1907 $10 Indian, Rolled Edge MS(PCGS#8851)

The August 2013 Chicago ANA World's Fair of Money

拍卖行

Stack's Bowers

批号

4524

等级

MS67

价格

2,881,851

详细说明

Exemplary Superb Gem 1907 Indian Eagle Rolled Rim, Periods Variety One of the Finest of Approximately 45 Known 1907 Indian Eagle. Judd-1903, Pollock-1997. Rarity-5. Rolled Rim, Periods. MS-67 (PCGS). Secure Holder. This stunning coin displays dazzling luster and incredible quality surfaces. A great rarity and a famous issue, the Rolled Rim variety was the second adaption of the designs by Augustus Saint-Gaudens, after the initial coins with high wire rims apparently did not stack easily. This more traditional rim modification, by Chief Engraver Charles Barber, allowed for easier stacking. This second type of the year received the necessary approvals and production commenced as quickly as possible, with records noting approximately 31,500 were struck. However, just when the Philadelphia mint seemed ready to gear up for greater production, two more models were received from the Saint-Gaudens art studio -- just weeks after the famous artist had passed away -- and Barber believed these should be adapted to the regular issue hubs (which, by the way, included rims that would stack properly). Acting Mint Director Robert Preston reviewed some of these initial Rolled Rim coins (Barber stage 2) and became confused with the new hubs (revised Saint-Gaudens) that Barber wanted to adapt, and Preston ordered production of Barber's version over the revised Saint-Gaudens designs -- over Barber's protests! Thus Barber went ahead with the Rolled Rim coinage production. A letter exists that records that $315,000 worth of these Rolled Rim coins were struck -- but not released. What happened to these coins? Meanwhile disastrous economic events were unfolding in the East. Knickerbocker Trust Company -- a major banking concern run by Charles T. Barney, (a close friend of J.P. Morgan) believed that great profits could be made by cornering the copper market. Barney purchased all the copper he could in the open market, driving the price higher and higher. His idea was working with masterful precision. Then misfortune appeared, as millions of dollars of copper were dumped on the market to stop a totally unrelated hostile takeover of another organization. Barney met with buddy J.P. Morgan requesting financial assistance and capital to shore up Knickerbocker's balance sheet in an attempt to recover confidence. Morgan refused, and nothing was to be done as a bank run had started on the Knickerbocker Trust Company. Depositors demanded their money from the institution. The entire New York stock market crashed as confidence swooned--with stocks losing 48 percent of their value by November 1907 from the heady days of January 1906. Barney shot himself on November 14, 1907. Remarkably, Knickerbocker Trust Company recovered enough to pay all depositors in full with interest by 1912 -- however the die was cast and the Federal Reserve System was formed in 1913 to stabilize and avoid such financial debacles in the future. Years later (and after a few more mergers), the Bank of New York acquired the the surviving assets of the Knickerbocker Trust Company. History shows that attempting to corner any important capital market has usually been a disaster for those that have tried. So what happened to all these 31,500 Rolled Rim eagles? Well obviously demand for gold was heightened during the Knickerbocker event. However, Frank Leach had been appointed as the new Mint director in November of 1907 and didn't want to appear weak, Taking his cue from Barber, who believed these Rolled Rim 1907 eagles to be of inferior striking quality, Leach ordered them melted and coined to the newer version of the No Periods style. Apparently 50 or so were saved, some went to various institutions, others were sold to collectors or important people of the period. Perhaps 40 to 45 exist today -- the offered coin being one of the finest seen. Barber had stated that he believed his interim model of the Saint-Gaudens coin would be criticized and wanted no part of that. Today we know that these are highly coveted as a transitional design, of formidable rarity and importance. Furthermore, the 1907 Rolled Rim $10 is #52 in the Garrett/Guth 100 Greatest U.S. Coins. The Rolled Rim $10 gold coin has earned its place and holding such a coin in your hand brings back the historic events that swirled around its issue -- and near disappearance -- from the numismatic realm. PCGS# 8851. Provenance: From the Bentley Shores Collection. Earlier from Heritage's sale of the Kutasi Collection, January 2007, lot 3160. PCGS Population: 2; 1 finer (Mint State-67+ finest).