1907 $10 Wire Rim MS67 PCGS....

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1907 Indian Eagle, MS67
With Periods, Wire Rim Variant
Elusive First-Year Issue
Net Mintage of 472 Pieces

1907 $10 Wire Rim MS67 PCGS. Augustus Saint-Gaudens' first design for the 1907 Indian eagle featured a Wire Rim (rather than the traditional border) around the circumference of the coin, and periods before and after the reverse legend and denomination. The design elements were struck with the high relief and classical style of the ancient Greek coins, which were much admired by President Theodore Roosevelt. Liberty's warbonnet was suggested by Roosevelt, to add a distinctive American touch to the issue. In late August and early September 1907, 500 specimens were struck, and another 42 examples were produced during the remainder of the year. Of these 542 coins produced, 70 were later melted, leaving a net production total of 472 pieces. Unfortunately, the Wire Rim made it difficult to stack the coins for counting purposes and it was feared that the rim would wear down quickly, causing the coins to be underweight. Chief Engraver Charles Barber modified the design to include a more practical Rolled Rim in September and the Wire Rim design was quickly abandoned.

The 1907 Wire Rim Indian eagle has traditionally been included in the pattern series and is listed as Judd-1901 in the 10th edition of the Judd pattern reference, but modern numismatists have questioned the pattern designation. Although research by Roger W. Burdette reveals some extremely rare true patterns exist, struck from a special edge collar (three are included in the National Numismatic Collection at the Smithsonian Institution), all 472 examples cited here are now considered circulation-strike examples by USPatterns.com.

None of the coins were released into general circulation, which caused much resentment at the time. Instead, Mint and Treasury personnel distributed them to congressmen, members of the cabinet, and other VIPs. Remaining coins were selectively marketed to favored coin dealers and collectors for a profit. Prominent dealers Henry Chapman and Thomas Elder both secured a large supply of these coins and offered them for years before their stocks became depleted. Initially, the novelty value and limited availability of the coins resulted in strong collector demand and high prices. On February 28, 1908, Henry Chapman wrote to prominent collector Robert Garrett, heir to the B. & O. Railroad fortune, suggesting he apply to Mint Director Frank Leach for examples of both the Wire Rim and Rolled Rim eagles produced the previous year:

"I wish to give you some information. If you will act quickly upon it I think we will secure for you a couple of coins that are worth large sums. In fact, I have paid $150 cash for one of them myself.

"The director of the mint, Mr. Frank A. Leach, at Washington, has in his possession, and is distributing at face value, to collectors or public museums, to the later he writes me more especially than to the former, special $10 pieces of the Saint-Gaudens design, 1907."

Further on, Chapman relates:

"Send him $20 in gold and 12c in postage stamps, and I think you will succeed. Do not mention my name or your source of information ... As he has but a few of the wire edge, which he refuses to let me have a specimen of, I would suggest you write I would suggest you write immediately upon receipt of this. If you can bring to bear any influence of your senator or congressman, it might be well to do so, but I think that it is possible you will get them without bringing anyone else into the matter, which might cause delay. If you succeed in getting them, you are going to get two coins worth $400."

In later years, the clandestine nature of the distribution caused some collectors to become wary of the issue and, after the initial cachet of the new coins wore off, collector demand declined steeply for a while. Collecting large denomination gold coins became much more popular in the 1930s and '40s, and the 1907 Wire Rim eagles soon regained their popularity. Today, the 1907 Wire Rim Indian eagle enjoys unprecedented popularity, as the only available ten dollar coin that shows Saint-Gaudens' original design concept.

The majority of the 472 pieces distributed have been carefully preserved over the years, and most examples seen today are in relatively high grade. The issue is rare at the MS67 grade level, however, and finer coins are virtually unobtainable. This delightful Superb Gem is a spectacular specimen, with virtually flawless orange-gold surfaces and unusually vibrant mint luster. The fields show the swirling die polish lines seen on all examples of this issue, while the design elements exhibit the high relief and sharp central detail expected of a Wire Rim ten. Like all examples seen, the peripheral devices are not as sharp, due to the basining of the field and corresponding lower detail of the dies. This coin possesses terrific eye appeal, to match its outstanding technical quality. Population: 7 in 67 (1 in 67+), 0 finer (5/22).
From The Cody Brady Collection, Part IV. (Registry values: N1)

Coin Index Numbers: (NGC ID# 268B, PCGS# 8850, Greysheet# 9744)

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.

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