCGS. In 1907 the first coin struck of the Saint-Gaudens designs was the ten dollar gold piece. This featured a portrait of Liberty, wearing an Indian ceremonial headdress on the obverse. The reverse included a standing eagle, facing left, clutching a bundle of arrows with an entwined olive branch. This was derived from the 1905 special inaugural medal by Saint-Gaudens and Weinman.

Ten dollar gold coins of the initial Saint-Gaudens design were prepared from models that had the field curving upward directly to the rim of the coin. This produced a pronounced knife rim (traditionally called a "wire rim") rather than the normal flat rim of circulating coins. This prevented easy stacking of the coins, and they were never intended for general circulation and never distributed to sub-Treasuries or commercial banks. The reverse design had triangular text stops (called "periods" by most) at the ends of each line of inscription. The edge had 46 small stars placed evenly around the circumference. (Note: true patterns had either a plain edge, or 46 irregularly sized and spaced stars.)

Five hundred of the knife rim/periods eagles were struck on a medal press during the last days of August and the first part of September 1907. The work was done so that if President Roosevelt called for some of the Saint-Gaudens design coins, the mint would be able to provide them. The eagles, along with the High Relief double eagles, were distributed at face value to Cabinet members, Congressmen, Federal judges, Treasury officials, and others who requested them, including private citizens and museums. In late December an additional 42 pieces were struck, making a total mintage of 542 pieces.

Eagles that remained undistributed by mid-December were shipped to the Treasury Department in Washington, D.C., and remained there for several years. In 1912, the Treasurer's coins were counted and found to contain 129 of the knife rim/periods ten dollar gold pieces. Over the next yea
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Auction 422 | Lot 3160 » Eagles » Indian Eagles
1907 $10 Rolled Rim MS67 PCGS. This was the second version of the Saint-Gaudens ten dollar design produced in 1907. After plain-edge patterns of the knife rim/periods eagle were struck, Philadelphia Mint Engraver, Charles Barber, realized the lack of a normal rim prevented coins from stacking properly. Believing that these designs might be used for circulation purposes later in the year (not just to satisfy President Roosevelt), Barber used the same models as for the knife rim coins to make new hubs. However, on these new hubs the engraver cut a normal rim so that the pieces would stack. Experimental examples with irregular edge stars were made and the change was approved. But, before production dies could be made, another angry letter arrived from President Roosevelt demanding that coins be struck "by September first" from the first dies. Mint Director George Roberts had resigned in July, and Acting Director Robert Preston ordered 500 of the first variety struck.

Barber's second version with normal rim and periods was then planned for use in striking circulation pieces. Just before large scale production began, a pair of new models arrived from Saint-Gaudens' estate. According to Barber, these models were satisfactory for circulation use and he recommended they be used in place of his rim-added version. Acting Director Preston apparently became confused about the different versions of the ten dollar coin, and ordered production use of Barber's version, over the objections of Barber and other Philadelphia Mint officials. Thirty-one thousand five hundred pieces were struck in late September and seemed destined for release to banks across the country. Philadelphia Mint Superintendent John Landis thought the results were inferior and that the mint should issue only pieces made from the new models. As an aside, numismatists today clearly disagree with Superintendent Landis as the Rolled Rim ten is listed as # 52 in the Garrett-Guth reference 100 Greatest U.S. Coins. He
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Auction 422 | Lot 3161 » Eagles » Indian Eagles
1907 $10 No Motto MS67 PCGS. This last version of the 1907 gold eagle is the one used for production of coins that actually made it into circulation. Dies were prepared from a new set of models provided by the Saint-Gaudens' estate and approved by Philadelphia Mint engraver Barber. Overall, the design resulted in sharper looking coins. These were used only through the end of the calendar year 1907. For 1908, a slightly revised version was issued that corrected some of the problems encountered with the 1907 edition.

