In the world of coin collecting, one of the most sought after types of coin ever made is the extraordinary $ 10 gold piece, or “Eagle”. One of the main reasons this coin is so rare is the fact that, during the time these coins were being produced, the average weekly wage for a worker was less than ten dollars. It was not very common for a person to be walking around with one of these $ 10 gold eagles in their pocket. The congressional order to start producing these coins came about in 1792; however, it was not until 1795 that the first gold coins were released for circulation. At the time, gold was the standard of measurement when it came to matters of financial worth.
When coins started to be minted, initially copper and silver coins were made. This is because a bond of 10,000 dollars had to be posted by the chief minter and coiner both, prior to being allowed to mint gold coins. At first these coins were only produced at the mint in Philadelphia, but over the entire history of the run, they also were minted in places like New Orleans, San Francisco and Denver. During its entire history of production, these rare $ 10 gold Eagles were coined in much smaller quantities than those of lower denominations. Over time, Congress made a ruling that the amount of gold used in these and other gold coins would match the monetary value of the coin itself. Many of these coins would end up sitting in vaults and used as a form of transaction between banks, instead of between individuals.
On the reverse of these unique $ 10 gold coins, you will find the Great Seal of the United States and on the obverse; you will find several variations, depending in which time period it was minted. It was a common practice at the time to add a star to the coin every time a new state was added. The possibility of finding any of these coins, that were minted prior to 1833, is extremely low. This is due to the fact that they were minted in such limited amounts, that the odds of them surviving are almost non-existent. Another thing that adds to the rarity of the coins is that in 1933, the United States followed many other countries in going off the gold standard. Many of these coins were melted down to recoup their gold content, thus making these $ 10 gold Eagles become even more of a coveted item for the avid collector at the time.
There is some confusion about the legality of having one of the last $ 10 gold bullion coins produced. This is because some of them were released legally, prior to the order to stop releasing U.S. gold coins and the thought that they were just like the $ 20 double eagle, which was illegally released. Even today, if someone is fortunate enough to find one of the few rare $ 10 gold Eagle coins still in existence, they have without a doubt, found an item to cherish. When a precious metal, such as gold, is turned into one of these magnificent $ 10 coins, you have a long-lasting piece of great value and a collector’s dream!
For information and a fantastic selection of gold coins from all over the world, please visit our website at http://www.raregoldbullioncoins.com. We offer an extensive selection and great prices on gold eagle coins and the famous Krugerrand coins.