1909 $10 PR65 NGC. JD-1, R.5....

Description

1909 Indian Eagle, PR65
Only 74 Examples Struck
Rarely Seen Finer

1909 $10 PR65 NGC. JD-1, R.5. Ex: Simpson. The dark sandblast finish used on proofs in 1908 proved unpopular with contemporary collectors, who much preferred the brilliant proofs of earlier years. Accordingly, the Philadelphia Mint switched to a Satin, or Roman finish for proof gold coins in 1909. The method of manufacture for the Satin proofs is not entirely clear, but the coins were certainly not sandblasted after striking and the surfaces show a blend of satiny and semi-reflective qualities that was a bit closer to the old brilliant finish. It is possible that the coins were struck from dies that were sandblasted or acid etched, but that has not been definitely established. John Dannreuther notes a single example is known with a sandblast, or matte finish.

The Philadelphia Mint struck a fairly generous mintage of proof eagles with the new finish in 1909, but only 74 examples were ever distributed, as the Satin finish was no more popular than the sandblast proofs of the previous year. The unsold remainder was either melted for recoinage after the end of the year or simply released into circulation. A single pair of dies was used to strike all the Satin proofs. In his United States Proof Coins, Volume IV: Gold, John Dannreuther estimates the surviving population at just 55 to 65 examples in all grades today.

Most of the proofs were initially sold as part of complete gold proof sets, but those sets were systematically broken up by dealers and few have survived intact. An early appearance of such a set was in lot 19 of the Charles H. Conover Collection (B. Max Mehl, 5/1914):

"1909 $20, $10, $5, $2.50. The new semi-brilliant surface, which has been used on all gold proof coins since 1909. Complete set. Four pieces. Very rare."

Unfortunately, Mehl was in error about the Satin finish being employed on all gold proof coins after 1909. Despite the promise of the new finish and its undeniable artistic qualities, it was discontinued after 1910. The lot realized $40, an average price for the time, when proof gold coins routinely realized only small premiums. Of course, collector interest in proof gold has risen steadily over the years and present day numismatists prize the Satin proofs for their sophisticated beauty and rarity. Prices realized have skyrocketed in recent years, with recent sales including the PR65 NGC specimen in lot 5218 of the Central States Signature (Heritage, 4/2015), that realized $82,250.

The present coin is a spectacular Gem proof with razor-sharp definition on all design elements. The well-preserved yellow-gold surfaces show a few delicate highlights of red and green in selected areas. Vibrant mint luster adds to the terrific eye appeal. This coin will be a welcome addition to the finest collection of proof gold. Census: 12 in 65 (1 in 65★ ), 15 finer (2/24).(Registry values: N7079)
Important Selections from The Bob R. Simpson Collection, Part XII.

Coin Index Numbers: (NGC ID# 28HF, PCGS# 8891, Greysheet# 9777)

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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