Only days after approval had been given to use Barber's version with the rim added, a new pair of models arrived from the Saint-Gaudens estate. These had been prepared by Henry Hering and Homer Saint-Gaudens (the sculptor's son) in the lowest relief they believed the artist would have accepted. In addition to a more coinlike relief, the design had more deeply cut details than previous ones and omitted the triangular text stops on the reverse. (By the time the mint made reductions from the models, the triangles had turned into irregular ovals somewhat like periods, or the pellets on medieval coinage.)

Barber immediately pronounced the new models acceptable for coinage and approved them, commenting that production could begin in about a month. When instructions came from Acting Director Preston to strike coins for circulation, the order stipulated they be made from the second models. To Barber, these were the ones just received. But to Preston they were the ones to which Barber had added a rim--really from the first models. The situation was confusing for the 74-year-old Preston, and having the White House and Treasury Secretary breathing down his neck didn't improve the difficult circumstances.

It fell to Frank Leach, who took office as Mint Director on November 1, to resolve the situation. He had all but 50 of the coins struck on Preston's orders melted. He then ordered production of the final variety of ten dollar gold coin from the last models as appr
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Auction 422 | Lot 3162 » Eagles » Indian Eagles
1908 $10 No Motto MS67 PCGS. During December 1907, new hubs and working dies were made for the 1908 eagles. As was normal procedure for the mint's engraving department, Barber and Morgan retouched the master hub and die to better define the stars, date, and inscriptions. Gradual modifications continued for several years into the future. Although the mint was fully aware of Congressional agitation for restoration of the motto IN GOD WE TRUST to the eagles and double eagles, and had already prepared drawings for a half eagle (never issued), work had to concentrate on the No Motto version. The mint also had to make eagle and double eagle dies and edge collars for the Denver and San Francisco Mints. Additionally, they supplied the other mints with a sample of the mechanical attachment that controlled collar segments during striking. As the "mother mint," the Philadelphia staff had to prepare and test everything before sending materials to the other mints. With new designs and mechanical changes, this took much more time than in prior years and meant that branch mints had to wait a month or more before they could begin adapting equipment to their presses. All of this took its toll on the Philadelphia Mint's ability to produce gold eagles as well as other required coins. The result was that only 33,500 No Motto eagles were approved for release by the coiner and superintendent.

Because of the slight hub and die modifications before the 1908 coins were struck, the definition is superior on this date to those seen from 1907. The mint frost on this piece is superior and, like the three 1907 tens from the Kutasi Collection, shows rich rose-gold coloration with lilac accents in the recesses of the design. The fields have a fine granularity, as seen on all tens through 1916. One of only three coins so graded by PCGS with five certified MS67 by NGC, and only one finer (an NGC coin). The most recent sale of this date in Gem condition was the sale of a MS66 example in our April 2006 Central
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Auction 422 | Lot 3163 » Eagles » Indian Eagles
1908-D $10 No Motto MS66 PCGS. At the beginning of 1908 Frank Downer, Superintendent of the Denver Mint, faced the problem of producing new starred-edge eagles. In late January, he had been sent face dies, edge collars, and a sample mechanism for controlling the collar segments during striking. The Philadelphia Mint mechanics also sent drawings of how they thought the apparatus could be adapted to Denver's presses. Yet, it was up to Downer's staff to make it work.

Initial results were inconsistent, with most of the coins too thick and many errors. The Philadelphia Mint sent out obverse dies made from a new hub and that helped considerably. As the Denver coining department staff gained experience, they successfully adapted the dies and edge collar device to their presses. Within a month production seemed to be moving along smoothly. Overall, use of a segmented edge collar to impart 46 (later 48) small stars on the coin's edge seems to have been easier to manage on the ten dollar coins than the twenties. With 210,000 pieces released for circulation of the 1908-D No Motto, along with a substantial double eagle production, it appears the Denver Mint had successfully adapted its presses to the new design.

