LOT #3205 |
Current Bid: $1,125,000
1933 $10 MS65 PCGS. CAC....
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Description
1933 Indian Eagle, MS65 CAC
Fabled Final-Year Indian Ten
Sought-After Melt Rarity
1933 $10 MS65 PCGS. CAC. The 1933 Indian eagle is one of the
great American numismatic rarities of the 20th century. The authors
of The Coinage of Augustus Saint-Gaudens (Ivy Press, 2006)
note that the "1933 eagle is undeniably one of the most prestigious
issues in the series. Its standing is enhanced by two factors: it
is the final year of issue for this beautiful design type, and it
is an extremely rare coin." PCGS CoinFacts estimates the surviving
population at 30 to 40 examples in all grades, while Q. David
Bowers offers a slightly larger estimate of 45 to 60 specimens in
his Guide Book of Gold Eagle Coins. PCGS and NGC have
combined to certify 38 coins, all in Mint State grades, including
an unknown number of resubmissions and crossovers (1/26). One
example is included in the National Numismatic Collection at the
Smithsonian Institution, and another resides in the ANA Money
Museum. We have listed the 24 examples known to us in the roster
below.Mintage and Distribution
The Philadelphia Mint struck a fairly substantial mintage of 312,500 Indian eagles in 1933. The coins were all struck in January and February. Research by David Tripp indicates the eagles were released in five transfers of 50,000 coins each, plus a final group of 62,500 examples sent to the Philadelphia Mint cashier between January 19 and March 3. There was little commercial demand for eagles in the shrinking Depression-Era economy, as the Mint had produced a staggering mintage of more than 4.4 million ten dollar gold pieces the year before. Accordingly, the great majority of the mintage (312,000 pieces) was stored in Mint Vault F at the time of issue, and none were sent to Federal Reserve Banks for commercial distribution. A small group of 100 coins from the January 19 delivery was sent to the treasurer's office for sale to collectors. A total of 75 coins were left with the cashier for use in over-the-counter transactions and 325 examples were set aside for assay purposes. A total of 21 coins were destroyed in special assays, or by the Assay Commission in early 1934, and the remaining 304 examples selected for assay were returned to the cashier afterward, but this would be after the "Gold Recall" order took effect. Thus, only the 75 coins initially left with the cashier and the 100 specimens at the treasurer's office were ever available for sale to the public.
Because the 100 coins at the treasurer's office were considered to be officially released for circulation, the 1933 Indian eagle has always been considered legal to own, unlike its famous 1933 double eagle counterpart. Surprisingly, records indicate only four examples were sold from the treasurer's holdings. Additionally, a single coin was released from the cashier's window on March 1, 1933. Only these five coins were released through official channels. Q. David Bowers suggests the majority of the coins we know about today were acquired by Mint or Treasury employees, who exchanged common-date gold coins for them and sold them in lucrative transactions with coin dealers. In addition, it is known that Philadelphia jeweler Israel Switt acquired a number of 1933 eagles through his relationship with Mint Cashier George McCann. Switt is well known as the source for all the controversial 1933 double eagles that came on the market in later years.
The nation's financial system was threatened with collapse in 1933, by widespread runs on banking institutions and hoarding of precious metal coinage. President Franklin Roosevelt issued his Bank Holiday directive (Presidential Proclamation 2039) prohibiting all banking transactions from March 6 through March 9, 1933, in order to "prevent the export, hoarding, or earmarking of gold or silver coin or bullion." He followed this up with Executive Order 6102 on April 5, 1933, his famous "Gold Recall", prohibiting the hoarding of privately held gold coins and bullion by any citizen of the United States:
"All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve Bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, 1933 ..."
Throughout that year, Americans were subjected to other laws that further limited their rights to own gold. All gold coinage recovered from the public and all the coins in government storage (including the 312,000 1933 eagles in Vault F) were later melted and stored as gold bars at the Fort Knox Bullion Depository. This explains the rarity of the 1933 Indian eagle today.
An Instant Rarity
Fortunately, gold coins with established numismatic value were exempt from the Gold Recall and the rarity and value of the 1933 Indian eagle were recognized by numismatists at an early date. The issue began appearing at auction at least as early as lot 413 of the Samuel H. McVitty Collection (B. Max Mehl, 1/1938), where the cataloger noted:
"1933 Last year of issue. Very few got out in circulation. Uncirculated, with full mint luster. Excessively rare. In point of actual rarity should bring as much as any $10.00 Gold Piece."
