Proof 1867 Eagle 1867 $10 PCGS PR55 Proof Gold Eagle

Proof 1867 Eagle - 1867 $10 PCGS PF55. This exceptionally rare, circulated, proof 1867 Eagle is one of only 8 graded and is the finest known at PCGS. The coin shows light wear on its highest points, consistent with the grade. The surfaces are original and clean with few abrasion marks visible without magnification. The strike is full, as expected for a proof coin with full details on the high points of Libertys hair, the centers of the stars, the eagles neck, and the area to the lower left of the shield. Original mint luster is present within the devices adding to the coins eye-appeal.

In 1804 President Thomas Jefferson stopped the mintage of eagles. Because its melt value exceeded its monetary value, there was excessive melting of theses coins. Over thirty years later, the standard weight and fineness for gold coins was changed. Eagles went from 270 grains to 258 and fineness from 91.67% to 90% gold. In 1838 Mint Director Patterson told Engraver Gobrecht to prepare new dies for the eagle.

Gobrecht, using a head of Venus with a slightly altered hair style that he took from a Benjamin West painting, replaced Robert Scots Turban Head with a completely new design. The coin shows Liberty facing to the left, to the West or perhaps the frontier, wearing a coronet inscribed with the word LIBERTY instead of a cap as on the previous design. Her hair is tied with beads and two long curls fall down, one on the back of her neck and the other below her ear. The design is similar to his Braided Hair Coronet motif used on Large Cents of 1839 to 1857. For the reverse, Gobrecht used a revised version of John Reichs eagle reverse. The new reverse shows the corrected heraldry, arrows in the left claw and olive branch in the right. The previous design had them mixed up causing confusing war-like symbolism. Gobrecht also removed the stars and clouds above the eagle and added the denomination TEN D. below. Previous eagles lacked this information because they were thought of as bullion and were valued by their weight and precious metal content as was the case with the European coins that circulated and were accepted in the United States.

The Type 2 eagle was created when the motto IN GOD WE TRUST was added to a banner above the eagle in 1866. The change was made in response to pressure organized by the Reverend M.R. Watkinson. The motto remained until 1907, when President Theodore Roosevelt told Augustus Saint-Gaudens to omit it on the newly designed eagle.

All of Gobrechts proof eagles are rare. Type 1 had a business strike mintage of over five million yet it is estimated that only 400 proofs were struck. Type 2 had an expected much larger mintage of over thirty seven million; however, only 2,327 proof were made, with no single year having more than 120 struck. Proof eagles before 1860 are exceedingly rare as are some struck between 1861 and the 1880s.

The 1867 proof eagle is one of those that are exceedingly rare in all conditions. It had an original mintage of only 50 pieces. Approximately 10 are known to exist in all grades today. In its population report, PCGS shows 1, the present coin, in PF55 condition with none finer. The other piece certified by PCGS is a PF53. At NGC there are 6 in higher grades.