In top grades, the 1908-D No Motto is scarce with few examples certified above MS63. Akers (1988) states that this is "one of the least attractive [issues], due largely to the fact that it is generally flatly struck on the obverse and is decidedly lacklustre." However, he goes on to state that there are a small number of exceptions, notably the Kruthoffer coin, that have frosted surfaces and are of superb quality. This piece is definitely one of the exceptions. The surfaces are bright and frosted with an accent of orange-gold color around the margin on the reverse. Strong granularity is also present over each side, as always. Surprisingly sharp for the issue with no obvious or mentionable abrasions. One of only 10 pieces so graded by both of the major services in MS66. A mer
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Auction 422 | Lot 3164 » Eagles » Indian Eagles
1908 $10 Motto MS66 PCGS. Introduction of the new ten dollar gold coin in 1907 was greeted with public objection because of the absence of the customary religious motto. One newspaper reported that Director Leach was expecting complaints as soon as church organizations had time to meet and formulate resolutions of protest. Many complaints were received and by the end of December the mint was planning to add the motto as soon as Congress acted. The Mint Act of 1908 was signed on May 17 and required the addition of "In God We Trust" to all gold coins. The mint had anticipated the law and prepared samples of motto placement in February. These were struck onto small squares of thick paperboard and submitted for approval. Sample coins were struck on May 23 and final approval was given immediately to place the motto on the reverse, in front of the eagle. Beginning with the legislation's effective date of June 17, all the new eagles carried the motto through the end of the series in 1933.

The motto was placed on the reverse, in the blank field in front of the eagle's breast. After producing a modest quantity of No Motto eagles earlier in the year, the Philadelphia Mint accelerated production for the With Motto variety and struck 341,370 pieces for circulation. This superior example shows deep, even orange-gold coloration with fine, matte-like surfaces. Both the obverse and reverse displays bright mint luster and sharp striking details. Conservatively graded at the MS66 grade level, there are no abrasions worthy of mention.
Ex: ANA Platinum Night (Heritage, 7/05), lot 10387, where it realized a still-record price for an MS66 of this issue of $35,650.
From The Kutasi Collection.
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Auction 422 | Lot 3165 » Eagles » Indian Eagles
1908-D $10 Motto MS66 PCGS. Among the factors that resulted in somewhat weakly struck With Motto Denver Mint eagles of 1908 were the difficulties associated with adapting the new obverse, reverse, and edge dies to the mint's equipment. This is consistent with the earlier No Motto pieces. However, once adaptations were made a number of high quality tens were produced with the motto on the reverse. The No Motto tens from Denver are known for pronounced granularity over each side. This tendency was lessened with the Motto coins. This piece is typical with fine-grain surfaces and intense, satiny mint luster--one might even be tempted to call this coin frosted. Each side displays an almost even mixture of rose-gold and lilac coloration, and there are no mentionable abrasions present. The striking details are strong throughout, an indication that this piece may have been a later striking that was produced after the branch mint learned how to use the new dies and edge equipment. This is one of only four pieces that have been so graded by PCGS with an equal number certified by NGC, and seven coins are finer (10/06).
From The Kutasi Collection.
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Auction 422 | Lot 3166 » Eagles » Indian Eagles
1908-S $10 MS67 PCGS. It was August before Edward Sweeney, Superintendent of the San Francisco Mint, reported, " ... a small run was made on eagles with the new design dies ... they stacked 0.025-inches higher than standard ... the dies were returned to Philadelphia and new dies furnished." The new dies were tested and they also produced coins that were too thick. Sweeney decided that with use the dies would wear slightly and eventually the coins would be within mint guidelines.

Engraver Charles Barber had also been busy stacking eagles and discovered that " ... the pieces are thinner on one part of the coin than on the other ... therefore the pile never measures twice the same." As Barber continued, he shifted responsibility for the coinage problems to Saint-Gaudens. "The many difficulties that we have had to contend with and the very unsatisfactory appearance of the coin ... should convince anyone that although a sculptor may have a reputation in his own line, he is a failure when taken out of it."

