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Lot 1029
1907 $10 Indian. Rounded rim, periods. PCGS graded MS-65 PQ. The presently offered specimen is a Gem, graded MS-65 and encapsulated by PCGS. On the obverse is an allegorical head of Liberty wearing an Indian head-dress, with the word Liberty across the band. Thirteen stars line the rim above the bust and below is the date 1907. On the reverse, the familiar majestic eagle faces left. The legends are punctuated by triangular periods, while regular periods are used for the inscribed motto. The strike is most attractive and the surfaces virtually immaculate. For the record, a tiny diagnostic depression sits atop the L of Pluribus. The color is quite lovely, a golden orange, lighter in the centers and deeping to richer hues toward the edges. This important historical rarity will impress and delight all who examine it and will especially bring great joy and pride of ownership to the lucky successful bidder.
We who appreciate beautiful coins are fortunate, numismatically speaking that is, that Theodore Roosevelt was president when he was, rather than in the present day. Based on even casual observation of the complex, cumbersome and extremely political methods which are used to make decisions at the national government level these days, it is doubtful that such a coinage would ever come about today. It was mainly through the force of his own desires and will that we have several exceptional coin designs in the repertoire of our national coinage history. Through Roosevelt's observation of ancient Greek coins and their high relief, he developed the idea that our own national coinage should in some way emulate the beautiful classic designs of ancient times and the lofty ideals they represented.
In 1905, Roosevelt personally chose Augustus Saint Gaudens to design his presidential inaugural medal. Saint Gaudens had been displeased with the way the mint handled his 1892 Columbian Exposition medal, combining his obverse with the mint's engraver, Charles Barber. Nevertheless, not about to decline a presidential invitation, he accepted the commission and the inaugural medal was produced with the assistance of Adolph Weinman. The president was well pleased with the results and later entered into a series of correspondence relating to the appearance of United States coinage.
Part of a Nov. 6, 1905 letter from Roosevelt to Saint Gaudens read this way, "…It seems to me worthwhile to try for a really good coinage; though I suppose there will be a revolt about it. I was looking at some gold coins of Alexander the Great today, and I was struck by their high relief. Would it not be well to have our coins in high relief, and also to have the rims raised?…What do you think of this? Saint Gaudens' reply of the 11 Nov. included these thoughts, "…You have hit the nail on the head with regard to the coinage. Of course the great coins are the Greek ones you speak of, just as the great medals are those of the fifteenth century…" He continues, "I remember you spoke of the head of an Indian; of course that is always a superb thing to do, but would it be a sufficiently clear emblem of Liberty as required by the law?" On the 14th, Roosevelt again writing to Saint Gaudens asks, "How would it be to have a design struck off in tentative fashion-that is, to have a Liberty with that Indian feather head-dress?….If we get down to facts, would the feather head-dress be any more out of keeping with the rest of Liberty than the canonical cap which never is worn and never has been worn by any free people in the world?" Their discussions continued and as we know, the full figure of a striding Liberty was decided upon for use on the double eagle and the Liberty Head with Indian head-dress was deemed more suitable for the smaller size of the ten dollar gold eagle.
The first variety to be struck was the so called "wire edge" also known as a knife edge or knife rim. Five hundred were struck, including 50 proofs. Two were later melted leaving a net mintage of 498 which were distributed to mint & government officials and those with connections therein. These are now highly valued rarities but at the time were deemed unsuitable for a variety of technical reasons, and there followed a second variety, now an even greater rarity, known as the "rolled edge (rim)" or "rounded edge (rim)". Of these, many more were minted (sources vary from 20,000 to 34,100), but almost all were later melted. Estimates are that little more than 40 or so are extant today, these being saved at the time and again distributed to friends of the mint. It is from this small group that collectors of today pursue the extreme rarity that is has become (PCGS # 8851) .
Estimated Value $160,000 - 190,000.
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