This is an exceptional example of Augustus Saint-Gaudens fabled Indian eagle in Satin Proof format -- a design type that rivals the artist s equally famous double eagle for consideration as the most beautiful coin ever made by the United States Mint. Produced in a satin finish, as are virtually all known Proof 1909 and 1910 gold coins from the quarter eagle through double eagle denominations, the surfaces exhibit a finely granular texture with modest semi-reflective qualities evident as the coin rotates under a light. This is typical of regular issue Proof gold coins of these two years, and it has long been described as a hybrid between satin and semi-reflective finishes. The strike is completely full with even the most minor design elements razor sharp; the individual strands of Liberty s hair and the eagle s plumage are most impressive. The surfaces are warm, even, medium gold. It is little wonder that this outstanding Superb Gem ranks among the finest survivors of the issue known to PCGS and NGC. Commencing in 1908 with a mintage of 116 pieces, the regular issue Proof Indian eagles at first featured a dark sandblast finish that had earlier been adopted by several European mints for certain special coins and medals. The United States Mint had used this style of finish during the late 19th century in the production of certain medals. The new gold coin designs introduced in 1907 and 1908 for the quarter eagle, half eagle, eagle and double eagle did not lend themselves to the type of die preparation required to produce cameo and brilliant Proofs as seen in the outgoing Liberty design. In the words of Acting Superintendent of the Philadelphia Mint Albert Norris from November 1908: "The designs of the new gold coins are such that the dies cannot be polished, therefore we could not make proofs...with a polished surface, so the Engraver has finished these proofs similar to medals with a dull finish." Specifically, the extreme curvature of these dies and the texture of the fields prevented the necessary polishing to produce cameo and brilliant-finish Proofs. Unfortunately, the contemporary public neither understood the situation facing the Mint nor were they willing to accept an alternative to the familiar cameo and brilliant Proofs. Contemporary sales of 1908-dated Proof gold coins proved disappointing, the coins themselves were criticized for their "dull" appearance, and the Mint had to seek an alternative method of manufacture to garner public acceptance of its Proof gold coin product. The solution chosen by the Mint was the satin finish exemplified by the coin presented here. In reality, the method of manufacture is surprisingly similar for these Satin Proofs and their Sand Blast predecessors. Both were struck from new dies in the Mint s medal press, but whereas the satin pieces were left as is, the sandblast pieces were sand blasted after striking. As much as it is appreciated today, the satin finish used on regular issue Proof 1909 and 1910 Indian eagles proved just as unpopular with the contemporary public as its predecessor. While much brighter and more vibrant, the Satin Proofs too closely resembled circulation strike coins in the eyes of contemporary collectors. In use for just two years, the satin finish in turn yielded to variations of the sandblast process that would continue until the Mint ceased striking Proof gold coins after 1915. This unpopularity can be seen in the number of coins extant. The original mintage of the 1909 was just 74 pieces, although the number of coins actually distributed was likely (far) fewer. Examples that remained unsold at year s end were eventually destroyed in the Mint. While we have seen some estimates for the number of coins extant as high as 50 to 65 pieces (in the online version of the PCGS Population Report, for one), we place greater stock in more conservative estimates provided by several numismatic authors: 30 to 45 pieces per James L. Halperin , et. al. in the 2006 book The Coinage of Augustus Saint-Gaudens , and 30 to 35 coins per Mike Fuljenz in the 2010 book Indian Gold Coins of the 20th Century. The infrequency with which examples appear at auction certainly supports the lower estimates. Indeed, it has been quite some time since we have had the privilege of handling a Proof 1909 Indian eagle. An important rarity in an absolute sense, this exquisite Superb Gem deserves equal recognition as a condition rarity. The delicate surfaces of these Satin Finish Proofs were easily marred. The present specimen remains as pristine and inviting as the day it emerged from the dies. It is a lovely example of coinage art from the early 20th century United States Mint and belongs in the finest cabinet. ， Est. $90,000-$140,000
