1907 $10 Rolled Edge, JD-1, R.8, PR67 PCGS....

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1907 Rolled Edge Indian Eagle, PR67
Only Two Proof Examples Traced
Satin Finish, Irregular Stars Edge
Ex: Leach-Simpson

1907 $10 Rolled Edge, JD-1, R.8, PR67 PCGS. Ex: F.A. Leach-Simpson. From the personal collection of Mint Director Frank A. Leach, this Satin Finish proof 1907 With Periods Rolled Edge eagle is a monumental coin that ranks among the most important individual specimens in 20th century American numismatics. All 1907 Rolled Edge Indian eagles are sought-after rarities in the popular series but, with only two examples confirmed, proof specimens are in a class of their own. Christian Briggs, CEO of Hard Asset Management, stated about this piece:

"This 1907 $10 Rolled Edge PCGS proof 67 is a museum class ultra rarity that represents the pinnacle of coin collecting. It's not just a coin; it's a one-of-a-kind piece of art, a segment of unimaginable historical significance, and a testament to the vision of President Theodore Roosevelt and master sculptor Augustus Saint-Gaudens."

Heritage Auctions is privileged to present this spectacular landmark rarity in this extremely important offering.

1907 Rolled Edge Eagle: Hurried Production and Undocumented Rarities
Augustus Saint-Gaudens died on August 3, 1907, without ever seeing any of his iconic gold coin designs adapted for regular coinage. President Theodore Roosevelt was especially anxious to see the new designs implemented after that and stepped up the pressure on Mint officials to produce the new coinage regardless of difficulties in design and production.

Like its more famous double eagle counterpart, Saint-Gaudens' original design for the 1907 Indian eagle proved impractical for use in high speed, regular-issue coinage. The first model of the new design (Judd-1901), known as the Wire Rim type today, had high relief on the design elements and no border around the edge of the coin. As a result, metal was extruded through the narrow gap between the die and collar when the coins were struck, forming a narrow fin, or rim around the circumference. This made the coins impossible to stack for counting purposes and raised concerns that the narrow rim would wear away quickly, causing the coins to be underweight. Clearly, significant modification was needed and Chief Engraver Charles Barber advocated adding a protective rim around the edge of the coin to solve these problems. Barber's modification of the design is known as the Rolled Rim type today. In the September 10, 2007 edition of Coin World, Roger W. Burdette and Jeff Reichenberger discussed the necessity for the Rolled Edge coins and their characteristics:

"The first version of [Saint-Gaudens] $10 coin had no properly defined rim, made a wobbly stack when the experimental pieces were piled, and required the use of a medal press to bring up the design.

"To remedy these defects, [Chief Engraver Charles] Barber made a new set of hubs and dies from the same set of models as before. But this time, he cut a well-defined rim into the hubs. Experimental pieces demonstrated that the relief was low enough that the coins could be struck on ordinary presses. These were shown to the Treasury secretary and President Roosevelt and approved.

"This second gold eagle version had the design in slightly higher than normal relief. The fields ended at a well defined rim on which the coins could sit when stacked. On the reverse, the legends had small text stops - usually called periods - at ends of each inscription, just as on the first version.

"The Philadelphia Mint struck 31,500 pieces of the second version on normal coinage presses in late September 1907 and the coins seemed destined for release across the country."

As mentioned above, a few "experimental coins" of both the Wire Rim and Rolled Edge type were struck as trial pieces before regular production began. These experimental coins exhibit bold strikes and were probably struck on the medal press. They also show irregular spacing of the stars on the edge of the coins. The regular-issue coins were struck on the regular coin press. Mint records are silent on how many experimental examples of both Wire Rim and Rolled Edge eagles were struck.

