U.S. Coin of the Week: 1907 Rolled Rim Eagle

Famous 1907 Rolled Rim Eagle Soars to New Heights in Chicago ANA Sale 

Goes to a New Cabinet at $470,000

Article by Frank Van Valen, Numismatist and Cataloger, U.S. Coins. 
Based on the lot description by Jim Matthews, Senior Numismatist and Cataloger, U.S. Coins

The entire numismatic community was “all hands on deck” at the flagship Chicago ANA World’s Fair of Money convention held this year in Rosemont, a suburb of Chicago, Illinois. Over the course of four days, August 13 through 16, Stack’s Bowers Galleries conducted the official ANA auction sales featuring coins, currency, medals, and tokens. Also featured were Parts XXII and XXIII of the legendary John J. Ford, Jr. Collection. The combined total of the four-day event brought over $46 million in sales, with numerous rarities hammering to a crowd that seemingly could not get enough of the quality items offered.

One of the focal points of the week was the Bentley Shores Collection of Indian Eagles, complete from 1907 (with its several varieties) through the rare and highly desirable 1933. Its appearance in our Rarities Night sale was much anticipated and delivered excitement well beyond that of the usual group of Indian eagles. After all, nearly every coin in the collection was the finest, or one of the finest, known of its date and mint.

Among the numerous highlights was the famous 1907 Rolled Rim, With Periods rarity, a date of which 31,500 pieces were struck, but of which fewer than 50 examples can be accounted for today. This rare variety represents the second of the Saint-Gaudens Indian designs struck at the Mint. The first variety, the Wire Rim style, saw a mintage of 500 pieces. After complaints about stacking and other issues regarding the variety, the Rolled Rim style was struck. Despite the mintage of 31,500 pieces -- $315,000 face value – the variety was deemed inferior and was duly melted, though not before a handful of examples were handed out or otherwise escaped the crucibles at the Mint.

Lot 4524 offered the 1907 Rolled Rim rarity graded MS-67 by PCGS, representing one of three grading events at that level for the issue, a figure that includes a Mint State-67 “+” specimen. The warm and deep orange-gold surfaces are as mark-free as one could hope at the lofty assigned grade – this beautiful Saint-Gaudens eagle is nearly flawless. The lot opened at a reasonable number, but once the bidding began there was seemingly no stopping the action. No sooner was the reserve on the lot met than it took off for even greater heights, with the final hammer a resounding $470,000 dollars!

Of all the pieces in the Bentley Shores Collection, this example of the 1907 Rolled Rim, Periods variety realized the highest price, outshining even the fabled 1933 rarity by more than a six-figure amount! Speaking of six-figure amounts, fully ten of the Bentley Shores pieces realized in excess of $100,000. Even the more common dates were in uncommon condition and brought amazing five-figure prices for the most part – just three coins saw prices realized of less than $10,000.

The Bentley Shores Collection is yet another feather in the Stack’s Bowers Galleries cap, ranking among the finest assemblies of gold coins we have offered in recent memory. There is always room here at Stack’s Bowers for great collections of any size or dollar amount, and a quick call to our offices in California, New York City, or Wolfeboro, New Hampshire can be all it takes to have your collection featured in one of our world-class sales. We’re already full steam ahead on our November 2013 auction event to be held in Baltimore, Maryland, one of the greatest “coin towns” in America. We’d love to showcase your collection there!