Best Buy: Rare, Controversial and at a Historic Low Price
$10 Indian "No Motto" and "Motto" Sets
The $10 Gold Indian is one of the most beautiful and enigmatic coins in American history. Highly sought-after by collectors, its production lasted only 26 years (with many breaks in between) and has one of the lowest mintages of any gold series produced in the United States. Surviving populations are difficult to find, especially in uncirculated condition.
The introduction of this coin had a profound impact on the coin collecting world -- and society in general. The beautiful and artistic design was extremely controversial when it was introduced because of the removal of the “In God We Trust” motto. Due to widespread public outrage, the motto was reinstated on the $10 Gold Indian in 1908. This scandal led to one of the most interesting transitional rarities in American coinage, the 1908 “No Motto” & “Motto” $10 Gold Indian.
The motto “In God We Trust” is to this day, a key design element on all American currency. The phrase originated from the fourth verse of the Star-Spangled Banner and remained a popular phrase long after its introduction. It was so popular that an act of Congress was passed allowing its use on American coinage in 1864. Beginning in 1866, $10 gold pieces all bore the motto “In God We Trust.” This has been the case ever since, with two notable exceptions, the 1907 and a small portion of the 1908 issues of the $10 Gold Indian.
President Roosevelt believed it was sacrilegious to include God’s name on coins, and it was confirmed through government lawyers that it was preferred, but not required to use the motto. Augustus Saint-Gaudens agreed with Roosevelt, feeling the motto was an artistic intrusion on his work. As a result, the 1907 and early 1908 issues of the $10 Gold Indian did not bear the motto “In God We Trust” for the first time in 41 years.
The first $10 Gold Indians entered circulation on November 4, 1907. Only three days after release, newspaper articles began to appear regarding the removal of the motto from the coin. Just as quickly, the U.S. Mint began receiving a flood of complaints over the missing motto. Production of the “No Motto” $10 Gold Indian continued into early 1908, but didn’t last long. Public outcry grew louder over a five-month period until a groundswell of support to reinstitute the motto on the $10 Gold Indian reached critical mass.
In March of 1908, Congress passed a bill requiring all $10 Gold Indian coins to bear the “In God We Trust” motto. With public opinion against him, Roosevelt reluctantly signed the bill into law later that year, and the “No Motto” $10 Gold Indian was no more.
Produced primarily at the Philadelphia and Denver Mints, the 1908 issues of the $10 Gold Indian are some of the most unique pieces in American coinage. This is because some were produced with “No Motto” prior to the ruling, and others were produced “With Motto” after the law was passed.
Rarity of the 1908 “No Motto” and “Motto” $10 Gold Indian
Over the next 25 years, a small population of $10 Gold Indian coins made their way to Europe through international banking transactions. When President Franklin D. Roosevelt signed the confiscation act of 1933, millions of $10 Gold Indians that remained in the United States were melted down and lost forever. A small amount of surviving $10 Gold Indians sat idle in European bank vaults until 1974, when gold became legal to own once again in the United States. Over time, these coins migrated back to the United States for investors and collectors to own.
Due to its short life span (1907-1933) and limited surviving population, the $10 Gold Indian is one of the rarest denominations in American coinage. Further still, the 1908 “No Motto” and “Motto” issues of the $10 Gold Indian are some of the rarest in this series.
Look at the surviving populations in uncirculated condition of the 1908 issues compared to 1932.
|Date||MS61||MS62||MS63||Total # of Coins||Times Rarer|
Clearly, the 1908 issues of the $10 Gold Indian are significantly rarer than their more common counterparts. What you wouldn’t expect is, although these coins range from 12 to almost 90 times rarer than the most common date, they trade at only 1.33 to 4.49 times the premium of their more common counterparts.
Just look at the NGC price guide comparison for these coins.
|Date||MS61||MS62||MS63||Times Rarer||Avg. Cost|
We are proud to present to you truly one-of-a-kind coin sets that have taken months of searching through the U.S. rare coin market. We have acquired a small hoard of 1908 and 1908-D “No Motto” & “Motto” $10 Gold Indian two-coin sets. Each coin will be certified by either PCGS or NGC.
1908 “With Motto” and “No Motto” Sets:
|Grade||NGC Price||Price||Sets Available|
|MS61||$2,800||$2,799 per set*||4|
|MS62||$4,400||$3,899 per set*||9|
|MS63||$7,100||$6,149 per set*||2|
1908-D “With Motto” and “No Motto” Sets:
|Grade||NGC Price Guide||Price||Sets Available|
|MS61||$3,700||$3,199 per set*||1|
|MS62||$6,150||$5,249 per set*||6|
|MS63||$15,750||$10,999 per set*||1|
Considering the uniqueness and rarity of these “With Motto” and “No Motto” $10 Indian sets, it’s safe to say they won’t last long. I can assure you that you won’t find sets like this anytime soon, as they are hard to come by in the numismatic coin market.
Call us at 800-831-0007 or send us an email to take advantage of these rare coin sets today!
*Prices are subject to change based on product availability and market fluctuation. Free shipping, handling and insurance included. Prices reflected are for cash, check, or wire transfer only. Offer expires May 5, 2017.