Only 59,850 eagles were released by the San Francisco Mint in 1908. All were from new dies that included the motto on the reverse, and the overall quality of these pieces is quite high. While the overall preservation of this coin is far above average, in many ways it also typifies the 1908-S ten. That is, most examples show exceptional mint luster and are either frosted and finely granular or satiny and radiant, as pointed out by Akers (1988). This coin is a frosted variant with the expected fine granularity on each side. Sharply struck throughout, the surfaces are nearly defect-free, and they show a pronounced reddish patina with only a slight hint of lilac present (visible with magnification). While the low mintage is one of the main drawing cards for this issue, specialists know the 1908-S is one of the best, if not the best produced of all ten Indians, and a coin of incomparable beauty in high grade. Only seven other pieces have been so graded by PCGS with thr
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Auction 422 | Lot 3167 » Eagles » Indian Eagles
1909 $10 MS66 PCGS. For 1909 only eight obverse and nine reverse dies were used to strike 217,235 ten dollar gold pieces. As Roger Burdette points out, "Of the coins made at the Philadelphia Mint, a whopping 32,446--nearly 18%--of the eagles struck were defective in weight or striking. This must have kept the roomful of lady adjustors busy, individually weighing and inspecting each gold coin as they came from the coining room." The net mintage for 1909 was a modest 184,789 pieces, but the overall quality of the issue was quite high. This piece shows the usual satiny finish and it also displays the rich rose and lilac patina that is common to most of the coins from the Kutasi Collection, and yet so uncommon on gold coins in general. Sharply defined throughout with finely granular surfaces, the coin is virtually defect-free. An outstanding example of this rarity in the ten dollar Indian series--only 11 other pieces have been so graded by both PCGS and NGC and a mere five coins are finer (10/06).
From The Kutasi Collection.
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Auction 422 | Lot 3168 » Eagles » Indian Eagles
1909-D $10 MS66 PCGS. The coinage presses in use at the Denver Mint were similar to those at Philadelphia, and initial adaptation of the segmented, starred edge collar mechanism in 1908 was accomplished in about a month. For 1909 only 121,540 eagles were struck for circulation by the Denver Mint. While this is a low mintage, it is not all that impressive by itself as other issues have an even lower mintage and greater availability in the better grades of Mint State (for instance the 1908-S and 1911-S). What matters the most is the attrition rate, and in the case of the 1909-D ten dollar that rate was very high. In his catalog of the Thaine Price Collection (1998) David Akers states that a number of previously unknown 1909-D tens have come onto the market in recent years. He goes on to say that most of these are of minimal Uncirculated quality, with only a few reaching the Choice level. This statement appears to be an accurate assessment of the current state of the 1909-D ten. The highest grade level that is moderately available is MS64, and the two major grading services combined have only certified 46 pieces in that grade. The dropoff is precipitous above that level with six Gems, eight MS66 coins, and three pieces in MS67 certified (with a certain but unknown number of resubmissions undoubtedly contained in these numbers).

In addition to being one of the absolute rarities in the ten dollar Indian series, the 1909-D is also one of the most consistently attractive. Each side shows even, granular surfaces, much like the previous year's D-mint No Motto issue. However, this is a far better-produced issue that has an overlay of rich, satiny mint luster and a strong strike. Additionally, there are virtually no abrasions present save for an identifying vertical mark on the lower rows of feathers on the eagle's wing. The surfaces have a pronounced reddish patina with lilac surrounding the devices--an unquestionable sign of originality.
From The Kutasi Collection.
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Auction 422 | Lot 3169 » Eagles » Indian Eagles
1909-S $10 MS67 PCGS. Work on the new design San Francisco eagles did not begin until August when a small quantity were struck during the visit of Director Leach. These were found to be too thick and it was not until mid-September that satisfactory coins were struck. Seven obverse and seven reverse dies were used to produce the San Francisco Mint's 1909 eagles. Each die pair struck on average 41,898 coins with total production of 293,287 pieces for the year. The net mintage--coins that were of proper weight, fineness, and without production defects--was 292,350 coins, indicating that just 937 defective pieces were made. Compared to the Philadelphia Mint's defect rate of nearly 3%, it seems the San Francisco Mint staff knew better how to mint these gold coins.

