1867 Eagle - 1867 Proof Eagle - 1867 $10 NGC PF65 CAM. This extremely rare gem proof cameo 1867 Eagle is similar to and as nice as the specimen that is part of the National Numismatic Collection at the Smithsonian. It is the second finest certified at both grading services with only one better. The coin has lustrous velvety devices contrasting with dark mirrored fields. The cameo finish is a result of this piece being an earlier strike. The surfaces are original, clean, and free of individual defects worthy of mention. Hairlines are very minimal and seen only with magnification. The vertical marks through Libertys head and in front of the bust are on the holder not the coin.

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.

Christian Gobrecht became the third Chief Engraver at the United States Mint. He was born in Hanover, Pennsylvania in 1785. His father was a German immigrant, and his mother traced her ancestry to the early settlers of Plymouth, Massachusetts. Gobrecht married Mary Hewes in 1818. One of his early positions was as an engraver of clocks in Baltimore. Later he went to Philadelphia where he became a banknote engraver. He invented a machine that allowed one to convert a three-dimensional medal into an illustration. This was an excellent job and Gobrecht was understandably reluctant to work for the Mint for less money than he was making at the engraving firm. In order to persuade him to leave, Mint Director Robert Patterson prevailed upon Chief Engraver William Kneass, who had had a stroke, to take less in salary so more money would be available to hire Gobrecht on a permanent basis. In 1826 Gobrecht did his first work for the Mint as an assistant to Kneass. After Kneass stroke, Gobrecht did all the die and pattern work for the Mint. He became Chief Engraver in 1840 and served until his death in 1844. He was famous for his Liberty Seated motif which was used for all denominations of sliver coinage including the half-dime, dime, quarter dollar, half dollar and sliver dollar. He also designed the Liberty Head gold eagle, a motif that was also used on the half-cent, the cent, the gold quarter eagle, and the gold half eagle.

The Type 2 eagle was created when the motto IN GOD WE TRUST was added to a banner above the eagle in 1866. Chase approved the scroll design of James B. Longacre, the Mint Engraver. 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. The present coin is the second year of the Type 2 eagle.

James Barton Longacre was born in Pennsylvania in 1794. When he finished his apprenticeship in Philadelphia as a bookseller and a banknote engraver, he worked on his own as an engraver of book illustrations and bank notes. His works included one on the signers of the Declaration of Independence and another on stage personalities. In 1830, Longacre planned to do a series of biographies of famous men in the military and the political arena. In 1834 the result of this series became the National Portrait Gallery of Distinguished Americans that was published in four volumes. Longacre and those who worked with him became famous because of this work. In 1844 Longacre came to work at the Mint. He was opposed by Franklin Peale, the Chief Coiner. Peale was probably responsible for some blundered dies that Longacre was criticized for making. Peal was involved in a private, illegal medal manufacturing business using Mint facilities. He was concerned that this new political appointee would interfere with his business, and he resisted Longacres appointment as Chief Engraver. Finally in 1854, Peale was fired by President Franklin Pearce. Longacre flourished in his position and was responsible for creating many new designs including the Indian Head cent, the Two-cent piece, the Shield nickel, the Liberty Head gold dollar, the Indian Princess gold dollars, the Three-dollar gold piece, and, the Liberty Head double 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 proofs were made, with no single year having more than 120 struck. Proof eagles before 1860 are exceedingly rare. Those struck between 1861 and 1880s are very rare. Coins of the 1880s to 1907 are rare because there was no real demand for them when they were issued. It wasnt until the decades of the 30s and 40s that collectors became interested in obtaining proof eagles. The NGC population reports for all proof eagles of 1838-1907 show 803 coins certified. PCGS has certified 61.

This extremely rare 1867 eagle would be the centerpiece of any fine numismatic cabinet. Collectors of note such as Clapp and Eliasberg are among the few to have been fortunate enough to own an example. PCGS indicates that 8 to 12 pieces are known in all grades.

A total of 8 have been certified by both grading services. In its population report NGC shows 1, the present coin, in PF65 CA with 1 better. PCGS has certified 2, neither of which is uncirculated.