1839 $10 LG LETTERS

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1839/8 Ten Dollar--One Of The Most Significant Gold Type Coins In U.S. Numismatics

1839/8 Type of 1838 MS 66 PCGS. The most comprehensive background to the 1838-39 type is given in Breen's 1988 Encyclopedia, which we quote here in part: "Verbal orders of Pres. Jefferson had stopped mintage of eagles as of Dec. 31, 1804. But in July 1838, after two different acts altering the weight and fineness standard of U.S. gold coins, the Secretary of Treasury instructed Mint Director Robert Maskell Patterson to resume coinage of this denomination at once. Acting Engraver Christian Gobrecht prepared new dies, and on Dec. 6, four "specimens" (proofs?) went to the Secretary of Treasury, followed by 7,200 business strikes. Gobrecht copied the head of Venus in Benjamin West's recent painting Omnia Vincit Amor, with slightly changed headdress but with the same triple beaded cord on her bun, and the same coronet (here inscribed LIBERTY); this is the same prototype used for the latest style of cents in 1839, differently modified. A slicked-up version of the old John Reich eagle served for rev.; on 1839 "Type I" (Type of 1838) this is called large letters."
In 1839 the design produced in 1838 was struck again, and later in the year the design was modified to the more familiar Coronet style that was used on tens until 1907. Thus, the year 1839 saw two low mintage design rarities created. The former has in the past been called the "1839 Large Letters" type, while the second issue has been known as the "1839 Small Letters." These labels have proved inadequate to describe the minute differences in letter sizes used, and in recent years (since the publication of David Akers' reference on tens) the terms "Type of '38" and "Type of '40" have come to be more generally accepted.
The second year of Gobrecht's new design saw 25,801 eagles produced, but only a handful of pieces (eight altogether) have been certified in Mint condition with this being the finest known (the NGC MS 66 is the same as this piece). In this two-year series where an XF or AU coin is a significant offering, the importance of this extraordinary coin cannot be overemphasized to both date and type collectors.
The coin is nothing less than exceptional. The fields are bright and lustrous with a semi-prooflike sheen that glimmers beneath the shield on the reverse and even shows occasional, bright glints within the coronet on the obverse. The striking details are uncommonly well defined with complete definition on the hair curls of Liberty and fully articulated feathers on the eagle. The only area of weakness is slight softness on the peripheral stars on the obverse. The coin has a bright yellow-gold color and there are only the slightest interruptions in the surfaces that separate this piece from perfection. We list here the most prominent surface imperfections we see, but by definition at the MS 66 grade level these flaws will be slight, and we certainly do not mean to imply that any of them affect the overall desirability or appearance of the piece: on the obverse, on face of Liberty there is a very shallow, vertical scrape in the luster close to the ear; and in the exergual area there is a short abrasion positioned between star 13, the bust, and the 9 in the date. On the reverse we note an angling abrasion beneath the right foot of the first T in STATES, and there is also an area of die polish between the T and E of STATES.
Perhaps it is the historic significance of the 1838-39 tens as prototypes for the long-lived Coronet series that makes this coin so appealing. Or, perhaps it is the unparalleled preservation of the surfaces that make one take notice. Perhaps it is the harmony of both condition, history, and numismatic importance that make this such a desirable numismatic item. In any case, this is one of the most impressive and important gold coins we have ever handled in our 23 years in the auction business.

Coin Index Numbers: (NGC ID# 262E, PCGS# 8576, GSID# 9357)

Metal: 90% Gold, 10% Copper
Weight: 16.72 grams
AGW: 0.48375oz
Mintage: 25,801

View Certification Details from PCGS