This is certainly a well-produced example of this median rarity in the ten dollar Indian series. The surfaces shout with luster--the bright, swirling cartwheel luster that S-mint coins are so well known for. Akers (1988) classes the 1909-S in two categories: " ... either very frosty with very little granularity, or slightly satiny." This piece is clearly an example of the former finish. Additionally, the striking details are boldly defined throughout, and there are no mentionable marks on either side. The only recorded hoard of this issue was a group of 70-90 pieces found in South America in 1977. Most of these pieces were of MS60-63 quality, which would lead one to the conclusion that this piece is probably not from that hoard and has been in a high grade date or type set since the year of issue. This piece is tied with one other at the MS67 level, and is exceeded only by a single MS68 coin at NGC (10/06). This is the first offering by Heritage of a MS67 example of this date.
From The Kutasi Collection.
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Auction 422 | Lot 3170 » Eagles » Indian Eagles
1910 $10 MS66 PCGS. The 1910 is one of the more available P-mint tens in the ten Indian series. The mintage was a substantial 318,500 pieces and numerous Uncirculated examples were set aside. This issue is available in grades up to and including MS67 (although in very small numbers), and the finest coins known are graded MS68. There are three occurrences of the 1910 in this ultimate grade, but one has to suspect at least one of these grading occurrences is a resubmission. As with all the coins in the Kutasi Collection, this piece is upper end for the grade, even for an MS66, and the color is fantastic. Both sides are covered with a layer of warm rose-gold patina with an accent of lilac over the eagle on the reverse. Sharply defined throughout, the matte-like surfaces show no obvious marks to the unaided eye.
From The Kutasi Collection.
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Auction 422 | Lot 3171 » Eagles » Indian Eagles
1910-D $10 MS66 PCGS. The 1910-D, 1926, and 1932 are the three most commonly encountered ten Indians, and as such have always been the focus of attention for type collectors. The 1910-D has an edge over the other two, however, because of the D-mintmark. This piece would be an unimprovable type coin in terms of color and luster. In terms of technical preservation, it is difficult to imagine a better-preserved 1910-D, but NGC has certified eight pieces finer. This is a "typical" Kutasi coin. That is to say, the color and luster on this piece are consistent with the other coins in his collection. The obverse shows an interplay of rose-gold and lilac patina, while the reverse is primarily reddish in hue with an interesting arc of lilac next to the rim on the right part of that side. Sharply struck throughout and refreshingly clean with no obvious marks on either side.
From The Kutasi Collection.
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Auction 422 | Lot 3172 » Eagles » Indian Eagles
1910-S $10 MS66 PCGS. The 1910-S ten dollar started out with a large mintage of 811,000 pieces. However, unlike many ten and twenty dollar issues, the 1910-S did not sit around in bags in bank vaults. Almost all the production run appears to have been dropped into circulation. The population data shows what specialists have long known: the 1910-S is common in circulated grades, but it is scarce in mint condition. To be more specific, approximately 900 circulated pieces have been certified by PCGS and NGC. Every grade is represented from AU58 all the way down to a pair of Fine 12 coins. The situation changes dramatically when one looks up the grading ladder from MS60 to the finest coins at the MS66 level. There are 657 pieces that have been certified in Uncirculated condition, and lower grade (60-63) coins are always available for a price. But the herd thins out quickly above that level with only 28 pieces graded MS64. Above MS64 only three Gems have been certified and five graded MS66 by both services. The fact that more MS66s have been graded than MS65s does not mean that more examples are actually known than at the Gem level. This is simply a reflection of how many MS66 coins have been submitted in hopes of gaining an MS67 grade (a hope that is yet unrealized).

