1875 $10 (Regular Strike)

The 1875 Liberty Head Eagle

The Liberty Head Eagle’s production run spanned 68 years, from 1839 to 1907, and during that period America was governed by 17 Presidential administrations and 35 Congresses. Over the course of that era, America fought five major wars, was engaged in near-constant frontier conflicts, and suffered through massive economic disruptions due to the Civil War, as well as nine major panics and depressions. None of these impacted production of America’s $10 gold piece quite like the Panic of 1873 and the Long Depression that followed. Mintages fell to 800 pieces in 1873 (#8666), rebounded in 1874 (#8669), then collapsed again in 1875 (#8672) with just 100 business strikes produced alongside 20 Proofs (#8815). The Philadelphia Mint would produce fewer than 1,000 Eagles in four different years during the 1870s, but the 1875 is the clear stopper for most advanced collectors. It also boasts the lowest mintage of any U.S. coin struck for circulation.

When David W. Akers wrote his landmark study of U.S. gold coins in the 1970s, he estimated that no more than five to six business strikes (including two of horrendously low quality) were known. My count more than doubles Akers's estimate, but this is after 40 years of discovery, and I have the benefit of the PCGS Population Report, online auction data, and better access to high-resolution coin imaging than Akers had when he made his assertion. Heritage Auctions has been able to count up to about 15 pieces, some of which haven’t been seen in decades. Whether the true number of business strike survivors is 10, 12, or 15 is largely irrelevant. Two are impounded in the National Numismatic Collection, and two are held by a famous California collector. Another example, ungraded (as far as I know), has an unfortunate test cut at 11 o’clock.

Further complicating matters is distinguishing between business strikes and impaired Proofs. At least one example on our condition census has occupied both sides of this line. Now graded PF50 by NGC, the coin had previously sold in multiple sales as a PCGS VF30. Catalogers typically describe the XF and AU examples as having Prooflike or Semi-Prooflike surfaces. Fortunately, the business strikes and Proofs can be disambiguated by looking at the date position and the second vertical stripe on the shield. On Proofs, the date is positioned farther to the left than on business strikes, and the second vertical stripe is incomplete. Additionally, there is a small spike coming out of the denticles below the 7 in the date on Proofs. This spike does not seem to appear on circulation strikes. This is a fascinating and complex issue, to be sure!

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The 1875 $10 is the lowest mintage regular issue United States coin. A mere 100 pieces were minted. Survival estimates range from David Akers "5-6 business strikes" to as high as 12 to 15. Recent auction plating research done by Ron Guth shows that many appearances of what was thought to be different coins were in fact same coins appearing every 5 or 10 years. In my 40 years of attending coin shows and auctions I have seen only a handful of coins. I believe with certainty that less than 10 survivors exist in all grades, and the real number is probably 7 or 8. This makes the 1875 $10 a true ultra rarity.

The reason that this great rarity hasn't received the attention afforded other ultra rarities is unclear. Perhaps it's the fact that not many people actually collect $10 Liberties by date. Perhaps it's the fact that the coin is so rare and difficult to come by that dealers were never inclined to "promote" the issue. In my opinion, it is certainly easier to buy an 1894-S dime or 1870-S Liberty Seated dollar than it is to buy an 1875 $10.