1909 $10 PR66 NGC....

Description

1909 'Satin Proof' Ten Dollar Indian, PR66
Seldom Offered in Gem and Finer Condition

1909 $10 PR66 NGC. In Mint parlance the proofs that were struck of the new Saint-Gaudens design were called either "bright proofs" or "satin proofs." Those terms remained in use among collectors and dealers through at least World War II. Then at some time after the war, the terms "Roman Gold" and "Roman Finish" were used to describe the gold proofs struck in 1909 and 1910. The first appearance Roger Burdette has found in a numismatic reference was Walter Breen's 1977 Encyclopedia of United States and Colonial Proof Coins. As Burdette states in an upcoming work on Saint-Gaudens twenties:

"While 'matte' is a good descriptor of the appearance, it is less informative than the standard term of sandblast which tells us how the surface was made and conveys a metal image of the dull non-reflective appearance. Breen's Roman proof term defies any logical explanation. It refers to no medallic finish type and provides no information about the appearance or method of manufacture."

And yet, the Roman Finish and Roman Gold proof terminology have endured for decades and today seem firmly entrenched in the numismatic lexicon.

After a disappointing initial year for proofs in 1908, in which 116 matte proofs were struck and sold, demand and production dropped significantly the following year with only 74 "Roman Gold" (i.e. satin) proofs produced. Curiously, even though the mintage was small for 1909 proof tens, the number of survivors is high relative to other 1908-1915 proof eagles. Akers ranks this year as sixth out of the eight issues in terms of availability. However, high-grade examples (PR65 and finer) are seldom encountered. Our records indicate that there have only been 10 auction appearances of a PR65 1909 ten dollar since 1990, including both major services as well as a couple of uncertified pieces. The numbers taper predictably in PR66 with only six auction appearances, the last in 2005 until the present coin. Seven PR67 coins have been auctioned since 1982.

This piece displays an attractive sheen characteristic of its proof finish. The underlying brightness is definitely present, as one would expect, but there is a confirmed presence of light reddish patina with occasional fleeting glimpses of lilac on each side. Only two post-strike contact marks are present, marks that undoubtedly influence the grade. One is a shallow horizontal abrasion across the high point of the Indian's cheek. The other is a short mark below and to the right of the second T in TRUST in the left reverse field. Still, exceptional quality and rarely found finer. Census: 9 in 66 (1 in 66 ★ ), 6 finer (9/16).(Registry values: N7079)

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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