1907 Extremely High Relief, Lettered Edge Proof

Saint-Gaudens completed the Ultra High Relief design at Roosevelt's commission in 1905-1907, and the Philadelphia Mint struck the first production examples in late 1906 and early 1907 using medal-press techniques adapted from commemorative coinage. Each coin required up to nine separate blows of the press to bring the full sculptural depth of the design up from the planchet, making commercial production impossible at the Mint's ordinary throughput. Total Ultra High Relief production across all edge variants is estimated at 20 to 24 examples, with the Lettered Edge representing the majority of the known population. The lettered edge reads E PLURIBUS UNUM with stars between words, as the sculptor intended, oriented correctly relative to the coin's obverse. Design specifications include the striding Liberty obverse with 46 raised stars, the eagle-and-sun reverse, and the MCMVII Roman numeral date that defines the 1907 Ultra High Relief era.

Authentication begins with verification that the coin is a true Ultra High Relief rather than the circulation-strike HR that followed. The EHR coins are distinguishable by their pronounced sculptural depth, the extreme height of the field-to-device transition, and the medal-quality surfaces that reflect their low-speed production. Die and collar diagnostics are known for each die pair used in the small production run, and individual coin surfaces are documented in pattern references and auction catalogs. PCGS and NGC both slab the EHR variants with specific attribution, separating the Lettered Edge from the Inverted Edge Letters and the Plain Edge subtypes. Known examples carry pedigree chains traceable through named collections, and any market appearance is itself a documented numismatic event. Counterfeit exposure is negligible in practice because the production method is so specific and the certification chain so well-established, but any raw example offered without a credentialed pedigree should be viewed with deep skepticism.

Market position for the 1907 EHR Lettered Edge places the coin among the rarest and most valuable American gold coins. Pricing at public auction consistently reaches seven figures, and top-grade examples have traded in the multi-million-dollar range alongside the 1933 Saint-Gaudens and 1927-D as the series' apex pieces. Collector demand comes from top-tier specialists, institutional holdings, and landmark American numismatic collections; the Lettered Edge, as the most available of the three EHR variants, is the version most frequently selected by collectors who assemble a representative specimen of the Ultra High Relief design. Acquisition requires PCGS or NGC certification, with pedigree documentation a standard component of the transaction record. The coin's cultural and historical significance has been documented extensively in the numismatic literature, and any example is a major acquisition. For the broader context of the 1907 Ultra High Relief patterns and their role in launching the Saint-Gaudens double eagle series, see the St. Gaudens Gold $20 Double Eagles history article.