Long before population data was looked to for an indication of scarcity, David Akers wrote in 1988 of the 1910-S:

"Despite its high mintage, the 1910-S is a very rare coin in all Mint State grades. Occasionally a specimen in MS-63 or less is available, but it is a highly unusual occurrence when one better than that comes up for sale. In MS-64 condition, the issue is really very rare, and it is my opinion that only about six to eight true gems exist, if that many."

The Kutasi coin is recognized by specialists as one of the two finest known 1910-S tens. Its only real rival appears to be the Kruthoffer coin, but to our knowledge that coin has not been seen since 1981.

The 1910-S comes in both
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Auction 422 | Lot 3173 » Eagles » Indian Eagles
1911 $10 MS67 PCGS. The 1911 is one of the more frequently encountered issues in the ten dollar Indian series, but its availability drops off dramatically after the MS64 level. Superb coins are virtually non-existent and are certainly no more available than the 1932 or 1926. Only seven other pieces have been so graded by PCGS with none finer, while NGC has certified seven coins with two finer (11/06).

One of the most interesting stories about the 1911 ten dollar, and one that helps explain its availability in high grade is the discovery of a hoard in the early 1990s. A Pontiac dealership in Ulysses, Kansas had gone out of business after many decades of selling cars and parts. A prospective buyer of the dealership was looking through a dusty storeroom of obsolete parts, and he discovered an old carburetor box that contained 30-40 Mint State 1911 eagles. Apparently the coins had been hidden by the original owner who had long since passed away.

The surfaces of this piece show the fine-grain texture one expects from this date with a generous overlay of yellow-orange frosted mint luster, which flows around each side unimpeded by the abrasions one normally expects from this type. In fact, the only marks we see are a couple of minute, inoffensive ones on the Indian's temple. Simply outstanding quality in this very challenging series. Sharply defined throughout.
Ex: Phillip Morse Collection (Heritage, 11/05), lot 6510, where it realized $46,000.
From The Kutasi Collection.
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Auction 422 | Lot 3174 » Eagles » Indian Eagles
1911-D $10 MS65 PCGS. The rarity of the 1911-D ten dollar is underscored by the fact that many date and mintmark collectors settle for a Choice AU rather than paying the heavy freight usually required for a high grade Uncirculated coin. And some strong prices have been paid for 1911-D tens in the past! The Norweb coin, which was sold in 1988, realized $132,000, a price that still stands as a record for this date and mintmark. The MS64 in the 1996 RARCOA/Akers sale brought $74,250. And the Heritage 1999 FUN coin, also graded MS64, was hammered at $55,200.

The reason for the scarcity of this issue is twofold. First, only 30,100 pieces were struck, which is the lowest mintage in the entire ten Indian series. Second, it appears that most of the scant mintage was dropped into circulation shortly after striking. Several hundred XF-AU coins have been certified by PCGS and NGC, with almost 150 pieces in AU58, indicating brief circulation for a significant percentage of the few coins struck. The finest 1911-D tens known (certified) are three MS65 coins, inclusive of this Gem. The Price, Duckor, and Michaels collections of ten dollar Indians all lacked a Gem of this date.

One feature that distinguishes this coin from other Mint State 1911-D tens is the sharpness of strike seen on this piece. Often there is slight weakness seen at the juncture of the eagle's wing and breast, as well as on the trailing leg. That is not the case with this example. This is a strongly struck coin in all areas. Also, the color is usually light to medium orange-gold. This piece has deep reddish color and it is evenly dispersed over each side. The surfaces display thick mint frost and pronounced granularity. Strong magnification will be required to find the couple of tiny marks on this coin. One is directly behind the eye of the Indian, appearing like crow's feet; while the other is located in the reverse field below the ST of TRUST.

This is a rare opportunity to acquire this key and major conditio
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