The lot realized $233, an extremely strong price for a coin that was issued only five years before. Of course, prices realized have increased exponentially over the years. Recent sales include the CAC-endorsed MS65 PCGS specimen in lot 5419 of the Chicago Signature (Heritage, 4/2015), that realized $822,500. See the roster below for a more complete record of prices over the years. As might be expected, auction appearances of the 1933 Indian eagle have always been infrequent and it has been more than five years since Heritage Auctions offered a specimen in any grade.
The Present Coin
The present coin first surfaced in the collection of super-collector Louis E. Eliasberg, Sr., the only numismatist to ever complete a full collection of U.S. federal coinage by date, mintmark, and major variety. It was later a highlight of several famous collections, including the fabulous Floyd Starr Collection and the remarkable collection of John Kutasi. It has not been publicly offered since 2008, making it entirely fresh to the market.
This spectacular Gem exhibits sharply detailed design elements throughout. The virtually flawless orange-gold surfaces are free of the prominent amber alloy spots that appear on some other high-grade specimens, like the James Stack MS66 PCGS example that recently sold for a record price of $960,000. This spot-free Gem is visually superior and the pleasing surfaces radiate vibrant frosty mint luster, with terrific eye appeal. The high quality within the grade is confirmed by CAC. A Condition Census example of this classic gold rarity, this coin will be a welcome addition to the finest collection or Registry Set. The 1933 Indian eagle is listed among the 100 Greatest U.S. Coins. This coin is pictured on PCGS CoinFacts, in the number 4 spot in the Condition Census. PCGS Population: 10 in 65 (3 in 65+), 2 finer (1/26). CAC: 6 in 65, 1 finer (1/26).
Roster of 1933 Indian Eagles
This roster was compiled by Ron Guth and the Numismatic Detective Agency.
1. MS66+ PCGS. "From a prominent midwestern family collection" (Goldberg Auctions, 6/2016), lot 1638, $881,250; Half Dome Collection (PCGS Set Registry).
2. MS66 PCGS. James A. Stack, Sr. Collection, Part II (Stack's Bowers, 2/2026), lot 23041, $960,000.
3. MS65+ PCGS. Samuel W. Wolfson Collection, Part I (Stack's, 10/1962), lot 847; James Walter Carter and Margaret Woolfolk Carter Collections (Stack's, 1/1986), lot 398, $75,900; Michael I. Keston Collection (Superior, 1/1996), lot 194, $187,000; Phillip Morse Collection (Heritage, 11/2005), lot 6520, $517,500; Jim O'Neal Collection (Heritage, 1/2009), lot 3531, $488,750; Los Angeles Platinum Night (Heritage, 7/2009), lot 1312, $460,000. The Keston catalog confused the Amon G. Carter, Jr. Family Collection with the James Walter Carter and Margaret Woolfolk Carter Collections.
4. MS65+ PCGS. Breen II Gold Coin Auction Sale (Pine Tree Auction Company, 6/1975), lot 328, $46,000; Stanley Kesselman; Robert E. Kruthoffer, Jr. Collection (Paramount, 9/1981), lot 65, $79,000; Collection of an East Coast Family (Heritage, 6/2000), lot 7627, $207,000; Betty Goff C. Cartwright Collection / 65th Anniversary Sale (Stack's, 10/2004), lot 2190, $718,750; Bob R. Simpson Collection. Akers plate coin; Breen plate coin.
5. MS65+ PCGS. Harry Einstein Collection (Bowers and Merena, 6/1986), lot 513, $79,200; New Orleans Collection (Heritage, 4/2015), lot 5419, $822,500; Half Dome Collection (PCGS Set Registry).
6. MS65 PCGS CAC. H.R. Lee Collection (Louis E. Eliasberg, Sr. duplicates) (Stack's, 10/1947), lot 1575, $400; Floyd T. Starr Collection (Stack's, 10/1992), lot 1279, $132,000; Great Lakes Collection (Bowers and Merena / Hanks and Associates, 11/1998), lot 4041; John Kutasi Collection (Heritage, 1/2007), lot 3191, $546,250; Madison Collection (Heritage, 1/2008), lot 3291, $552,000. The present coin.
7. MS65 PCGS CAC. Auction '89 (David W. Akers, 7/1989), lot 1440; Elite Collection (MyCollect Registry).
8. MS65 PCGS OGH. F.C.C. Boyd Collection: World's Greatest Collection' (Numismatic Gallery, 1/1946), lot 727, $375; Memorable Collection (Numismatic Gallery, 3/1948), lot 613; Adolphe Menjou Collection (Numismatic Gallery, 6/1950), lot 1664, $525; Thomas G. Melish Collection (according to Del Bland, Kosoff paid Melish's widow to use his name for the sale; the gold coins were actually from R.E. "Ted" Naftzger, Jr.) (Abe Kosoff, 4/1956), lot 2639, $825; S. Hallock Dupont Collection (Sotheby's, 3/1983), lot 222; Lester Bernstein Collection (Stack's, 5/1986), lot 1545, $77,000; Public Auction Sale (Stack's, 10/1996), lot 1592, $90,750; Rarities Sale (Bowers and Merena, 1/1997), lot 348; New Orleans Collection, Part II (Heritage, 6/2015), lot 4322, $587,500. The four pre-1980 citations appear tenuous, as plate-matching is not conclusive except for the fact that all four catalogs used the same image.
