1907 $10 Rolled Rim MS66 PCGS....

Description

1907 Indian Eagle, MS66
Elusive Rolled Rim Variant
Net Mintage of 50 Pieces

1907 $10 Rolled Rim MS66 PCGS. The 1907 Rolled Rim Indian eagle is a classic rarity in the series and examples are prized by pattern collectors and series specialists alike. Of all the issues in the Indian eagle series, only the famous 1933 might be more elusive than the 1907 Rolled Rim variant. PCGS CoinFacts estimates the surviving population at 40-42 specimens all told, with most examples seen in the MS63-MS65 grade range. Two especially nice Rolled Rim examples are included in the National Numismatic Collection at the Smithsonian Institution and two more are in the collection of the American Numismatic Society. Heritage Auctions is privileged to present this spectacular Premium Gem in this important offering.

Striking the Coins
Renowned sculptor Augustus Saint-Gaudens' first design for the 1907 Indian eagle had no border around the edge of the design. 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 Wire Rim, around the circumference of the coin. 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. Accordingly, Chief Engraver Charles Barber produced a new hub from the original design with a wide border, or Rolled Rim, around the edge to address the problem. The first coins of the new design were struck on September 13, 1907, more than a month after Saint-Gaudens passed away, so the great artist never got to see this version of his iconic design. A substantial mintage of 31,500 pieces was accomplished. Unfortunately, the high relief of the motifs made it impossible to retain all the details of the design when Barber reduced the model to coin size, and almost all examples of the 1907 Rolled Rim Indian eagle show some loss of detail on the central design elements. Saint-Gaudens assistant, Henry Hering, had been working on this problem independently. He succeeded in lowering the relief of the design enough to significantly reduce the loss of detail during striking. He also eliminated the periods at the ends of the reverse legends. Mint Superintendent John Landis preferred Hering's design to Barber's, and most (31,450 pieces) of the Rolled Rim Indian tens were subsequently melted for recoinage. Mint Director Frank Leach ordered that 50 examples be preserved for influential collectors, museums, Mint and Treasury officials, and VIPs. Congressman William Ashbrook acquired 12 examples during the 1908 Assay Commision meeting. None were distributed to the general public.

Patterns, Proofs and Regular Issues
Despite the obvious incongruity of a 31,500-piece mintage for a pattern issue, the 1907 Rolled Rim Indian eagle has traditionally been included in the pattern series. The 10th edition of the Judd pattern reference lists them as Judd-1903 (formerly Judd-1775). Although most Rolled Rim Indian tens were obviously produced for circulation purposes, research by Roger W. Burdette has established that some true patterns of the Rolled Rim design do exist. According to USPatterns.com, these coins "were struck using a hurriedly made edge collar which has 2 large stars at one end of the tri-partite collar." The two coins in the National Numismatic Collection were struck from this edge collar and others may exist.

In their 100 Greatest U.S. Coins, Jeff Garrett and Ron Guth note that Frank Leach had 50 examples of the Rolled Rim design struck on the Mint's medal press. Two examples of the 1907 Rolled Rim Indian eagle have been certified as proofs. One of those coins is pedigreed back to Frank Leach and sold for $2,185,000 in a Heritage auction in 2011. It may be that the 50 coins Leach had struck on the medal press represent the proof mintage. Unfortunately, neither of the two known proofs have had their edges examined to determine if they show the irregular edge stars of the pattern issue.

While we assume the coin offered here is one of the regular-issue pieces, the green label PCGS holder prevents examination of the edge stars, so anything is possible.

Physical Description
The present coin is a magnificent Premium Gem, with well-detailed design elements throughout, showing some of the characteristic softness on the headdress feathers, but with better-than-average detail for the issue. The light orange-gold surfaces are impeccably preserved and radiate vibrant mint luster from both sides, adding to the incredible visual appeal. This coin possesses a winning combination of absolute rarity, high technical quality, and outstanding eye appeal that has seldom been matched. It may be years before a comparable specimen becomes available. The discerning collector will bid accordingly. Housed in a green label holder. The 1907 Rolled Rim Indian eagle is listed among the 100 Greatest U.S. Coins. Population: 13 in 66 (2 in 66+), 4 finer (4/22).
From The Cody Brady Collection, Part IV. (Registry values: N10218)

Coin Index Numbers: (NGC ID# 268C, PCGS# 8851, Greysheet# 9745)

Weight: 16.72 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

View all of [The Cody Brady Collection, Part IV ]

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