The $10 Indian Head Gold Coin
In addition to the famous $20 gold Liberty Coin designed by Augustus Saint-Gaudens at the beginning of the 20th century, President Teddy Roosevelt also commissioned a $10 coin from the same designer. The result was the $10 Indian Head gold coin, minted from 1907 (to replace the Liberty Head $10 gold coins minted since the mid-19th century) until gold coin production was halted in 1933. These coins routinely figure well in investment profiles and rare coin projections.
The obverse of the coin portrays a classically-sculpted Lady Liberty wearing a Native American, feathered war bonnet, semi-circled by a row of stars. The reverse side is shows a bald eagle on a branch. The reverse also bears the mottos, “In God We Trust,” “United States of America,” and “E Pluribus Unum.” Uniquely, instead of a the more typical reeded design around the outer edge of the coin, the $10 Indian Head gold coin is surrounded by stars (46 in total) that decorate the diameter of the coin.
One of the things that makes these coins of particular interest to investors and those making rare coin projections is that very few coins were minted in several years of its run. Even counting years when the highest number of coins minted, there were fewer $10 Indian Head gold coins ever minted over the course of a quarter century than contemporary Morgan silver dollar coins minted in a single year of the same time frame.
Also, being one of the last gold coins made in the United States before the 1933 order that banned the “hoarding” of gold for over 40 years, the $10 Indian Head gold coin is relatively scarce, even in lower grades that some collectors are used to. A great many of the relatively few coins that were even made in the first place ended up being melted down by the US Government during and after 1933.
The coins were minted in the 90% gold (22k) that was most common for much of US history, weighing in at 16.7 ounces. That works out to just over, 15g of pure gold per coin. However, one will does, not typically consider the melt value of such a rare coin. Projections and numismatic valuations take mostly the rarity, condition and beauty of a coin. For instance, the $10 Indian Head coin, has considerably less than a full once of pure gold, but might go on the auction block for several times the spot price of an ounce of the yellow stuff.
Arthur McGuire
March 5, 2009