9. MS65 PCGS. Ira Reed; 47th Sale (New Netherlands, 4/1956), lot 1430; Dallas Bank (H. Jeff Browning) Collection (Sotheby's/Stack's, 10/2001), lot 599, $149,500; Pre-Long Beach (Goldberg Auctions, 2/2009), lot 1592, $517,500; Long Beach Signature (Heritage, 6/2020), lot 3262, $408,000.
10. MS65 PCGS. Gaston DiBello Collection, Part II (Stack's, 5/1970), lot 1202; ANA Money Show Auction (Superior, 3/2001), lot 891, not sold; Tyrant Collection (Coin 319, displayed at the 2/2020 Long Beach Expo).
11. MS65 NGC. J.W. Schmandt Collection (Stack's, 2/1957), lot 1062; Primary Bartle Collection (Stack's, 10/1985), lot 821; Barker et al Collections (Stack's, 10/1986), lot 730, $72,600; February Auction (Superior, 2/1999), lot 2920, $83,375; Pre-Long Beach (Goldberg Auctions, 6/2005), lot 1065, $460,000; Ohringer Family Trust Holdings, Part II (Goldberg Auctions, 9/2008), lot 1285, $450,000; Las Vegas Collection, Part II (Heritage, 1/2011), lot 5237, $359,375; Central States Signature (Heritage, 4/2020), lot 3831, $360,000.
12. Choice Brilliant Uncirculated, MS65 Uncertified. Belden Roach Collection (B. Max Mehl, 2/1944), lot 395; Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 873, $93,500.
13. MS65 Uncertified (grade per Jeff Garrett). Josiah K. Lilly Collection, donated intact by Lilly's estate in 1968 to the National Numismatic Collection in exchange for a $5.5 million tax credit; National Numismatic Collection at the Smithsonian Institution (accession #283645, Id Number NU.68.159.0334).
14. Brilliant Uncirculated gem Uncertified. R.L. Miles, Jr. Collection, Part I (Stack's, 10/1968), lot 823; Winner F. Delp Collection (Stack's, 11/1972), lot 860.
15. Gem Brilliant Uncirculated Uncertified. Bartle Family Collection (Stack's, 10/1984), lot 1377.
16. MS64+ PCGS. December Sale (Stack's, 12/1986), lot 473, $57,750; Charles Kramer Collection (Stack's and Superior, 11/1988), lot 719; Richmond Collection, Part I (David Lawrence, 7/2004), lot 2227, $276,000; FUN Signature (Heritage, 1/2007), lot 3694, not sold; Ohringer Family Trust Holdings (Heritage, 1/2012), lot 5024, $402,500.
17. MS64+ PCGS. Estate of Charles Kahn (Stack's, 10/1980), lot 793; D.E.A. and U.S. Marshals Service Sale (Heritage, 12/1988), lot 1356; Jascha Heifetz Collection (Superior, 10/1989), lot 5015, $93,500; Auction '90 (Superior, 8/1990), lot 1373, $121,000; February Sale (Superior, 2/1991), lot 2903, $82,500; FUN Sale (Heritage, 1/1999), lot 8411, $112,125; Pre-Long Beach Coin Sale (Superior, 10/2001), lot 2919; William Thomas Michaels Collection (Stack's, 1/2004), lot 3032, $172,500; Freedom Collection (Heritage, 1/2007), lot 3693, $316,250; Pre-Long Beach (Goldberg Auctions, 9/2007), lot 3404, $437,000; Bentley Shores Collection (Stack's Bowers, 8/2013), lot 4571, $367,188; G&J Lott Collection (PCGS Set Registry).
18. MS64 PCGS. Mason Williams Collection (Stack's, 11/1947), lot 1323; Harold S. Bareford Collection (Stack's, 12/1978), lot 225, $92,500; Hancock & Harwell; 1985 Government auction of confiscated material; David W. Akers, sold privately; Dr. Thaine B. Price Collection (David W. Akers, 5/1998), lot 71, $264,000; Ft. Lauderdale ANA (Superior, 3/2000), lot 1007, $123,625.
