First minted in 1907, the $10 Indian Head gold coin was issued yearly from various mints until 1933, the year when the Gold Recall Order ended the issuance of US gold coins. Collecting the entire set of thirty-three coins can be an expensive proposition. Each coin, of course, has just under a half-ounce of gold, making each coin worth much more than its face value for its gold alone. The scarcity of some years adds even more value, as does those which are in high-quality condition.

Description

The Indian Head is done in classic style. The obverse side displays an eagle. Before 1912, the circumference of the coin has forty-six raised stars, one for each state. From 1912 on, two stars were added for Arizona and New Mexico.

How the Design Was Chosen

The design had been a struggle between the Chief Engraver of the US Mint, Charles Barber and the famous artist Augustus Saint-Gaudens, who had an ally in the President of the United States, Theodore Roosevelt. Barber and Saint-Gardens had first butted heads years before in 1892 as judges during a US design competition for dimes, quarters and half-dollars — they had avoided each other since then.

Theodore Roosevelt wanted a design for the $10 gold coin different than what Barber had been doing for years and believed in the ability and artistic vision of Saint-Gaudens to create a coin reminiscent of the ancient coins of Rome and Greece. Roosevelt prevailed and Augustus Saint-Gaudens was the one chosen to design the new $10 coin. The coin that emerged for circulation in 1907 from Saint-Gaudens design was not the final version, however — the US Congress added the words IN GOD WE TRUST in 1908.

Condition Problems

Condition of the $10 Indian Head gold coin can be a problem. The eagle head on the obverse is high enough relief that scratches and marks are a given with almost any circulation of the coin, even if the coin is only stacked in bags. Two sets of circumstances, however, push some examples of the $10 Indian head gold coin to the highest possible value. First, European coin collectors hoarded these coins early and many uncirculated instances have only recently been revealed. Second, during the first few years of the series, many of the $10 Indian Head gold coins were never circulated, the reason being the uncertainty in the US Mint about the high relief on the obverse, another example of which had caused problems with the US Double Eagles.

Mintage and Prices

The 1907 initial mintage was 239,406. The prices today are about $65 for a VF-20, $815 for a MS-60 and $10,000 for an MS-65. Currently, there are 189 known 1907 $10 Indian head gold coins in MS-65 condition.

Last Year of Mintage

Because of the Gold Recall Order in 1933, that year was the last issuance of the $10 Indian Head gold coin. The 1933 coin was available before the order went into effect, but coins minted at the time of the order were simply melted down by the US Mint. So, circulated 1933 $10 Indian Gold coins do exist, but not in any great number. An average collector will likely not encounter a 1933 gold coin from the Indian head series — a good start would be the ones minted before 1916.

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