Unfortunately, significant detail was lost in the process of lowering the relief on the Rolled Rim coins. Superintendent John Landis noted the regular-issue coins "are indefinite in detail and outline, not being at all sharp and looking like imperfect coins or coins that have been sweated." A third version of the design had been prepared by Saint-Gaudens' assistant Henry Hering in the meantime, with lower relief and no periods on the reverse. Landis believed the coins from these dies were superior to the Rolled Rim production and convinced acting Mint Director Robert Preston to cancel the release of the Rolled Rim specimens and use the No Periods dies for regular coinage. President Theodore Roosevelt approved the No Periods design in early October. In November of 1907, new Mint Director Frank Leach ordered the destruction of most of the 31,500 Rolled Rim eagles that had been struck, saving only 50 coins for numismatic purposes. The 50 survivors were parceled out to Mint officials, museums, and influential insiders. None were released to the general public.

The Pattern Question
Traditionally, the 1907 Rolled Edge Indian eagle was classified as a pattern, and the issue is still listed as Judd-1903 in the leading pattern reference. However, Roger Burdette's research in the National Archives makes it clear the coins were initially intended for circulation, and present-day numismatists usually consider the Rolled Edge coins regular issues.

Some true patterns do exist, however. As mentioned above, a few examples are known that use the same edge collar as the 1907 Wire Rim Indian eagle patterns, which represent the Mint's first attempt to adapt Augustus Saint-Gaudens' beautiful design for practical coinage. The patterns were struck using a hastily made segmented tripartite collar. The Mint had considerable trouble with the collar, as it featured 46 raised stars (one for each state in the Union at that time). The Mint's technicians were accustomed to collars that imparted a reeded edge to the coin, and the raised stars on the edge presented the equipment designers with an unfamiliar challenge. Acting Philadelphia Mint Superintendent Albert Norris sent a letter to acting Mint Director Robert Preston on August 14, 1907, explaining the situation:

"The machine shop was working on a sectional collar for putting stars on the edge of the eagle, so I put them on overtime and we hope to have it ready for trial on Friday. This relief work on the edge of the coin is something entirely new to us. Some years ago, I think in Mr. Bosbyshell's time, a contrivance for this work was made, but only a few examples were made on it. We had expected to use this but on trial found it would not work satisfactorily for the regular coinage, so a new attachment for the coining press had to be devised. If the work on the edge of the coins was to be impressed, instead of being in relief, we would have had no trouble ..."

Additionally, it was impossible to divide 46 stars into three segments evenly, causing one of the collar segments to have irregular spacing of the stars, with the last two stars on the end larger than the others (there is a good image of this feature on USPatterns.com). Two examples of the 1907 Rolled Edge Indian eagle have been traced with this distinctive edge, both included in the National Numismatic Collection at the Smithsonian Institution. Those coins are believed to be true patterns.

Because of its spectacular Satin Finish and unusually sharp strike, there has been much speculation over the years that this coin might have been struck as a trial piece, or pattern, for the new Indian design, like the coins in the Smithsonian. Speaking of the coin offered here in their Encyclopedia of U.S. Gold Coins 1795-1933, Garrett and Guth note:

"This may be some sort of pattern or trial piece, and was obviously not made for the general public to buy. The coin is very boldly struck and was probably produced on a medal press. Author Jeff Garrett has had the privilege of handling several 1907 Rolled Edge eagles in his career, and the example certified as Proof by NGC (later crossed to PCGS) is clearly different from any others seen of this rarity."

The edge of the present coin has heavy finishing lines, similar to the die polish lines that are seen on the obverse and reverse of this specimen. These finishing lines are what we might expect to find on pattern strikes produced on the medal press. In addition, images confirm this coin does show the same irregular star arrangement used on the edge of the Smithsonian Rolled Edge patterns. Unfortunately, the pattern status of this coin remains unconfirmed by the grading service. It may, or may not, be the only confirmed existing pattern available to private collectors. Either way, it remains one of the most monumental discoveries in recent numismatic history.

The Present Coin
The present coin was acquired by Frank Aleamon Leach in 1907. Leach was a California newspaper publisher who became Supervisor of the San Francisco Mint in 1897. He made heroic efforts to save the San Francisco Mint building and bullion repository in the aftermath of the 1906 San Francisco earthquake and fire. He was appointed Mint Director in 1907 and was influential in the final production of both of Saint-Gaudens iconic gold coin designs. After his death in 1929, this coin was passed down as a family heirloom by his descendants, remaining in the family for almost a century.