19. MS64 PCGS. Eugene J. Detmer Collection (Stack's, 2/1983), lot 1068; Chicago '96 (RARCOA and David W. Akers, 7/1996), lot 468, $121,000.
20. MS64 PCGS. King Farouk (The Palace Collections of Egypt) (Sotheby's, 2/1954), lot 224; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2329, $95,700; October Sale (Superior, 10/1990), lot 2174, not sold; Chicago Sale (Superior, 8/1991), lot 820.
21. MS63 NGC. A specimen purchased directly from the Mint by Philadelphia jeweler Israel Switt; sold privately to coin dealer James Macallister; private treaty transaction with F.C.C. Boyd; jointly donated by Macallister and Boyd to the American Numismatic Association in 1938 (this coin was stored in the Smithsonian Institution as part of the Moritz Wormser Memorial Collection until the ANA opened its own headquarters in 1967, thanks to David Tripp for this information); ANA Money Museum, exhibited at the National Money Show in 2022, per Numismatic News.
22. MS63 Uncertified. Ira Reed, sold privately; Henry P. Graves Collection (Stack's, 4/1954), lot 1002, $950; Dr. Clifford E. Smith and Son Collection (Stack's, 5/1955), lot 1927, $1,000; Public Auction Sale (Stack's, 5/1957), lot 649; Ed Trompeter Collection, Part I (Superior, 2/1992), lot 209, $65,450.
23. Brilliant Uncirculated Uncertified. Clarke E. Gilhousen Collection, Part I (Superior, 2/1973), lot 843; Gainsborough Collection (Quality Sale Corp. (Abner Kreisberg), 9/1980), lot 1559.
24. Uncirculated details, surfaces tooled Uncertified. S. Hallock Dupont Collection (Sotheby's, 3/1983), lot 222; Public Auction Sale (Stack's, 3/2005), lot 1882, $230,000; Poulos Family Collection (Heritage, 8/2019), lot 3916, $300,000; D.L. Hansen Collection. Note: Both Coin #8 and Coin #24 claim the S. Hallock Dupont Collection (Sotheby's, 3/1983) coin, but the actual catalog was not available for comparison to break the tie.
Additional Appearances
We have not been able to match the coins in these appearances to any of the examples in the main roster, due to lack of images or poor image quality in the catalogs. It is possible these citations represent prior appearances of the coins listed above, or they may be different examples that have been moving outside of numismatic channels in recent years.
A. Uncirculated. Samuel McVitty Collection (B. Max Mehl, 1/1938), lot 413, $233.
B. Uncirculated. 399th Sale (Morgenthau, 5/1939), lot 444.
C. Brilliant Uncirculated. Proskey, Kaplan, Buchman Collections (Stack's, 3/1940), lot 1412.
D. Uncirculated. Julius Guttag Collection (Abe Kosoff, 8/1940), lot 722, $160.
E. Uncirculated. 416th Sale (Morgenthau, 6/1940), lot 189.
F. Uncirculated. 1941 ANA Convention Auction (Ira Reed, 8/1941), lot 797.
G. Uncirculated. Julius Guttag, P.E. Wickes Collection (Abe Kosoff, 10/1941), lot 202, $131.
H. Uncirculated. 15th Sale (Abe Kosoff, 5/1942), lot 371, $110.
I. Uncirculated. Frank M. Selmier Collection (Ira Reed, 12/1944), lot 1433.
J. Brilliant Uncirculated. Charles H. Deetz Sale (Stack's, 11/1946), lot 2180, $600.
K. Uncirculated. Dr. Charles W. Green Collection (B. Max Mehl, 4/1949), lot 594, $470.
L. Uncirculated. Golden Jubilee Sale (B. Max Mehl, 5/1950), lot 557, $490.
M. Uncirculated. Levy, Wildenstern, Dean Collections (Abe Kosoff, 5/1955), lot 1138.
N. Uncirculated. 1955 ANA Convention Auction (Aubrey Bebee, 8/1955), lot 613.
O. Uncirculated. Alex Shuford Collection (Abe Kosoff, 5/1968), lot 2228.
P. Uncirculated. 1963 FUN Sale (Federal Brand, 1/1963), lot 661.(Registry values: N14284)
From The Presidio Collection, Part II.
Coin Index Numbers: (NGC ID# 28HC, PCGS# 8885, Greysheet# 9758)
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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Auction Info
2026 April 29 - May 2 CSNS US Coins Signature® Auction #1393 (go to Auction Home page)
Auction Dates
Apr-May
29th-2nd
Wednesday-Saturday
Bids + Registered Phone Bidders: 68
Lot Tracking Activity: 186
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Heritage Auctions - Dallas
2801 W. Airport Freeway
Dallas, TX 75261
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