Liberty Head Gold $10 Eagles (Coronet)
Liberty Head Gold Eagles (1838–1907)
Gobrecht's Design Ended a 34-Year Gap and Then Ran Unchanged for 69 Years, the Longest Uninterrupted Gold Design in Federal History
When Christian Gobrecht completed the Liberty Head design for the eagle in 1838, the denomination had been absent from production since Thomas Jefferson's 1804 halt. The new coin was smaller and lighter than its predecessor, reflecting the Coinage Act of June 28, 1834, which revised the statutory gold-to-silver ratio and standardized all gold coin compositions under the Act of January 18, 1837 at 90% gold and 10% copper. Gobrecht placed Liberty facing left, wearing a coronet inscribed LIBERTY, her hair drawn back in a bun secured with a beaded tie, thirteen six-pointed stars inside the rim. The reverse depicts a heraldic eagle with a shield on its breast, arrows and an olive branch in its talons, and UNITED STATES OF AMERICA above with TEN D. below. Before the denomination's second year of production was complete, Gobrecht modified the portrait, refining the truncation and the arrangement of hair over the ear, producing the version that would persist through 1865. The denomination first appeared on the eagle; the half eagle received the design in 1839 and the quarter eagle in 1840. In the 69 years from 1838 to 1907 neither the obverse nor the reverse underwent any structural change, a span without parallel in the history of federal gold coinage.1
The Motto Was Added in 1866 After the Civil War Created Both the Theological Pressure and the Legislative Mandate for It
In November 1861, the Reverend M. R. Watkinson of Ridleyville, Pennsylvania, wrote to Treasury Secretary Salmon P. Chase proposing that federal coinage acknowledge the nation's religious faith. Chase found the idea persuasive and directed the Mint to develop suitable language. The motto IN GOD WE TRUST appeared first on the two-cent piece in 1864 and was extended to gold coinage by act of Congress in 1865, appearing on the eagle beginning with 1866 production. The motto was placed on a scroll above the eagle's head on the reverse. With its addition, the series divides naturally into two collecting types: the No Motto issues of 1838 to 1866, struck only at Philadelphia and San Francisco, and the With Motto issues of 1866 to 1907, struck at five mints. Proof eagles were produced at Philadelphia every year of the design, with a combined Proof mintage of approximately 2,327 across the full 69-year run; in most years Proof production was under 50 pieces, and in many years under 20. The San Francisco Mint did not strike eagles in 1875, 1890, 1891, or 1904; the Carson City Mint produced eagles from 1870 through 1884 and again from 1890 through 1893; and the Denver Mint struck eagles only in 1906 and 1907 before the Indian Head design replaced Gobrecht's portrait.2
Building the Set
A type set requires two coins: one No Motto example and one With Motto example. For the No Motto type, Philadelphia issues from 1847 to 1860 in the 100,000-to-500,000 mintage range offer the best availability in grades through About Uncirculated, with the 1847 at 862,258 pieces the most common date in the entire No Motto run. For the With Motto type, Philadelphia and San Francisco issues from 1879 onward, and particularly the high-mintage dates of the early 1880s (the 1881 at 3,877,260 business strikes is the single largest issue in the series), are the most accessible. Gem (Mint State 65 or finer) examples of any date are individually notable events across the full series; the prooflike surfaces that characterize many Philadelphia strikes of the 1870s through 1880s accumulate bag marks readily, suppressing condition census populations at every level above Mint State 63. A complete date-and-mint set encompasses over 200 date-and-mint combinations and includes issues that range from readily available to genuinely unobtainable on an open budget, particularly the 1875, 1864-S, and 1870-CC. Stack's Bowers Galleries, August 13, 2024, lot 3412, 1870-CC Liberty Head Eagle, PCGS About Uncirculated 55, $420,000, a record for the grade and the second-highest price ever realized for the issue. The primary specialist reference is Garrett, Jeff, and Ron Guth, Encyclopedia of U.S. Gold Coins, 1795–1933, 2nd ed. (Atlanta: Whitman Publishing, 2008); see also Akers, David W., United States Gold Coins, Volume V, Eagles 1795–1933 (Paramount Publications, 1980).3
Notes
- Gobrecht completing the Liberty Head design for the eagle in 1838 after the denomination's 34-year absence since Jefferson's 1804 halt; the new coin's smaller size and lighter weight reflecting the Coinage Act of June 28, 1834 and the standardization of gold coin composition at 90% gold and 10% copper under the Act of January 18, 1837; the obverse (Liberty facing left, coronet inscribed LIBERTY, hair in bun with beaded tie, thirteen six-pointed stars inside the rim); the reverse (heraldic eagle with shield, arrows and olive branch, UNITED STATES OF AMERICA above, TEN D. below); Gobrecht modifying the portrait in 1839 (truncation and hair over ear) producing the version used through 1865; the design first appearing on the eagle, then the half eagle in 1839 and the quarter eagle in 1840; the 69-year uninterrupted production without structural design change are from Garrett, Jeff, and Ron Guth, Encyclopedia of U.S. Gold Coins, 1795–1933, 2nd ed. (Atlanta: Whitman Publishing, 2008), and Breen, Walter, Complete Encyclopedia of U.S. and Colonial Coins (New York: F.C.I. Press/Doubleday, 1988).
- The Reverend M. R. Watkinson's November 1861 letter to Treasury Secretary Salmon P. Chase proposing recognition of religious faith on federal coinage; Chase directing the Mint to develop suitable language; IN GOD WE TRUST appearing first on the two-cent piece in 1864 and extended to gold coinage by act of Congress in 1865; the motto appearing on the eagle beginning with 1866, placed on a scroll above the eagle's head; the two collecting types (No Motto 1838-1866 and With Motto 1866-1907); Proof eagles produced at Philadelphia every year with combined mintage approximately 2,327, most years under 50 pieces; the San Francisco Mint not striking eagles in 1875, 1890, 1891, and 1904; Carson City producing eagles 1870-1884 and 1890-1893; Denver striking eagles only in 1906-1907 are from Garrett and Guth (2008) and Breen (1988).
- The five sub-1000 mintage issues (1873, 1875, 1876, and 1877 at Philadelphia; 1883-O at New Orleans); the 1875 at 100 business strikes as the lowest mintage regular-issue coin in the series; Akers' estimate of no more than five to six business strike survivors, including two of poor quality, and the parallel with the 1804 silver dollar; every known 1875 business strike characterized by heavily abraded prooflike surfaces, none certified above About Uncirculated; the 1873, 1876, and 1877 Philadelphia dates with approximately 30-55 survivors each; the 1883-O as the lowest mintage branch mint issue; the Philadelphia issues of 1847-1860 as most available for a No Motto type coin; the 1881 at 3,877,260 as the largest issue in the series; Gem examples of any date as individually notable events due to prooflike surfaces accumulating bag marks; the 1875, 1864-S, and 1870-CC as the outstanding rarities in a complete date-and-mint set; Stack's Bowers Galleries, August 13, 2024, lot 3412, 1870-CC Liberty Head Eagle, PCGS About Uncirculated 55, $420,000 are from Garrett and Guth (2008), Akers, David W., United States Gold Coins, Volume V, Eagles 1795–1933 (Paramount Publications, 1980), and the Stack's Bowers Galleries August 2024 Global Showcase Rarities Night press release.
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