1912 $10 PR66 NGC. JD-1, R.5....

Description

1912 Ten Dollar Indian, PR66
Fine Sandblast Finish
Seldom Seen This Fine

1912 $10 PR66 NGC. JD-1, R.5. Ex: Simpson. According to Mint delivery records, the Philadelphia Mint struck 144 proof Indian eagles in 1912, with the coins all delivered on March 18. Unfortunately, contemporary collectors failed to appreciate the artistic sandblast finish used on proof coins during this time frame and orders for proof sets declined dramatically throughout this era. In the end, only 83 proof Indian eagles were sold in 1912, with the remainder melted for recoinage. A single pair of dies was used to strike all the proofs. John Dannreuther estimates the surviving population at just 60 to 70 examples in all grades today.

Most of the proofs were initially sold as part of complete gold proof sets, but those sets were soon broken up by dealers and complete sets are almost never encountered today. One such set was offered in lot 22 of the Charles H. Conover Collection (B. Max Mehl, 5/1914):

"1912 $20, $10, $5, $2.50. Dull sand blasted finish. The $5 with wire edge. Complete set. Four pieces. Very rare."

The lot realized just $39 for four coins with a face value of $37.50, a typical price for the time, when proof coins only realized marginal premiums. Present day collectors have much greater appreciation for the artistic qualities of the sandblast proofs and their rarity is better understood. As might be expected, auction prices realized have increased exponentially over the years. Recent sales include the PR66 PCGS specimen in lot 4385 of the FUN Signature (Heritage, 1/2024), that realized $126,000.

The sandblast finish on the 1912 proofs was applied with a different intensity and a finer grain of sand, resulting in a slightly darker finish than the proofs of 1911, with a more sparkly appearance. The coin offered here is a spectacular Premium Gem proof, with sharply detailed design elements in most areas and just a touch of the usual softness on some of Liberty's curls. The mustard-orange surfaces are impeccably preserved, with strong matte luster and outstanding eye appeal. We expect intense competition from series specialists when this lot is called. Census: 9 in 66, 5 finer (1/24).(Registry values: N10218)
Important Selections from The Bob R. Simpson Collection, Part XII.

Coin Index Numbers: (NGC ID# 26YD, PCGS# 8894, Greysheet# 9780)

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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