Because this coin was never publicly offered before its appearance in lot 5238 of the FUN Signature (Heritage, 1/2011), it remained largely unknown to the numismatic community until that time. In United States Proof Coins, Volume IV: Gold, John Dannreuther recalls the public reaction:

"The appearance in the Heritage 2011 FUN auction of an unknown superb specimen of this issue caused a sensation. Originally obtained by then Mint Director Frank A. Leach in 1907, this coin was previously unreported. Whenever a new example of a rare coin appears for the first time in the numismatic marketplace, the ripple effect is in full force. As it was examined by numismatic luminaries, the buzz increased, indicating to the author that a record price realized for an Indian Head eagle was at hand."

The lot did indeed realize a record price of nearly $2.2 million, to Laura Sperber, acting as agent for super-collector Bob R. Simpson. This coin has not been publicly offered since and comes to us completely fresh to the market again.

Physical Description
This 1907 Rolled Edge eagle certified PR67 Satin Finish by PCGS is, in a word, astounding. Every aspect of the coin makes a statement that it is something special, unlike any others of its kind. The surfaces are light yellow-gold with brilliant, satiny luster and heavy die polishing lines on both sides. The surfaces are, for all practical purposes, absolutely mark free. Only slight grazing of the luster is visible in the left reverse field.

The characteristic that clearly sets this piece apart from all others is the strike. The typical example has a poor strike. David Akers wrote in his 1988 Handbook: "The strike on a typical Rolled Edge is rather weak, particularly at Miss Liberty's ear and on the eagle's wing and trailing leg and claw." However, the Leach specimen is clearly special. Every detail is bold, including the period following LIBERTY on the headband--a feature that few even know is part of the design because it is never visible. Every individual feather in the eagle is visible, even on the highest part of the left wing (the point of highest relief). Overall eye appeal is terrific. This lot represents an unparalleled opportunity for advanced series specialists and Registry Set enthusiasts. The 1907 Rolled Edge Indian eagle is listed among the 100 Greatest U.S. Coins. This coin is pictured on PCGS CoinFacts. Population: 2 in 67, 0 finer (8/25).

Roster of 1907 Satin Finish, Rolled Edge Indian Eagle Proofs
1. PR67 PCGS. Mint Director Frank Aleamon Leach in 1907; Abraham Powell Leach in 1929; Florence Plant Leach in 1962; Colonel George M. Monroe in 2000; FUN Signature (Heritage, 1/2011), lot 5238 (as Satin PR67 NGC), realized $2,185,000 to Laura Sperber, acting as agent for Bob R. Simpson; Bob R. Simpson Collection; acquired by Hard Asset Management, Inc., in January 2024; the present consignor. The present coin.
2. PR67 PCGS. Brian Hendelson; Rarities Sale (Bowers and Merena, 7/2002), lot 857 (as PR66 NGC); exhibited at the Long Beach Expo in June 2012 (as NGC Satin PR67); graded PR67 by PCGS in July 2012; offered by Monaco Rare Coins in 10/2015 for $3 million.
3. Proof Uncertified. ANA Convention Auction (Paramount, 8/1972), lot 2585; Harry W. Bass, Jr., who accidentally left it in an airport when he ran to catch his plane. Present whereabouts unknown. Note: This coin was accompanied by a framed document, dated 9/13/1907 and signed by Philadelphia Mint Superintendent John H. Landis, stating the coin was the first piece struck of Saint-Gaudens new Indian design.

Additional Appearances
A. Proof. Colonel James W. Flanagan Collection (Stack's, 3/1944), lot 1400.
B. Proof. J.F. Bell Collection (Stack's, 12/1944), lot 673.
C. Proof. A coin offered by Stack's in the Captain Andrew North cased set of 1907 and 1908 gold coins in the late 1970s.
From The Colorado Collection, Part II.

Coin Index Numbers: (Variety PCGS# 107180, Base PCGS# 505272)

Weight: 16.72 grams

Metal: Gold

View all of [The Colorado Collection, Part II. ]

View Certification Details from PCGS