We all know the story behind President Theodore Roosevelt’s campaign to improve United States coinage. His vigor and enthusiasm about the matter contributed to a major overhaul of American coinage and forever changed how we designed and thought about coins. One of the ways he did this was with the introduction of Augustus Saint-Gaudens and well, we all know how instrumental he is to our numismatic hobby even today. One of the first coins Saint-Gaudens took on has, to no surprise of ours, taken its place in Whitman Publishing’s 100 Greatest United States Coins Fourth Edition. With guidance from author Jeff Garrett along with help from Ron Guth, we will look at this top 40 pick that has cemented itself as one of the most desired coins to come from the 20th century.
#37 – 1907 “Rolled Edge” Indian Head Eagle
President Roosevelt held Greek coinage in high regard and wanted U.S. coins to resemble their appearance. In particular, he favored the high relief of ancient coinage. However, producing coins with high relief on a large scale would be difficult and because of this, Saint-Gaudens limited his design work to just two denominations: the eagle and double eagle. He preferred the Indian Head design for the double eagle coins, but it was eventually chosen for the eagle and there were examples struck in late 1907.
The first variety to come of the 1907 Indian Head eagle was called “Wire Rim, With Period.” Around 500 of those were struck, but research would further indicate that this mintage was intended for and distributed by Mint officials, Treasury officials, and others. U.S. Mint Chief Engraver Charles Barber would change the design by giving the coin raised borders that were broader, creating what was known as the “Rolled Edge” variety. The Mint would strike 31,500 pieces of this type on the coining press and 50 specimens on the medal press. The larger mintage is important to note as the mintage was clearly meant for circulation, but the new superintendent of the Mint was not happy with the design which prompted the creation of the final design for the coin called the 1907 “No Periods.” All but 40-50 (meant for Mint and Treasury officials) coins were melted of the “Rolled Edge” variety. Those that survived the melting are brilliant gems.
In 1960, historical market value for the 1907 “Rolled Edge” Indian Head Eagle in Choice Uncirculated condition was $3,500. By this fourth edition (2015), that value rose to $225,000.
