In 1907 a new gold coin was introduced by the US Mint. The 1907 $10 Dollars Indian Head Gold Coin was created by the world renowned sculptor Saint Gaudens at the request of then President Theodore Roosevelt. Roosevelt insisted the coin pay tribute to the American Indian and Saint Gaudens acted on the President's directive.
The obverse side of the $10 gold coin features an Indian with a traditional Indian war bonnet. The word Liberty is shown across the band of the headdress. Above the headdress are 13 stars that make a half circle around the circumference and represent the 13 original colonies. At the bottom of the coin, under the neck is the year the coin was minted.
On the reverse is a proud American Eagle. Across the top edge is inscribed the words United States of America and at the bottom the coins face value, Ten Dollars, is spelled out in capital letters. The 1907 and some 1908 $10 Dollars Indian Head gold coins are unique in that they do not contain the phrase “In God We Trust.” That phrase was added on some coins in 1908 and made permanent for the remaining mintage of the series which ended in 1933.
While the exact number of coins minted in 1907 is sometimes subject to dispute, records show the figure to be 240,000 with 50 of those made as proof coins and the rest designed for circulation. A total of 13,070,583 Indian Head Eagles were minted in the period 1907-1933.
While Theodore Roosevelt was responsible for introducing the new gold coin, Franklin Delano Roosevelt receives credit for ending the coins run. In 1933, in hopes of stabilizing the banks during the Great Depression, FDR supported legislation that made it illegal for U.S. citizens to own previously issued and circulating gold currency. The penalty for disobeying the law could be a $10,000 fine and possible imprisonment.
Many people turned in their gold coins and they were melted down into ingot form. Others chose to bury their stash of now illegal contraband in their yard or some other hiding place. Because of the government action and so many coins being destroyed or lost, the $10 Indian-Eagle gold coin has become somewhat of a rarity. While 1907 marked the first year of the coin, 1933 coins are the rarest and most expensive because most were destroyed before ever leaving the mint. The rarest of coins in the best condition can command up to $20,000 from collectors.
With a 90% gold, 10% copper composition, each coin contains slightly less than a half ounce (.48375 ounce) of pure gold. This coin has one of the higher numismatic values for all circulated gold coins and sells for a large premium over the spot price of gold.