1909 Indian Eagle. JD-1. Rarity-5. Satin. Proof-65 (PCGS). CAC.

Pretty Gem Satin Proof 1909 Eagle 1909 Indian Eagle. JD-1. Rarity-5. Satin. Proof-65 (PCGS). CAC. An impressive example of this classic 20th century Proof gold rarity. Fully impressed devices exhibit razor sharp definition that extends to even the most intricate design elements. A lively satin finish mingles with soft, yet vivid honey-orange gold color to provide outstanding visual appeal. Nicely preserved, and more carefully so than many examples of this challenging issue, this coin will please the most discerning gold enthusiast. Commencing in 1908 with a mintage of 116 pieces, the regular issue Proof Indian eagle series at first featured a dark sandblast finish that had earlier been adopted by several European mints for special coins and medals. The United States Mint had used this finish during the late 19th century in the production of certain medals. The new gold coin designs introduced in 1907 and 1908 for the quarter eagle, half eagle, eagle and double eagle did not lend themselves to the die preparation required to produce Cameo and Brilliant Proofs as had been produced for the Liberty Head series. In the words of Acting Superintendent of the Philadelphia Mint Albert Norris from November 1908: The designs of the new gold coins are such that the dies cannot be polished, therefore we could not make proofs...with a polished surface, so the Engraver has finished these proofs similar to medals with a dull finish. Specifically, the extreme curvature of these dies and the texture of the fields prevented the necessary polishing to produce cameo and brilliant finish Proofs. Unfortunately, the contemporary public neither understood the situation facing the Mint nor were they willing to accept an alternative. Contemporary sales of 1908-dated Proof gold coins proved disappointing, the coins themselves were criticized for their "dull" appearance, and the Mint had to seek an alternative method of manufacture to garner public acceptance. The solution chosen by the Mint was the satin finish evident on the coin presented here. In reality, the method of manufacture is surprisingly similar for these Satin Proofs and their Sandblast predecessors. Both were struck from new dies in the Mint's medal press, but whereas the satin pieces were left as is, the other pieces were sandblasted after striking. As much as it is appreciated today, the satin finish used on regular issue Proof 1909 and 1910 Indian eagles proved just as unpopular with the contemporary public as its predecessor. While much brighter and more vibrant, the Satin Proofs too closely resembled circulation strike coins. In use for just two years, the satin finish in turn yielded to variations of the sandblast process that would continue until the Mint ceased striking Proof gold coins after 1915. The unpopularity of the Satin Proof 1909 Indian eagle with contemporary collectors can be seen in the number of coins extant. The mintage is just 74 pieces. While we have seen some estimates for the number of coins extant as low as 30 to 35 pieces (Indian Gold Coins of the 20th Century, 2010, by Mike Fuljenz), we place greater stock in the more liberal estimate of 55 to 65 coins provided by John W. Dannreuther in his 2018 reference United States Proof Coins. This is still a limited number in an absolute sense, of course, and often years can pass between our offerings of individual specimens. An important rarity in an absolute sense, this Gem deserves equal recognition as a condition rarity. The delicate surfaces of these Satin Proofs were easily marred. The present specimen is a lovely example of coinage art from the early 20th century United States Mint that belongs in an advanced cabinet. Provenance: Property from an Alabama Family. PCGS Population: 9; 5 finer (Proof-68 finest). CAC Stickered Population: 4; 2. PCGS# 8891. NGC ID: 28HF. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA.

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