1907 $10 Rolled Edge MS (PCGS# 8851)

The August 2013 Chicago ANA World's Fair of Money

  • Auctioneer:
    Stack's/Bowers
  • Lot Number:
    4524
  • Grade:
    MS67
  • Price:
    $470,000.00
Lot Description
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.<br /> <br /> 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?<br /> <br /> 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.
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